Wakatsuki Reijiro

As Finance Minister in the Hamaguchi cabinet, Wakatsuki oversaw Japan's return to the gold standard in January 1930. This policy aimed to stabilize the economy but worsened the Great Depression's impact on Japan, leading to deflation and social unrest.

As Prime Minister during the Mukden Incident of September 1931, Wakatsuki Reijiro's cabinet initially attempted to restrain the Kwantung Army's unauthorized expansion in Manchuria. However, the government failed to control the military, leading to Japan's full-scale invasion of Manchuria.

Wakatsuki resigned as Prime Minister in December 1931 after his cabinet failed to rein in the Kwantung Army's actions in Manchuria. The government's inability to assert civilian control over the military marked a turning point in Japan's descent into militarism.

Wakatsuki became Prime Minister for a second time in April 1931, succeeding Hamaguchi Osachi who was incapacitated by an assassination attempt. His brief second term was dominated by the escalating Manchurian crisis.