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Money Lending in Japan before
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Money Lending in Japan before 1800
...... As the practices became more common, the money lenders began to demand an interest on their money. While it would suffer various modifications throughout the years, the interest rate remained relatively constant. And most importantly, it would always be fixed. Wari, the initial name used to refer to the interest rate, would eventually come to represent the change in the interest rate (Takekoshi, 2004)
By 1433 however, new laws had been instated to regulate the practices of money lending. They would basically argue:
(1) Articles of daily use may be pawned, but the term for wearing apparel is limited to a year and that of weapons to two years
(2) The rate of interest must be within fifty per cent
(3) Those who do the business without sufficient funds shall be punished, and if they abscond, the liability must be borne by the people of the district (Soyeda)
An interesting aspect of the early stages money lending in Japan is that the creditors would often require a guarantee. And this guarantee would be a certain good held by the debtor until the creditor paid back his debt. In other words, the mechanism was that of the modern day pawn
or
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