Upon his return to Japan, Tokushichi immediately translated the lessons of his recent experiences into positive action. His first step was to restructure and expand the research department, dividing it into four sections: Research, Statistics, Editing, and Translation. The establishment of the translation section was motivated by Tokushichi's desire to become involved in the foreign currency-denominated public bond business. The funding demands created by the Sino-Japanese War of 1894-1895 and the Russo-Japanese War of 1904-1905 had led the Japanese government to float large public bond issues. The attraction of lower interest rates overseas and the need to increase foreign currency reserves motivated the government to float a large proportion of these bonds on foreign markets. For Nomura Shoten to become involved in the trading of such bonds, it was necessary to have personnel who could communicate in English. Tokushichi was laying the groundwork for future developments.
