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This paper presents the problem which the Japanese Government had in gaining financial support for the war with Russia (19041905). It is based on the private correspondence and diaries of Jacob Schiff and Takahashi Korekiyo, which provide a closer look at the problem of conducting the war. It also shows the first moment when Japan confirmed its position as a world power, becoming the first Asian country which was treated as an equal partner by the Western powers.
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