Japanese Invasion Money, officially known as Southern Development Bank Notes, was currency issue by the Japanese Military Authority, in lieu of and in replacement of local currency after the conquest and subjugation of a nation-state in World War II. In February 1942 in Japan, laws were passed establishing the Wartime Finance Bank and the Southern Development Bank. Both institutions issued bonds to raise funds. The former loaned money primarily to military industries, but also to a wide range of other ventures, including hydroelectric generators, electric power companies, shipbuilding and petroleum. The latter provided financial services in areas occupied by the Japanese military, and Southern Development Bank notes were in fact used as de facto military scrip. In December 1942, the outstanding balance of Southern Development Bank notes stood at >470 million; in March 1945, >13 billion.