Economic reforms included a unified modern currency based on the
yen, banking, commercial and tax laws, stock exchanges, and a communications network. Establishment of a modern institutional framework conducive to an advanced capitalist economy took time but was completed by the 1890s. By this time, the government had largely relinquished direct control of the modernization process, primarily for budgetary reasons. Many of the former
daimyo, whose pensions had been paid in a lump sum, benefited greatly through investments they made in emerging industries.
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