Haruo_Maekawa

Haruo Maekawa

Haruo Maekawa

Japanese banker

Haruo Maekawa (前川 春雄, Maekawa Haruo, February 6, 1911 – September 22, 1989), also romanized as Mayekawa,[1] was a Japanese businessman, central banker, the 24th Governor of the Bank of Japan (BOJ).

Quick Facts 24th Governor of the Bank of Japan, Preceded by ...

Early life

Maekawa was born in Tokyo.[2]

Career

Before rising to become head of the Bank of Japan, Maekawa held other bank positions, including director of foreign-exchange operations.[3]

Maekawa was Governor of the Bank of Japan from December 17, 1979 through December 16, 1984,[1] having previously served as Deputy Governor from 1974 to 1979.[4] Along with Finance Minister Noboru Takeshita, he was credited with negotiating a Saudi-Japan petrodollar accord in 1980.[5]

Maekawa Commission

In 1986, the Maekawa Commission (the "Advisory Group on Economic Restructuring" headed by Maekawa)[6] proposed economic reforms designed to make the living standards of Japanese more comparable to levels enjoyed in the West.[7] Maekawa is credited as the chief author of the commission report.[8] Maekawa Report into effect. His two reports argued that Japan should seek switch from an export-oriented economy into a domestic demand-led economy. They downplayed the need for achieving economic parity using foreign exchange rate adjustments. A new reorientation would require more spending and less saving. There would have to be demand-side improvements in the quality of daily life, changes in Japan's industrial structure and more imports. It proposed industrial structural transformations using market-incentive mechanisms.[9] however the report was merely a statement of long-term goals, and contain no meaningful action programs. Even so it was opposed by many Liberal Democrats, by angry interest groups, and a few prominent economists. The report had very little long-term impact. [10]

See also

Notes

  1. [1]
    BOJ, List of Governors
  2. [2]
    Bank of Japan (BOJ), 24th Governor
  3. [3]
    Farnsworth, Clyde H. "Central Bankers Discuss Currency," New York Times. December 9, 1968; retrieved 2011-08-17
  4. [4]
    Werner, Richard A. (2003). Princes of the Yen: Japan's Central Bankers and the Transformation of the Economy, p. 147, p. 147, at Google Books
  5. [5]
    Ofusa, Junnosuke. "Saudi-Japan Petrodollar Accord Set," New York Times. April 25, 1980; retrieved 2011-0817
  6. [6]
    Library of Congress (LOC), Maekawa, Haruo
  7. [7]
    Sterngold, James. "Tokyo's Importing More, but Who's Benefiting?" New York Times. February 25, 1991; "Japan's Broken Pledge of Change Comes Back to Haunt Its Economy," New York Times. August 15, 1992; retrieved 2011-08-17
  8. [8]
    WorldCat Identities: Maekawa, Haruo; Mayekawa, Haruo
  9. [9]
    Mayako Shimamoto, et al. Historical Dictionary of Japanese Foreign Policy (2015) pp 180–181.
  10. [10]
    Kpzp Yamamura, "Shedding the Shackles of Success: Saving Less for Japan's Future." Journal of Japanese Studies 13.2 (1987): 429-456 online.

Further reading

  • Higashi, Chikara, and G. Peter Lauter. "The Maekawa Commission Reports and the Potential Constraints on Internationalization." in The Internationalization of the Japanese Economy (Springer, Dordrecht, 1990) pp. 121-179.
  • Maekawa, Haruo. Maekawa Report (The Report of the Advisory Group on Economic Restructuring). ( Rotterdam Institute of Modern Asia Studies (RIMAS) 1987). OCLC 150137623
  • Moore, James P. "The United States and Japan: Competition and cooperation." (1988). Online
  • Werner, Richard A. (2003). Princes of the Yen: Japan's Central Bankers and the Transformation of the Economy. Armonk, New York: M.E. Sharpe. ISBN 978-0-7656-1048-5; OCLC 471605161
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