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Bank of Japan
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is the central bank of Japan.
most modern Japanese institutions, the Bank of Japan was born after the Meiji Restoration. Prior to the Restoration, Japan's feudal fiefs all issued their own money, hansatsu, in an array of incompatible denominations, but the New Currency Act of Meiji 4 (1871) did away with these and established the yen as the new decimal currency. The former han (fiefs) became prefectures and their mints became private chartered banks which, however, initially retained the right to print money.
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Encyclopedia
is the central bank of Japan.
History
Like most modern Japanese institutions, the Bank of Japan was born after the Meiji Restoration. Prior to the Restoration, Japan's feudal fiefs all issued their own money, hansatsu, in an array of incompatible denominations, but the New Currency Act of Meiji 4 (1871) did away with these and established the yen as the new decimal currency. The former han (fiefs) became prefectures and their mints became private chartered banks which, however, initially retained the right to print money. For a time both the central government and these so-called "national" banks issued money; to end this, the Bank of Japan was founded in Meiji 15 (1882) and given a monopoly on controlling the money supply.
The Bank of Japan issued its first banknotes on Meiji 18 (1885), and despite some small glitches -- for example, it turned out that the konnyaku powder mixed in the paper to prevent counterfeiting made the bills a delicacy for rats -- the run was largely successful. In 1897 Japan joined the gold standard and in 1899 the former "national" banknotes were formally phased out.
The Bank of Japan has continued ever since, with the exception of a brief post-WW2 hiatus when the occupying Allies issued military currency and restructured the Bank into a more independent entity. However, despite a major 1997 rewrite of the Bank of Japan Act intended to give it more independence, the Bank of Japan has been criticized for lack of independence. A certain degree of dependence is enshrined in the Law itself, article 4 of which states:
- In recognition of the fact that currency and monetary control is a component of overall economic policy, the Bank of Japan shall always maintain close contact with the government and exchange views sufficiently, so that its currency and monetary control and the basic stance of the government's economic policy shall be mutually harmonious.
Missions
According to its charter, the missions of the Bank of Japan are
- Issuance and management of banknotes
- Implementation of monetary policy
- Providing settlement services and ensuring the stability of the financial system
- Treasury and government securities-related operations
- International activities
- Compilation of data, economic analyses and research activities
Location
The Bank of Japan is headquartered in Nihonbashi, Tokyo, on the site of a former gold mint (the Kinza) and, not coincidentally, near the famous Ginza district, whose name means "silver mint".
The Neo-baroque Bank of Japan building in Tokyo was designed by Tatsuno Kingo in 1896.
The Osaka branch in Nakanoshima is sometimes considered as the structure which effectively symbolizes the bank as an institution.
Governors
The chief of the bank (sosai) has considerable influence on the economic policy of the Japanese government. Japanese lawmakers endorsed the acting Bank of Japan chief as its governor 9 April 2008, Masaaki Shirakawa, ending a power vacuum at the central bank's helm by approving the government's third candidate for the job. In a House of Representatives of Japan-hearing 8 April 2008, Shirakawa said he would maintain the bank's independence and transparency.
List of governors
- Mr. Shigetoshi Yoshihara (6 October 1882 19 December 1887)
- Mr. Tetsunosuke Tomita (21 February 1888 3 September 1889)
- Mr. Koichiro Kawada(3 September 1889 7 November 1896)
- Baron Yanosuke Iwasaki (11 November 1896 20 October 1898)
- Mr. Tatsuo Yamamoto (20 October 1898 19 October 1903)
- Baron Shigeyoshi Matsuo (20 October 1903 1 June 1911)
- Mr. Korekiyo Takahashi (1 June 1911 20 February 1913)
- Viscount Yataro Mishima (28 February 1913 7 March 1919)
- Mr. Junnosuke Inoue(13 March 1919 2 September 1923)
- Mr. Otohiko Ichiki (5 September 1923 10 May 1927)
- Mr. Junnosuke Inoue — second term (10 May 1927 1 June 1928)
- Mr. Hisaakira Hijikata (12 June 1928 4 June 1935)
- Mr. Eigo Fukai (4 June 1935 9 February 1937)
- Mr. Seihin Ikeda (9 February 1937 27 July 1937)
- Mr. Toyotaro Yuki (27 July 1937 18 March 1944)
- Viscount Keizo Shibusawa (18 March 1944 9 October 1945)
- Mr. Eikichi Araki (9 October 1945 1 June 1946)
- Mr. Hisato Ichimada(1 June 1946 10 December 1954)
- Mr. Eikichi Araki — second term (11 December 1954 30 November 1956)
- Mr. Masamichi Yamagiwa (30 November 1956 17 December 1964)
- Mr. Makoto Usami (17 December 1964 16 December 1969)
- Mr. Tadashi Sasaki (17 December 1969 16 December 1974)
- Mr. Teiichiro Morinaga (17 December 1974 16 December 1979)
- Mr. Haruo Maekawa (17 December 1979 16 December 1984)
- Mr. Satoshi Sumita (17 December 1984 16 December 1989)
- Mr. Yasushi Mieno (17 December 1989 16 December 1994)
- Mr. Yasuo Matsushita (17 December 1994 20 March 1998)
- Mr. Masaru Hayami (20 March 1998 19 March 2003)
- Mr. Toshihiko Fukui(20 March 2003 19 March 2008)
- Prof. Masaaki Shirakawa (20 March 2008 )
Monetary Policy Board
As of October 2008, the board responsible for setting monetary policy consisted of the following 8 members:
1. Masaaki Shirakawa, Governor of the BOJ
2. Hirohide Yamaguchi, Deputy Governor of the BOJ
3. Kiyohiko G. Nishimura, Deputy Governor of the BOJ
4. Miyako Suda
5. Atsushi Mizuno
6. Tadao Noda
7. Seiji Nakamura
8. Hidetoshi Kamezaki
See also
External links
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