5.5 Edo Period 1600 – 1867: Economic woes

The Edo Period’s first hundred years had relative economic stability. Kyoto was rebuilt and manufactured luxury goods. Osaka had the Dojima Rice Market that later developed into securities exchanges. Edo became a consumption center and became the world’s largest city.

However, by the 1690s, the shogunate had to devalue the currency to pay for its excesses. The devalued currency inevitably led to inflation, which led to more problems.

In the midst of these financial problems, the 8th Tokugawa Shogun, Yoshimune (1684 –1751) began his reign. Yoshimune, along with the bakufu, instituted reforms for the next twenty years to solve the monetary crisis and other persistent problems.  He insisted new taxes. To aid samurai living on rice stipends, rice prices were supported. Merchant guilds were encouraged, which allowed for greater control and taxation. Expenses were reduced. These reforms attempted to make the shogunate financially solvent.

Agricultural output increased due to better farming methods, which came about through increased knowledge.  Yoshimune developed an interest in “Dutch” learning when he met with Nishikawa Joken, the famous astronomer, geographer, and scholar. Yoshimune lifted the ban on Western books that did not advocate Christianity. Soon Japanese scholars had translations of many standard European textbooks. By 1811, there was an official translation office, the Institute for the Investigation of Barbarian Books (Bansho Shirabesho).

These reforms had a downside. Urban consumers were hurt by artificially high rice prices that were meant to bolster the value of samurai rice stipends. In the country, when peasants were harshly treated many of them fled to cities, the remaining peasants were forced to pay the same tax even though there were fewer workers.

Yoshimune was the considered the most successful of the Shoguns after Ieyasu. However, his reforms were hindered by famine, floods, and other natural disasters. Following Yoshimune, the effectiveness of bakufu declined starting with Tokugawa Ieshige (1712-1761), Yoshimune’s son, who was sickly and had no interest in governmental affairs.  Ieshige officially retired in 1760 and appointed his first son, Ieharu (1737-1786), as the 10th shogun.

Tokugawa Ieharu relied upon Tanuma Okitsugu. Tanuma encouraged foreign trade, industrial development, and the mercantile segment of economy. Tanuma’s critics accused him of corruption. With the death, Ieharu, Tanuma fell from power.

Many of Tanuma’s reforms were thwarted by the Great Tenmei Famine that started in 1782 and the 1783 eruption of Mt. Asama that blocked sunlight all summer, resulting in poor harvests and 20,000 deaths to famine. Famine, burdensome taxation, and injustices led to many protests and peasant rebellions. Protests spread to the towns and cities, culminating in the Edo riots of 1787.

Under Tokugawa Ienari (1773-1841), the government headed by Matsudaira Sadanobu instituted stringent measures based on Confucian ideals. They cut back on foreign trade; enacted strict sumptuary laws, limiting expenditures on luxuries, even forbidding barbers and hairdressers; cancelled debts of poor samurai; emphasized farming; and commanded strict observance of Neo-Confucian doctrine. The reforms were economically stultifying and were followed by 10 years of acute famines.

During this time, the reputation of the shogun began to decline vis-à-vis the emperor. Ienari was known as a degenerate. By contrast, Emperor Kōkaku, who was very talented, sought to re-assert some imperial authority by attempting relief programs to the Great Tenmei Famine.

The daimyō had money problems. Tax revenue ceased to cover expenses. They financed their operations by loans from merchants secured by tax receipts. So the tax revenue came in to pay loans and more loans were needed to finance expenses.

There was social unrest from the outcasts (the eta and hinin) who protested against discrimination, humiliation, and insults. Peasants did not like unaccountable village headmen with unfair tax assessments.  Samurai, especially those in lower ranks, were frustrated at their prospects. Rural entrepreneurs and wealthy commoners wanted greater freedom and prestige and access to education.

The emperors during this period became more active. Emperor Kōkaku (1771 –1840) revived festivals at the Iwashimizu and Kamono shrines and ceremonies of the Imperial Court. In 1817, Kōkaku abdicated in favor of his son, Emperor Ninkō (1800 –1846). Kōkaku was the first Japanese monarch to remain on the throne past the age of 40 since 1586 and the last to rule as a retired emperor. After Ninkō’s death, he was succeeded by his son, Emperor Kōmei (1831 –1867), whose reign saw the ending of the Tokugawa regime and the Edo Period.

Next, Tenpō reforms to the Black Ships