Part 3/10:
While military strategy often receives the lion's share of attention in wartime narratives, the Russo-Japanese War revealed the pivotal role of financial systems in determining the outcome of conflicts. Japan’s military success was directly linked to its ability to fund its operations, facilitated significantly by the Bank of Japan. Under the management of Takahashi Koreo, the Bank had evolved into a modern financial institution, equipped to leverage international credit and funding to support Japan’s war efforts.