Japan used the indemnity from the First Sino-Japanese War to finance its naval expansion. The Triple Intervention forced Japan to surrender territorial gains but added compensation, increasing the payment to roughly 8,600 tons of silver. The resulting ships later fought at Port Arthur and Tsushima, linking victory over Qing China directly to the force that defeated Imperial Russia. A diplomatic setback still supplied the capital for the new fleet.
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How the First Sino-Japanese War paid for the new fleet
Chinese indemnity payments, enlarged after the Triple Intervention, financed the ships that formed the core of Japan's Russo-Japanese War fleet.