how much of this is true? Especially the "National newspapers devoted page after page to his role in the victory. History books added whole chapters about him" part.
Schiff was a powerful man, but it's hard to find any reliable source about the loans. Even the usually reliable complete archive of The New York Times has nothing about it.
By waging war on Russia, Japan hoped to seize the tsar's vast, empty northeast region, Manchuria. ...
Almost immediately, she realized she had bitten off too much. Russia was an immense country with a huge army and virtually unlimited financial resources. By April, the vice-governor of the government-owned Bank of Japan, Baron Korekiyo Takahashi, was in London trying desperately to borrow money on the international market. But it was a miserable excursion. Even under the most humiliatingly restrictive terms, he could find no more than half the absolute minimum Japan needed to continue the war. With only a few days remaining before he was due to sail back to Japan, Baron Takahashi went to a formal dinner given by a fellow banker. Over dessert, Takahashi found himself explaining his sense of disappointment to a man who happened to be seated next to him.
Japan will surely be defeated, he said bitterly - Tsar Nicholas II will have another success under his imperial belt. Takahashi's dinner partner, a Mr. Jacob Schiff, seemed more interested than mere courtesy would call for.
Schiff too, Takahasi learned, also hated Tsar Nicholas II, holding him personally responsible for a recent pogrom against the Jews of the Russian town of Kishinev. The conversation between the two men continued until the party broke up for brandy and coffee. Then Schiff wandered off and Takahashi forgot about him.
The next morning Baron Takahashi's aide awoke him with the news that a Mr. Schiff wanted to see him - to discuss a five million pound loan! Takahashi was dumbfounded. "Who is this Schiff?" he asked.
"A partner in the American investment bank of Kuhn-Loeb," the aide had learned, "a powerful force in the world money market, a major factor in international capital. Also, a Jew."
Intrigued, Takahashi met with Schiff immediately and began what would become a deep and life-long friendship with him. (Ultimately, the Japanese banker sent his daughter to New York to live with the Schiffs for three years.)
Over the next several months, Schiff arranged four further international loans, and cash in hand, Japan continued the war until she was in a position to sue for a victorious peace. In Japan, Jacob Schiff became a hero. National newspapers devoted page after page to his role in the victory. History books added whole chapters about him.
Emperor Meiji, in an absolutely unprecedented act, invited Schiff, a commoner, to luncheon in the Imperial Palace. Without SchifFs help, there would have been no victory over the Russians. With SchifFs help, Japan had earned for herself new territories, new resources and greatly improved status in the eyes of the world. No honor was too great for this man.
Jacob Schiff was an American, but it wasn't as an American that he had undertaken to help the Japanese.
And the nearly two hundred million dollars that he'd raised wasn't even predominantly American money. In this instance, Schiff had acted as a Jew. The fact was not lost on the Japanese. For the entire victorious populace of Japan, "Jew" became synonymous with access to, and control of, vast sums of money.
The Fugu Plan: The Untold Story of the Japanese and the Jews During World War II by Marvin Tokayer