{
 "id": "philippines-1942-1945",
 "country": "Philippines",
 "currency": "Japanese Occupation Peso",
 "periodStart": "1942",
 "periodEnd": "1945",
 "peakInflation": "60%",
 "peakMonthlyPct": 60,
 "peakMonth": "January 1944",
 "doubling": "44.9 days",
 "hkEpisode": "Jan – Dec 1944",
 "currencyReform": "Withdrawn at liberation (1945)",
 "cause": "Occupation money printed by the Japanese army",
 "resolution": "Liberation; the occupation peso became worthless",
 "url": "https://hyperinflation.rogzy.org/philippines-1942-1945/",
 "summary": "The Japanese occupiers paid for what they took with a peso they printed themselves, which Filipinos nicknamed \"Mickey Mouse money\". Hyperinflation was measured: 60 % in January 1944, prices doubling every 44.9 days (H&K, who call the currency \"Japanese War Notes\"). By 1944 a box of matches cost more than 100 of these pesos. At liberation the currency was withdrawn and worth nothing.",
 "timeline": [
  {
   "date": "1942",
   "event": "The occupation peso is issued (1 centavo to 10 pesos)."
  },
  {
   "date": "1943–1945",
   "event": "100, 500 and 1,000-peso notes are added as prices climb."
  },
  {
   "date": "Jan 1944",
   "event": "The peak month, 60 % (H&K)."
  },
  {
   "date": "Dec 1944",
   "event": "The episode ends in the H&K table."
  }
 ],
 "banknotes": [
  {
   "label": "10 centavos, Japanese occupation (1942)",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/10_centavos_Japan_Occupation.jpg"
  }
 ],
 "exchangeRates": null,
 "sources": [
  "Hanke & Krus (2012) — episode, peak, doubling time.",
  "Wikipedia, \"Japanese government-issued Philippine peso\" (read 2026-10-05):"
 ],
 "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."
}