After the collapse of the administration of
Tanaka Giichi in June 1929, Hamaguchi was selected to become
Prime Minister of Japan and formed a cabinet based largely on Minseitō party members, which supported domestic economic reforms over overseas military adventurism. With a strong sense of his own rectitude and a tough, stubborn temperament, Hamaguchi inspired trust, promising that he was "ready to die if necessary" for the good of the country during his inaugural speech and promising an administration free of corruption. Hamaguchi's primary concern was the Japanese economy, which had been in an ever-increasing
recession since the end of
World War I, and had been greatly weakened by the devastation caused by the
1923 Great Kantō earthquake. Hamaguchi promoted retrenchment, deflation and the rationalization of industry. The 1929
Great Depression, starting soon after he took office, put further pressure on the economy. Initial public confidence and strong support from Emperor
Hirohito and his entourage, including the
genrō Saionji Kinmochi allowed Hamaguchi to implement fiscal austerity measures, which included ratification of the
London Naval Treaty of 1930, which curtailed military spending. However, his measures to help stimulate exports, such as returning the Japanese
yen to the
gold standard, proved disastrous. The failure of Hamaguchi's economic policies played into the hands of right-wing elements, already enraged by the government's conciliatory foreign policies and Japan's increasing unemployment problems. The opposition
Rikken Seiyūkai joined forces with the vocal anti-Treaty faction within the
Imperial Japanese Navy to accuse Hamaguchi of infringing of the military's "right of supreme command" as guaranteed under the
Meiji Constitution. Hamaguchi's initial popularity quickly waned, and he fell victim to an assassination attempt on 14 November 1930 when he was shot inside
Tokyo Station by Tomeo Sagôya, a member of the
Aikokusha ultranationalist secret society. (Nine years earlier another Prime Minister,
Hara Takashi, had been assassinated near the same place.) The head of the
Aikoku-sha was
Seiyūkai politician
Ogawa Heikichi. The wounds kept Hamaguchi hospitalized for several months. Hamaguchi attempted to resume office in March 1931. However, with his health continuing to deteriorate, he was unable to attend the 59th Session of the Imperial Diet, which opened with Foreign Minister
Kijūrō Shidehara as acting Prime Minister. The
Seiyūkai immediately attacked the government on the grounds that the Prime Minister was not physically present, and that Shidehara was not even a member of the
Minseitō. When Shidehara further created an uproar with a comment concerning Emperor Hirohito's support of the London Naval Treaty, the
Seiyūkai refused to participate in budget deliberations until Hamaguchi could attend. Despite his failing health, Hamaguchi was forced to attend the Diet, but resigned a month later to be replaced by
Wakatsuki Reijirō. He died on 26 August of the same year, and his grave is at the
Aoyama Cemetery in Tokyo. Sagôya was not immediately tried for murder. Nevertheless, in 1932, he was sentenced to death for attempted murder, after the judge ruled that the bullet had caused Osachi's death. Yoshikatsu Matsuki was sentenced to 13 years in prison as an accomplice, while Ainosuke Iwata received a 4-month sentence. However, in 1934, Sagôya's death sentence was reduced to life in prison in a general amnesty. He was one of many people involved in politically motivated murders, including that of prime ministers, to have their sentences reduced. Sagôya was released from prison in 1940, and died in 1972. He continued to be involved in far-right activities until his death. In 1931 Hamaguchi's cabinet sponsored a bill on
women's suffrage. It would have granted women over the age of 25 the right to vote in local elections and stand for office given their husbands' approval. The bill passed the lower house, but it was defeated in the
House of Peers in March 1931 by a vote of 184 to 62. ==Honours==