Just as Japan's conflict with Russia had given Nomura the opportunity to profit from a stock market boom, so war on another stage presented similar chances. After World War I broke out, Tokushichi watched the market very carefully for several months before making a decisive move. Then, early in 1915, with credit loosening and the beginning of what he saw as a protracted upturn in exports, Tokushichi began buying aggressively. He had read the signs correctly. As a nonbelligerent, Japan was in an excellent position to build up her economy from what was already a sound base. During the war, Japan not only supplied war material to the combatants, but was also able to penetrate markets in Asia, Africa, and Central and South America where trade had formerly been dominated by the European powers. Exports grew rapidly from the autumn of 1915.
