It would have been an effective weapon against halftracks and the like. It filled a role similar to the modern Barrett sniper rifle. It could still do significant damage when targeted at things like running gear and light-armored vehicles. It could also turn enemy cover into concealment. Of course, Japanese tanks were an absolute joke and easy prey even for .50 caliber rounds. Even our light Chafee tank was much larger and more capable, as seen in a comparison video taken shortly after the war (sorry, I can't find it now). The Japanese tanks were really intended for an anti-infantry role, a role they were adequate at against the primitive Chinese military.
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