Before revision:  The empirical results reveal that (1) the joint degree of market efficiency in the prewar Japanese stock market fluctuated over time because of external events such as policy changes and wars, (2) the semi-strong form EMH is almost supported in the prewar Japanese stock market, and (3) the markets rapidly reflect the information of the external events through time.
After revision:  The empirical results reveal that (1) the joint degree of market efficiency in the prewar Japanese stock market fluctuated over time because of external events such as policy changes and wars, (2) the semi-strong form EMH is almost supported in the prewar Japanese financial market, (3) the markets rapidly reflect the information of the external events through time.