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This article examines the role of the Japanese financial system in the industrialisation of Japan over the period 1900-1970. The author explores the role of a financial system in the development of an industrialising economy and considers the pre-war and post-war financial system in Japan, arguing that although it underwent great transformations, the merits and demerits of each particular system must be viewed in terms of its current environment. JEL Codes: N15, N25, O14