Proclamation of the Commander-in-Chief of the Imperial Japanese Forces in the Philippines on Prohibiting Circulation of Yen Paper Money and Foreign Currencies

The currencies which shall be sanctioned by the authorities of the Japanese Army to circulate in the Philippine Islands shall be the Peso military notes which are issued by the Imperial Japanese Government, and the Philippine Peso currency, which is already in circulation.

The circulation of the Yen paper money (paper money issued by the Japanese Imperial Government, Yen notes issued by the Bank of Japan, Yen notes issued by the Bank of Chosen, Yen notes issued by the Bank of Taiwan, and the military notes), piastre currency (notes issued by the Bank of Indo-China), and all other currencies of foreign countries shall be prohibited.

However, as for the U. S. dollar currency, the circulation shall be approved at the rate of two pesos (₱2) per one dollar ($1), for the time being.

Not only the paper of the above-mentioned currencies, which are prohibited to circulate as the means of payment of all transactions, but also the receiver of such currencies shall be punished in accordance with the provisions of the martial law.

As to the treatment of the possession in the market of the above-mentioned currencies and the U.S. dollar currency which are prohibited to circulate shall be regulated later on.

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January 10, 1942.