Teijin Incident

The Teijin Scandal (帝人事件, Teijin jiken^?) was a political scandal in the early Shōwa period of the Empire of Japan which brought about the collapse of the administration of Prime Minister Saitō Makoto in 1934.

In June 1933, the Banchokai, a group of young investors, purchased 100,000 shares of Teijin (a leading Rayon and textile firm) from the Bank of Taiwan at a price of 125 yen per share. The stock steadily rose in price, reaching 200 yen per share by the end of the year, and rumors began to arise in the editorial pages of various newspapers that the Banchokai had somehow managed to manipulate the market.

Working with this unsubstantiated rumor, ultrarightist officials in the Ministry of Justice accused officials in the Ministry of Finance and members of the cabinet of Prime Minister Saitō of conspiracy with the Bank of Taiwan to permit the Banchokai to purchase shares at an artificially low price in return for bribes of cash and stock. In April 1934, the Ministry of Justice ordered the arrest of the Vice-Minister of Finance, director of the Bank of Taiwan and president of Teijin. On receiving word that a number of cabinet ministers were also scheduled to be arrested, Prime Minister Saitō dissolved the government on 3 July 1934. Soon afterwards, 13 more officials were arrested on charges of corruption.

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