Is the Yamashita Treasure Found?

Though there are accounts that claim the treasure is still hidden in the Philippines and has enticed treasure hunters from all over the world for over 50 years, most experts dismiss its existence.

Sterling Seagrave and his wife Peggy Seagrave, who wrote two books on the subject, The Yamato Dynasty: The Secret History of Japan's Imperial Family (2000) and Gold Warriors: America's Secret Recovery of Yamashita's Gold (2004), are among those who have argued for the existence of Yamashita's gold (2003). 

According to the Seagraves, looting, which included more than 6000 tonnes of gold, was organized on a massive scale by both yakuza gangsters like Yoshio Kodama and the highest levels of Japanese society, including Emperor Hirohito. The Japanese government planned to use loot from Southeast Asia to fund the country's war effort.

According to the Seagraves, Hirohito appointed his brother, Prince Yasuhito Chichibu, to head a secret organization called Kin no yuri (, "Golden Lily"), after a poem written by the Emperor Hirohito.

Many of those who knew where the loot was hidden were allegedly killed during the war, or were later tried for war crimes by the Allies and executed or imprisoned. Yamashita was found guilty of war crimes and executed by the US Army on February 23, 1946, in Los Baos, Laguna, Philippines.

According to the Seagraves, Edward Lansdale and Severino Garcia Diaz Santa Romana[a] discovered numerous Golden Lily vaults in caves north of Manila in the high valleys, and the 'M-Fund [ja]', named after Major General William Marquat, was established as a result of their work.

Sterling Seagrave claimed that Santa Romana (Santy) tortured Yamashita's driver Major Kojima Kashii in order to learn where the loot was hidden. Lansdale flew to Tokyo to brief MacArthur and his Chief of Intelligence officer Willoughby, then to the United States to brief Clark Clifford before returning with Robert Anderson to inspect several caves in the Philippines with Douglas MacArthur, according to the Seagraves.

Over 170 tunnels and caves were discovered. Ray Cline believes that after shipping the loot to the United States, Robert Anderson and Paul Helliwell opened 176 "black gold" banking accounts in 42 countries.

Many different types of valuables were allegedly stolen from banks, depositories, other commercial premises, museums, private homes, and religious buildings. It was named after General Tomoyuki Yamashita, who led the Japanese forces in the Philippines in 1944.

Various accounts claim that the loot was first concentrated in Singapore and then transported to the Philippines. After the war, the Japanese hoped to ship the treasure from the Philippines to the Japanese Home Islands. 

As the Pacific War progressed, United States Navy submarines and Allied warplanes sank an increasing number of Japanese merchant ships. Some of the ships transporting war booty back to Japan were sunk in battle.

According to the Seagraves and a few others, American military intelligence operatives located much of the loot, conspired with Hirohito and other senior Japanese figures to conceal its existence, and used it as "Black Gold" to fund American covert intelligence operations around the world during the Cold War. Many hopeful treasure hunters have been inspired by these rumors, but most experts and Filipino historians say there is no credible evidence to back up these claims.

In 1992, Imelda Marcos claimed without evidence that Yamashita's gold accounted for the majority of her husband, Ferdinand Marcos', wealth.

Many individuals and groups, both domestic and foreign, are still looking for treasure sites. A number of accidental deaths, injuries, and financial losses suffered by treasure hunters have been reported.

The National Museum of the Philippines is in charge of issuing treasure hunting permits and licenses.