Japanese Government Bond advertisement on newspaperTokushichi next moved to put his bond trading plans into action. The substantial volume of bonds issued by the government, and the influx of foreign currency resulting from successful issues of sterling- and French franc-denominated public bonds, amounting to £11 million and F450 million respectively, in 1910, loosened credit, lowered interest rates, and firmed up the market in Japanese government securities. As a result, foreign brokerage firms began to trade actively in Japanese public bonds. As yet, Japanese securities firms were not involved in the bond business, which was dominated by the big banks. It was not a situation to Tokushichi's liking.
