What was the impact of global depression on Japan

The Japanese economy suffered debilitating effects from two sources, the impact of the worldwide depression and the appreciation of the yen associated with the return to the gold standard. The consequences, economically, were abrupt deflation and a severe contraction of economic activities in 1930 and 1931.

It caused a large decline in production and lasted fewer years than in Britain or the U. S. It caused a moderate decline in production and lasted fewer years than in Britain or the U. S.