The bank continued as the acting central bank of Indonesia during the Japanese occupation in 1942 and after the Indonesian declaration of independence in 1945. Its first Rupiah note was printed in 1944 under Japanese supervision, in an effort to nationalize its identity. After the Netherlands recognized Indonesia's independence in 1950, the Indonesian government agreed to retain De Javasche Bank as central bank of Indonesia. However, with increasing animosity between the two party, the bank was nationalized as Bank Indonesia in 1953.