Beyond the Bank: The Political Legacy of Junnosuke Inoue

Junnosuke Inoue, a prominent figure in Japanese finance and politics during the Taisho and Showa eras, left an indelible mark on the nation's economic landscape. Born on May 6, 1869, in ōita Prefecture, Inoue's journey intertwined with the modernization and development of Japan. From his early days in academia to his tenure as Minister of Finance, Inoue's contributions shaped Japan's financial policies and institutions.

Inoue's academic journey commenced at the Imperial University of Tokyo, where he honed his intellect and laid the foundation for his future endeavors. After graduating from the university's Law School with a specialization in English Law, Inoue embarked on a career that would see him ascend to the highest echelons of both the financial and political spheres in Japan.

In 1896, Inoue made his foray into the banking sector, joining the prestigious Bank of Japan. Under the mentorship of Tatsuo Yamamoto, he quickly distinguished himself, rising through the ranks and garnering recognition for his acumen in financial matters. His tenure at the Bank of Japan saw him assume various roles, including that of Governor, a position he held twice, from March 13, 1919, to September 2, 1923, and again from May 10, 1927, to June 1, 1928.

Inoue's expertise extended beyond the confines of Japan, as evidenced by his stint in London alongside Hisaakira Hijikata, where they immersed themselves in British banking practices. This international exposure enriched Inoue's understanding of global finance, which he would later apply in his leadership roles back home.

In 1923, amidst the chaos wrought by the Great Kanto Earthquake, Inoue assumed the mantle of Minister of Finance in the second Yamamoto Cabinet. Displaying remarkable resolve and strategic foresight, he implemented a moratorium to stabilize the economy in the aftermath of the disaster. Inoue's adept handling of the crisis earned him acclaim as a shrewd operator in the business world, drawing comparisons to the legendary figure, Eiichi Shibusawa.

Throughout his tenure as Minister of Finance, Inoue navigated turbulent waters, steering Japan's fiscal policies through the tumultuous years marked by the Showa financial crisis and the onset of the Great Depression. His collaboration with Korekiyo Takahashi during the Showa financial crisis exemplified his commitment to safeguarding Japan's financial stability, even in the face of adversity.

Inoue's political journey was equally illustrious, marked by his affiliation with the Constitutional Democratic Party and his tenure as a member of the House of Peers. Despite ideological differences and political maneuvering, Inoue remained steadfast in his pursuit of economic stability and the organization of the business community.

In his later years, Inoue's involvement in the Pacific Affairs Research Group underscored his commitment to fostering international cooperation and dialogue, particularly in the Pacific Rim countries. His chairmanship of the study group reflected his visionary approach to diplomacy and economic cooperation on the global stage.

However, Inoue's tenure was not without controversy, as his policies faced scrutiny and criticism, particularly from factions within the political establishment. His advocacy for fiscal austerity and his clashes with the Seiyu Tanaka Association over financial reforms and China policy underscored the complexities of governance in a rapidly evolving geopolitical landscape.

Tragically, Inoue's life was cut short in 1932, when he fell victim to an assassination plot. The League of Blood Incident marked a dark chapter in Japan's history, marked by the assassinations of wealthy businessmen and liberal politicians. Among the twenty individuals marked for assassination, only two fell victim to the extremists' violent agenda: Junnosuke Inoue, and Dan Takuma, Director-General of Mitsui Holding Company. This nefarious plot, orchestrated by an ultranationalist group led by self-proclaimed Buddhist preacher Nisshō Inoue (no relation), unveiled a disturbing undercurrent of extremism within Japanese society.

Nisshō's journey from a drifter to a radical ideologue is as fascinating as it is alarming. Born as Inoue Shirō in 1886, he embarked on a spiritual quest after mystical experiences in 1923–24, culminating in a fervent belief in Japan's need for spiritual rejuvenation, with himself as its chosen redeemer. Establishing a school in Ibaraki Prefecture to propagate agrarianism and social reform, Inoue gradually molded it into a breeding ground for ultra-rightist radicals, adopting the moniker Nisshō ("Called by The Sun") and espousing perverse, nationalistic ideologies warped from Nichiren Buddhism. The failed coup d'état of the Sakurakai ultranationalist secret society in 1931 fueled Nisshō's conviction that drastic measures were necessary, leading to the formulation of the "Shōwa Restoration" platform, advocating for violent overthrow to restore imperial supremacy. Collaborating with extremist factions within the Imperial Japanese Navy and right-wing university students, Inoue and the Ketsumeidan (League of Blood 血盟団) conspired to overthrow the government with a stated policy of "one man, one assassination." (一人一殺)

The aftermath of the League of Blood Incident reverberated throughout Japanese society, exposing cracks in the nation's legal framework and nurturing sympathy for the perpetrators' nationalist agenda. The trial provided a platform for Inoue and his cohorts to propagate their radical views, challenging the legitimacy of Japan's judicial system and fostering a climate of impunity for acts of terrorism in the name of the Emperor. Despite being sentenced to life imprisonment in 1934, Inoue's eventual release in 1940 under a general amnesty underscored the complex interplay between justice, nationalism, and the erosion of democratic values in pre-war Japan. The lasting impact of this incident transcends generations, influencing literary works like Yukio Mishima's "Runaway Horses," while haunting Japan's collective memory as a cautionary tale against the dangers of extremism and political fanaticism.

On a lighter note, Junnosuke Inoue's influence extended to the realm of culture and recreation. Credited with popularizing golf in Japan, he played a pivotal role in establishing Tokyo's first golf course, leaving an indelible mark on the nation's sporting landscape.

Junnosuke Inoue's life and legacy encapsulate the intertwined trajectories of finance, politics, and international relations in Japan during a pivotal period of its history. As the nation grappled with seismic shifts on the global stage, Inoue's leadership and vision provided a guiding light, shaping Japan's path toward prosperity and prominence on the world stage.