Over the course of the war and in its immediate aftermath, Kuhn Loeb underwrote five Japanese loans, totaling $180 million. This amounted to more than 20 percent of Japan’s wartime expenditures.[45] The governments of both sides recognized Schiff’s pivotal role. Before the war had concluded, Japan’s emperor awarded him the Second Order of the Sacred Treasure, conferred on those who had provided distinguished service to the empire.
