<Dd> Ireland was a largely agrarian economy, trading almost exclusively with the UK, at the time of the Great Depression . Beef and dairy products comprised the bulk of exports, and Ireland fared well relative to many other commodity producers, particularly in the early years of the depression . </Dd> <P> The Great Depression hit Italy very hard . As industries came close to failure they were bought out by the banks in a largely illusionary bail - out--the assets used to fund the purchases were largely worthless . This led to a financial crisis peaking in 1932 and major government intervention . The Industrial Reconstruction Institute (IRI) was formed in January 1933 and took control of the bank - owned companies, suddenly giving Italy the largest state - owned industrial sector in Europe (excluding the USSR). IRI did rather well with its new responsibilities--restructuring, modernising and rationalising as much as it could . It was a significant factor in post-1945 development . But it took the Italian economy until 1935 to recover the manufacturing levels of 1930--a position that was only 60% better than that of 1913 . </P> <P> The Great Depression did not strongly affect Japan . The Japanese economy shrank by 8% during 1929--31 . Japan's Finance Minister Takahashi Korekiyo was the first to implement what have come to be identified as Keynesian economic policies: first, by large fiscal stimulus involving deficit spending; and second, by devaluing the currency . Takahashi used the Bank of Japan to sterilize the deficit spending and minimize resulting inflationary pressures . Econometric studies have identified the fiscal stimulus as especially effective . </P> <P> The devaluation of the currency had an immediate effect . Japanese textiles began to displace British textiles in export markets . The deficit spending proved to be most profound and went into the purchase of munitions for the armed forces . By 1933, Japan was already out of the depression . By 1934, Takahashi realized that the economy was in danger of overheating, and to avoid inflation, moved to reduce the deficit spending that went towards armaments and munitions . </P>

When did the great depression start in japan
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