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Japan's Great Kantō Earthquake of 1 September 1923 devastated the area around Tokyo and the country's main port of Yokohama. This article uses the earthquake as a case study to inform our understanding of the economics of disasters and the history of market integration. It seeks to test two main assumptions: first, that shifting demand and supply curves consequent on a disaster will have some impact on prices; and second, that any local changes in the disaster region are likely to be diffused across a wider geographical area. We make use of a unique monthly wholesale price dataset for a number of cities across Japan, and our analysis suggests three main findings: that price changes in the affected areas immediately following the disaster were in most cases reflected in price changes in Japan's provincial cities; that cities further away from the devastation witnessed smaller price changes than those nearer to the affected area; and that the observed pattern of price changes reflects the regional heterogeneity identified by scholars who have worked on market integration in Japan.

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In this study, we estimate the long-run effects of early-life exposure to weather shocks on the height of primary school children. To estimate the global impacts on almost the entire child population in an industrializing country, we utilize both a unique nationwide multi-dimensional longitudinal dataset of Japanese children aged 6–11 and official monthly statistics on meteorological conditions in the 1920s. We observe that the exposure to cold waves in early-life exerted stunting effects on both the boys and girls. In the coldest regions in the northeastern area of Japan, the stunting effects of cold weather shocks on the boys and girls are estimated to be approximately 0.8 and 0.6 cm, respectively. Our observation indicates that prenatal (postnatal) exposure is important for the boys (girls). Our results suggest that the marginal effects of cold waves are stronger in the warmer regions than in the colder regions.

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