The topic of advancing south or north once again appeared at the Imperial Conference. But unlike before, the southern strategy had now gone bankrupt.
Since the plan to seize the Philippine Islands had failed, there was even less point in considering any further campaign into the South Seas. The Continental Alliance could intervene once, and it could intervene a second time. If they still stubbornly insisted on heading south, it would be a sign that they were tired of living.
Looking at the overall situation, although Japan had suffered grievous losses in the Philippine War, they had not come away entirely empty-handed.
Their greatest gain was a modern fleet. The capital ships they had been unable to buy even with money in the past had all fallen into their hands during the war.
In terms of total naval tonnage alone, the Japanese Navy had become the world's fifth strongest naval power, behind only Britain, Austria, Russia, and Spain.
If nothing unexpected happened, once the warships purchased by the Japanese Government at the postwar auctions returned home after the Philippine War, their ranking could rise still further, surpassing Spain and Russia in one leap to become the world's third strongest naval power.
If no other factors were considered, this would have been the Japanese Empire's finest hour. Unfortunately, behind that dazzling splendor lay a treasury as empty as a drum.
Given Japan's current situation, without outward expansion, it simply could not afford to maintain such a fleet. Even pouring the government's entire fiscal income into it would not be enough.
"From the current situation, advancing north is indeed easier than advancing south. The problem is that the Empire's finances can no longer support a major war.
"Korea is nothing to fear, but we cannot ignore XXX's response. Even though they have