Before revision:  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:  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 financial markets, and (4) the prewar Japanese financial markets lost the price formation function in 1932 and that was a turning point in the market.