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CURRENCY AND CREDIT IN MEDIEVAL JAPAN1

Published online by Cambridge University Press:  08 January 2008

Eiji Sakurai
Eiji Sakurai
Affiliation:
University of Tokyo, email: sakura@fusehime.c.u-tokyo.ac.jp
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Abstract

In contrast to the currency issued for use in ancient and early modern Japan, a feature of the currency of that country's medieval period was that the Japanese state did not mint its own coinage but rather imported the entirety of its supply of copper coins from China. An economy based on Chinese coins therefore lasted for 650 years, from the middle of the twelfth century, through the upheavals of the sixteenth century, down to the seventeenth century when the Tokugawa Bakufu once again minted coins. This article outlines the situation of currency and its specific features during this period, paying particular attention to the trend towards the use of credit, in such forms as bills of exchange and promissory notes. In addition, it points out that the medieval Japanese state had absolutely no motivation, either financially or geopolitically, to issue its own currency.

Type
Asian monetary history revisited [3]
Information
International Journal of Asian Studies , Volume 5 , Issue 1 , January 2008 , pp. 53 - 70
Copyright
Copyright © Cambridge University Press 2008

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References

1 This article was originally published as “Nihon chūsei ni okeru kahei to shinyō ni tsuite” in Rekishigaku kenkyū 703 (October 1997): pp. 68–77. As ten years have passed since its initial publication, certain passages may appear somewhat outdated. I have not, however, made changes to the body of the text, except to correct a few typing and technical errors, but instead have cited current views in the footnotes. I have also added brief explanations to some of the Japanese proper names that non-Japanese readers may find unfamiliar, or paraphrased certain passages. I have also added a list of reference materials, but have omitted the two diagrams describing the development and history of currencies from the original manuscript.