The Guandong Army was the driving force behind the occupation of Manchukuo (formerly Manchuria) in 1931. The army was responsible for the events there, but it is unclear who held control in Tokyo. Various factions within the military, the parliament, and the imperial court had differing views on the Guandong Army's actions.

• Hamaguchi Yūkō
  • Appointed as prime minister in June 1931.
  • Had signed the London Naval Treaty in 1930, limiting the growth of the Japanese navy, which was unpopular among ultra-nationalists.
  • Targeted by an assassin in November 1930 and severely wounded.
  • Reappointed as prime minister in 1931, shortly before his death.
• Wakatsuki Reijirō
  • Succeeded Hamaguchi as prime minister.
  • Responded lukewarmly to the Guandong Army's actions.
  • Resigned in December 1931.
  • A "credibility gap" emerged as the government declared non-expansionism while the military in Manchuria kept advancing.
• Inukai Tsuyoshi
  • Succeeded Wakatsuki as prime minister.
  • Expressed misgivings about the creation of Manchukuo, stating that it should not be recognized as independent from China.
  • Agreed to a ceasefire when fighting broke out in Shanghai in 1932.
  • Assassinated by right-wing nationalists.
• End of Taishō Democracy
  • Inukai's assassination marked the end of the Taishō democracy.
  • A new era began with "national unity cabinets," mainly senior bureaucrats with some representation from political parties, to restore stability.
  • Ian Buruma compared this to events in Germany, where Weimar democracy came to an end in 1933.