By the end of the decade, Japan was thus even more dependent than earlier than on imports of raw supplies (especially oil, iron ore, copper, and scrap metallic) from the largest Pacific economy that remained impartial: the United States. In response to Japanese conquests in 1940 and 1941, the United States step by step escalated its economic measures till it lastly imposed a full oil embargo, together with the British Empire and The Netherlands. It also froze yen reserves held within the United States (Miller 2007). By late 1941, Japan’s trade had fallen by 20 to 25 p.c in simply 18 months.

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