Japan's mounting financial strain helped make peace attractive even after its military victories. British, American, and German finance supported Japan's war effort, while French and German money supported Russia. Germany's presence on both sides makes the financial geography especially revealing. Military endurance depended on access to international capital as well as troops, ships, and battlefield results.
Notable Point · 39:01-39:31
Foreign finance supported both sides of the Russo-Japanese War
A short exchange connects Japan's financial exhaustion and the peace settlement to the foreign capital that sustained both belligerents.