Although the Japanese fiscal panic (TIME, April 18) caused the Emperor to authorize all banks to close for three weeks (TIME, May 2), most Tokyo banks opened last week voluntarily, displaying huge piles of bank notes on their counters to convince depositors that all who wanted it could withdraw spot cash.* By this stratagem the public was apparently convinced that immediate disaster did not impend, and withdrawals grew lighter as the week progressed. Eventually re-depositing began and the panic seemed at an end.
*Up to an individual limit of $250 per account per day....
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