MONETARY PACT BETWEEN JAPAN AND GERMANY SIGNED, JUNE 8, 1943
A monetary pact was signed on June 8, 1943, between the Yokohama Specie Bank and the German East Asiatic Bank on the basis of the Economic Agreement between Japan and Germany concluded on January 20, 1943.
(1) Text of Agreement, January 20, 1943
The Imperial Government of Japan and
The Government of Germany,
In order to assist mutually with total economic strength in the present war for the construction of the new order in Greater East Asia and Europe and to realize after the conclusion of the war in their victory the new order to secure co-existence and co-prosperity of the peoples concerned by a plan of extensive construction in their respective economic spheres, having decided to render still closer the economic co-operation between them,
Have agreed as follows:
Article 1 Japan and Germany shall accelerate and prosecute with all their power the exchange of economic goods and services in all branches between their economic spheres.
They shall mutually assist in the procurement of materials and in the installation of equipment and effect close technical co-operation.
Article 2 Japan and Germany shall effect close financial co-operation to facilitate payment arising from the enforcement of the provisions in the preceding article.
Article 3 Japan and Germany shall maintain close contact to make more effective their co-operation regarding the prosecution of their economic policies.
The Governments of the two countries shall make committees, appointed specially for the purpose, to pay constant attention to the development of economic relations between the two countries.
Article 4 The competent authorities of the two countries shall make agreement concerning necessary details for the enforcement of the present agreement.
Article 5 The present agreement shall come into effect from the day of its signature and shall remain valid for the same duration as the Tripartite Pact between Japan, Germany and Italy of September 27 of the fifteenth year of Showa, or September 27, 1940.
(2) Statement by Finance Vice-Minister Taniguchi
On January 20 this year an agreement for economic co-operation and subsidiary arrangements were concluded between the Reich and Imperial
Governments. The signing of a banking agreement between the German East Asiatic Bank and the Yokohama Specie Bank today puts a finishing touch to the previous accord, a matter for congratulation.
Payments between Germany and Japan have been settled without a hitch, but the new agreement will provide a definite formula for smooth direct settlement between the yen and the mark.
By means of the new agreement, the foreign payment settlements of the greater East Asia sphere will be expedited and placed on a definite basis. Closer monetary relations between Germany and Japan will be made possible, and this will further promote economic co-operation and exchange of technique between the two countries.
(3) Statement by President Kashiwaghi of the Yokohama Specie Bank
Negotiations had been going forward between the Yokohama Specie Bank and the German East Asiatic Bank concerning payments between the two countries and, with the consent of the two Governments, an agreement was concluded today. By this agreement the currency of the other can be obtained by each of the banks under close co-operation between them.
In order to assure the smooth enforcement of the new agreement, a new German East Asiatic Bank has been established in Berlin and its branch opened in Tokyo. I am very glad that the economic relations between the two countries will be drawn closer than ever before by the operation of the new agreement.
I wish on this occasion to render my deep appreciation to the German Economic Mission headed by Dr. Helmuth Wohlthat for their good offices for the conclusion of the agreement.