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. Therefore, we conclude that Lo's (2004) adaptive market hypothesis is supported in the prewar Japanese stock market even if we consider that the public information affects the stock market.
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 stock market, and (3) Lo's (2004) adaptive market hypothesis is supported in the prewar Japanese stock market even if we consider that the public information affects the stock market.