Introduction of Military Yen in Hong Kong
After the Hong Kong Government surrendered to the Japanese Imperial Army on 25 December 1941, the Japanese authorities decreed the military yen to be the legal tender of Hong Kong the following day. The Japanese occupation also outlawed any use of Hong Kong dollar and set a deadline for exchanging dollars into yen.
When the military yen was first introduced on 26 December 1941, the exchange rate between the Hong Kong dollar and the military yen was 2 to 1. However, by October 1942, the rate was changed to 4 to 1.
After exchanging for dollars, the Japanese military purchased supplies and strategic goods in the neutral Portuguese port of Macau.
As Japan became more desperate in the war effort in 1944, the Japanese military authorities in Hong Kong circulated more military yen, resulting in hyperinflation.
Read more about this topic: Japanese Military Yen
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