Haruo Maekawa
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, also romanized as Mayekawa,BOJ

/ref> was a Japanese businessman,
central banker A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...
, the 24th Governor of the
Bank of Japan The is the central bank of Japan.Louis Frédéric, Nussbaum, Louis Frédéric. (2005). "Nihon Ginkō" in The bank is often called for short. It has its headquarters in Chūō, Tokyo, Chūō, Tokyo. History Like most modern Japanese instituti ...
(BOJ).


Early life

Maekawa was born in Tokyo.


Career

Before rising to become head of the Bank of Japan, Maekawa held other bank positions, including director of foreign-exchange operations. Maekawa was Governor of the Bank of Japan from December 17, 1979 through December 16, 1984, having previously served as Deputy Governor from 1974 to 1979. Along with
Finance Minister A finance minister is an executive or cabinet position in charge of one or more of government finances, economic policy and financial regulation. A finance minister's portfolio has a large variety of names around the world, such as "treasury", " ...
Noboru Takeshita was a Japanese politician who served as Prime Minister of Japan from 1987 to 1989 during the bubble economy. Takeshita led the largest faction at the time in the Liberal Democratic Party, which he inherited from Kakuei Tanaka, from the 1980s u ...
, he was credited with negotiating a Saudi-Japan petrodollar accord in 1980.


Maekawa Commission

In 1986, the Maekawa Commission (the "Advisory Group on Economic Restructuring" headed by Maekawa) proposed economic reforms designed to make the living standards of Japanese more comparable to levels enjoyed in the West. Maekawa is credited as the chief author of the commission report. 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. 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. Kpzp Yamamura, "Shedding the Shackles of Success: Saving Less for Japan's Future." ''Journal of Japanese Studies'' 13.2 (1987): 429-45
online


See also

*
Plaza Accord The Plaza Accord was a joint–agreement signed on September 22, 1985, at the Plaza Hotel in New York City, between France, West Germany, Japan, the United Kingdom, and the United States, to depreciate the U.S. dollar in relation to the French ...


Notes


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.
OCLC 471605161
{{DEFAULTSORT:Maekawa, Haruo 1911 births 1989 deaths Governors of the Bank of Japan