A storm of industrial insolvency which had been gathering over Japan since the disastrous earthquake of 1923, burst last week and forced the resignation of Premier Reijiro Wakatsuki's Cabinet.
During March a rumble of warning came when seven banks suspended payments. The first thunder clap (TIME, April 18), was the announcement by Japan's richest woman, Mme. Yone Suzuki that her enormous importing and exporting firm would delay payments on its $250,000,000 obligations. Forthwith came another thunderboltsuspension by the great Bank of Taiwan, chief creditor of Suzuki & Co.