Roosevelt Ties up Funds, Japanese Strike Back: Original Story: July 26, 1941
Shortly before the US entered what would become World War II, President Roosevelt tied up Japanese funds as the imperial empire began its occupation of Indochina, which now comprises Vietnam, Laos and Cambodia.
The incident was recalled in a July 26, 1941 article from The Evening Independent in "Roosevelt Ties up Japanese Funds, Occupation of Indo-China Is Begun." The Japanese government retaliated by freezing American assets throughout its empire and planned to do so against the British as well.
The article also reported that Japan would be moving in to occupy Shanghai, a port city on the Yangtze River, in which the nations of England, France and the US, along with Japan, held extra-territorial rights. At that time, there was an international settlement arrangement whereby these countries held exclusive jurisdiction over their own citizens despite their being in a foreign country.
President Roosevelt was compelled to freeze Japanese assets after they moved on Indochina—an area that included French colonies, under an agreement with French authorities under the Axis-controlled Vichy government. No resistance to the Japanese takeover was expected.
Also at this time, President Roosevelt announced the incorporation of the Philippine army into the American military. The Philippines was an American colony until it was given commonwealth status in 1935. It was later given its independence in 1946.
Five months after the economic maneuverings of the two countries, Japan bombed Pearl Harbor, triggering the Pacific front of the war.
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