JAPAN: Big Bright Bogey

The Italo-Ethiopian War spectre looked like the rosiest kind of good news to the businessmen of Japan last week. As the War bogey rose bigger & blacker in Europe, traders on the floor of the Tokyo Stock Exchange hugged themselves with joy, deliriously bought & bought. One day transactions reached an all-time high: 1,166,000 shares. Next day Tokyo trading went through this roof to 1,183,000 shares. At week's end practically every stock on the list had risen from 10% to 100%.

This spree was not without some skulduggery. First insiders spread the...

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