1921 (Taisho 10) Friday, April 22 A promissory note of 15000 yen by Senoo Commercial Bank in Okubo-cho, Tokyo Prefecture was dishonored. Depositors rush into the bank due to a sudden shutdown. The deposit of 150,000 yen in public money in Okubo-cho became complicated. Later, a fraudulent loan of 500,000 yen to Jiro TAKAGI, a senior managing director of Japanese-English entertainment company, which was led by Inosuke SENOO, a senior managing director of the bank, was revealed.
More than a year has passed since the post-war depression that began with the stock market crash on March 15 of the previous year, but financial unrest has not subsided and banks have continued to fail. Eventually, 21 banks were forced into bankruptcy.