Tatsuo Yamamoto
Encyclopedia
was a Japanese politician and Governor of the Bank of Japan
from 1898 to 1903. He was also a member of the House of Peers
and served as a cabinet minister in the pre-war government of the Empire of Japan
.
Ōita Prefecture
. He was the younger son of a samurai
family of Usuki Domain. After the Meiji restoration
, at the age of 19 he moved to Osaka
, and at the age of 22 to Tokyo
, where he studied at a school run by the Mitsubishi
company.
In 1883, Yamamoto turned towards commerce, and obtained a position at the Mitsubishi-affiliated shipping firm Nippon Yusen
, in which he rapidly rose through the corporate ranks. In 1890, he joined the Bank of Japan
(BOJ), and in 1895 was appointed the chairman of the Yokohama Specie Bank
. In April 1896, in order to better acquaint himself with issues pertaining to the gold standard
, he travelled to England
, and while still in England the following year, was appointed to the board of directors of the Bank of Japan. In October 1898, at the strong request of Bank of Japan governor Iwasaki Yasunosuke, he was recalled to Japan to assume the role of governor of the Bank of Japan. He had been with the Bank of Japan for only eight years and was only age 43 at the time.
Yamamoto served as BOJ Governor from October 20, 1898 – October 19, 1903.During his tenure, the Japanese economy experienced various crisis pertaining to foreign exchange
issues and the gold and silver standard
s. However, his greatest concern was the increasing budget deficits incurred by the Japanese government. As head of the Bank of Japan, Yamamoto refused to yield to political pressure from the Japanese Diet
, the Cabinet
, and the genrō
to alter his fiscal policies
. When political pressure was applied to his subordinates, causing eleven senior managers to resign in protest, Yamamoto used the opportunity to fill the positions with his supporters. Yamamoto’s actions were critical in preserving the future independence of the Bank of Japan from politics. In 1903, the combined efforts of Itō Hirobumi
and Yamagata Aritomo
managed to dislodge Yamamoto from his position. He was then appointed as a member of the House of Peers
, and in 1909 became the head of Nippon Kangyō Ginkō.
In 1911, Prime Minister
Saionji Kinmochi
decided that he needed an expert in the field of finance to reform the Finance Ministry
during his second cabinet, and appointed Yamamoto to become Finance Minister. This was the first time that a businessman had been selected to head a cabinet post, and set a precedent for selecting business executives to head ministries focused on economics or finance. However, with a looming financial crisis in the aftermath of the Russo-Japanese War
, Yamamoto strongly opposed the Imperial Japanese Army
’s demands for additional funding to support an increase in the number of infantry divisions. This issue led directly to the collapse of the Saionji cabinet in 1912. Afterwards, Yamamoto joined the Rikken Seiyukai
political party
.
After the start of the Taishō period
, during the 1st Yamamoto Gonnohyōe
administration, Yamamoto was picked to become Minister of Agriculture and Commerce
. Yamamoto also picked another former Bank of Japan governor, Takahashi Korekiyo
, to head the Finance Ministry, hoping for a through fiscal revamp of the Japanese government. However, his cabinet was soon brought down by the Siemens scandal
. Yamamoto returned again as Minister of Agriculture and Commerce under the subsequent Hara and Takahashi administrations from 1918 to 1922.
In 1925, Yamamoto joined the new Seiyu Hontō party, along with Hatoyama Ichirō
; however, the party failed to gain popular support and soon merged with the Kenseikai
to form the Rikken Minseitō
. However, as a former member of the rival Seiyukai, Yamamoto found himself excluded from the highest ranks of the party leadership, and passed over for any important positions until 1932, when he was appointed as Home Minister
under the Saitō Makoto
administration in the aftermath of the March 15 incident
. As Home Minister, he presided over a more severe interpretation of the Peace Preservation Law
s.
Yamamoto continued to serve in the House of Peers until is dissolution by the post-war Constitution of Japan
, and died in 1947 at the age of 91. His grave is at Aoyama Cemetery
in Tokyo.
Bank of Japan
is the central bank of Japan. The Bank is often called for short. It has its headquarters in Chuo, Tokyo.-History:Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration...
from 1898 to 1903. He was also a member of the House of Peers
House of Peers (Japan)
The ' was the upper house of the Imperial Diet as mandated under the Constitution of the Empire of Japan ....
and served as a cabinet minister in the pre-war government of the Empire of Japan
Empire of Japan
The Empire of Japan is the name of the state of Japan that existed from the Meiji Restoration on 3 January 1868 to the enactment of the post-World War II Constitution of...
.
Early life
Yamamoto was born in UsukiUsuki, Oita
is a city located on the east coast of Ōita Prefecture, Japan. It is famous for its Usuki Stone Buddhas, a national treasure, and its soy sauce production. Recently it has become known for having the look and feel of a Japanese castle town...
Ōita Prefecture
Oita Prefecture
is a prefecture of Japan on Kyūshū Island. The prefectural capital is the city of Ōita.- History :Around the 6th century Kyushu consisted of four regions: Tsukushi-no-kuni 筑紫国, Hi-no-kuni 肥国, and Toyo no kuni...
. He was the younger son of a samurai
Samurai
is the term for the military nobility of pre-industrial Japan. According to translator William Scott Wilson: "In Chinese, the character 侍 was originally a verb meaning to wait upon or accompany a person in the upper ranks of society, and this is also true of the original term in Japanese, saburau...
family of Usuki Domain. After the Meiji restoration
Meiji Restoration
The , also known as the Meiji Ishin, Revolution, Reform or Renewal, was a chain of events that restored imperial rule to Japan in 1868...
, at the age of 19 he moved to Osaka
Osaka
is a city in the Kansai region of Japan's main island of Honshu, a designated city under the Local Autonomy Law, the capital city of Osaka Prefecture and also the biggest part of Keihanshin area, which is represented by three major cities of Japan, Kyoto, Osaka and Kobe...
, and at the age of 22 to Tokyo
Tokyo
, ; officially , is one of the 47 prefectures of Japan. Tokyo is the capital of Japan, the center of the Greater Tokyo Area, and the largest metropolitan area of Japan. It is the seat of the Japanese government and the Imperial Palace, and the home of the Japanese Imperial Family...
, where he studied at a school run by the Mitsubishi
Mitsubishi
The Mitsubishi Group , Mitsubishi Group of Companies, or Mitsubishi Companies is a Japanese multinational conglomerate company that consists of a range of autonomous businesses which share the Mitsubishi brand, trademark and legacy...
company.
Career
Yamamoto's first employment was as a teacher at the Osaka University of Commerce. At 26, he was appointed its principal.In 1883, Yamamoto turned towards commerce, and obtained a position at the Mitsubishi-affiliated shipping firm Nippon Yusen
Nippon Yusen
Japan-based or NYK Line, is one of the largest shipping companies in the world. It is a core Mitsubishi company. The company has its headquarters in Chiyoda, Tokyo.-1870-1900:...
, in which he rapidly rose through the corporate ranks. In 1890, he joined the Bank of Japan
Bank of Japan
is the central bank of Japan. The Bank is often called for short. It has its headquarters in Chuo, Tokyo.-History:Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration...
(BOJ), and in 1895 was appointed the chairman of the Yokohama Specie Bank
Yokohama Specie Bank
is a Japanese bank founded in Yokohama, Japan in the year 1880. It later became The Bank of Tokyo, Ltd. in 1947. The bank played a significant role in Japanese trade with China...
. In April 1896, in order to better acquaint himself with issues pertaining to the gold standard
Gold standard
The gold standard is a monetary system in which the standard economic unit of account is a fixed mass of gold. There are distinct kinds of gold standard...
, he travelled to England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
, and while still in England the following year, was appointed to the board of directors of the Bank of Japan. In October 1898, at the strong request of Bank of Japan governor Iwasaki Yasunosuke, he was recalled to Japan to assume the role of governor of the Bank of Japan. He had been with the Bank of Japan for only eight years and was only age 43 at the time.
Yamamoto served as BOJ Governor from October 20, 1898 – October 19, 1903.During his tenure, the Japanese economy experienced various crisis pertaining to foreign exchange
Foreign exchange market
The foreign exchange market is a global, worldwide decentralized financial market for trading currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends...
issues and the gold and silver standard
Silver standard
The silver standard is a monetary system in which the standard economic unit of account is a fixed weight of silver. The silver specie standard was widespread from the fall of the Byzantine Empire until the 19th century...
s. However, his greatest concern was the increasing budget deficits incurred by the Japanese government. As head of the Bank of Japan, Yamamoto refused to yield to political pressure from the Japanese Diet
Diet of Japan
The is Japan's bicameral legislature. It is composed of a lower house, called the House of Representatives, and an upper house, called the House of Councillors. Both houses of the Diet are directly elected under a parallel voting system. In addition to passing laws, the Diet is formally...
, the Cabinet
Cabinet of Japan
The of Japan is the executive branch of the government of Japan. It consists of the Prime Minister and up to fourteen other members, called Ministers of State. The Prime Minister is designated by the Diet, and the remaining ministers are appointed and dismissed by the Prime Minister...
, and the genrō
Genro
was an unofficial designation given to certain retired elder Japanese statesmen, considered the "founding fathers" of modern Japan, who served as informal extraconstitutional advisors to the emperor, during the Meiji, Taishō and early Shōwa periods in Japanese history.The institution of genrō...
to alter his fiscal policies
Fiscal policy
In economics and political science, fiscal policy is the use of government expenditure and revenue collection to influence the economy....
. When political pressure was applied to his subordinates, causing eleven senior managers to resign in protest, Yamamoto used the opportunity to fill the positions with his supporters. Yamamoto’s actions were critical in preserving the future independence of the Bank of Japan from politics. In 1903, the combined efforts of Itō Hirobumi
Ito Hirobumi
Prince was a samurai of Chōshū domain, Japanese statesman, four time Prime Minister of Japan , genrō and Resident-General of Korea. Itō was assassinated by An Jung-geun, a Korean nationalist who was against the annexation of Korea by the Japanese Empire...
and Yamagata Aritomo
Yamagata Aritomo
Field Marshal Prince , also known as Yamagata Kyōsuke, was a field marshal in the Imperial Japanese Army and twice Prime Minister of Japan. He is considered one of the architects of the military and political foundations of early modern Japan. Yamagata Aritomo can be seen as the father of Japanese...
managed to dislodge Yamamoto from his position. He was then appointed as a member of the House of Peers
House of Peers (Japan)
The ' was the upper house of the Imperial Diet as mandated under the Constitution of the Empire of Japan ....
, and in 1909 became the head of Nippon Kangyō Ginkō.
In 1911, Prime Minister
Prime Minister of Japan
The is the head of government of Japan. He is appointed by the Emperor of Japan after being designated by the Diet from among its members, and must enjoy the confidence of the House of Representatives to remain in office...
Saionji Kinmochi
Saionji Kinmochi
Prince was a Japanese politician, statesman and twice Prime Minister of Japan. His title does not signify the son of an emperor, but the highest rank of Japanese hereditary nobility; he was elevated from marquis to prince in 1920...
decided that he needed an expert in the field of finance to reform the Finance Ministry
Ministry of Finance (Japan)
The ' is one of cabinet-level ministries of the Japanese government. The ministry was once named Ōkura-shō . The Ministry is headed by the Minister of Finance , who is a member of the Cabinet and is typically chosen from members of the Diet by the Prime Minister.The Ministry's origin was back in...
during his second cabinet, and appointed Yamamoto to become Finance Minister. This was the first time that a businessman had been selected to head a cabinet post, and set a precedent for selecting business executives to head ministries focused on economics or finance. However, with a looming financial crisis in the aftermath of the Russo-Japanese War
Russo-Japanese War
The Russo-Japanese War was "the first great war of the 20th century." It grew out of rival imperial ambitions of the Russian Empire and Japanese Empire over Manchuria and Korea...
, Yamamoto strongly opposed the Imperial Japanese Army
Imperial Japanese Army
-Foundation:During the Meiji Restoration, the military forces loyal to the Emperor were samurai drawn primarily from the loyalist feudal domains of Satsuma and Chōshū...
’s demands for additional funding to support an increase in the number of infantry divisions. This issue led directly to the collapse of the Saionji cabinet in 1912. Afterwards, Yamamoto joined the Rikken Seiyukai
Rikken Seiyukai
The was one of the main political parties in the pre-war Empire of Japan. It was also known simply as the ‘Seiyūkai'Founded on September 15, 1900 by Itō Hirobumi , the Seiyūkai was a pro-government alliance of bureaucrats and former members of the Kenseitō. The Seiyūkai was the most powerful...
political party
Political party
A political party is a political organization that typically seeks to influence government policy, usually by nominating their own candidates and trying to seat them in political office. Parties participate in electoral campaigns, educational outreach or protest actions...
.
After the start of the Taishō period
Taisho period
The , or Taishō era, is a period in the history of Japan dating from July 30, 1912 to December 25, 1926, coinciding with the reign of the Taishō Emperor. The health of the new emperor was weak, which prompted the shift in political power from the old oligarchic group of elder statesmen to the Diet...
, during the 1st Yamamoto Gonnohyōe
Yamamoto Gonnohyoe
, also called Gonnohyōe, was an admiral in the Imperial Japanese Navy and the 16th and 22nd Prime Minister of Japan.-Early life:...
administration, Yamamoto was picked to become Minister of Agriculture and Commerce
Ministry of Agriculture and Commerce
The was a cabinet-level ministry in the government of the Empire of Japan from 1881-1925. It was briefly recreated as the during World War II-History:...
. Yamamoto also picked another former Bank of Japan governor, Takahashi Korekiyo
Takahashi Korekiyo
Viscount was a Japanese politician and the 20th Prime Minister of Japan from 13 November 1921 to 12 June 1922. He was known as an expert on finance during his political career.-Early life :...
, to head the Finance Ministry, hoping for a through fiscal revamp of the Japanese government. However, his cabinet was soon brought down by the Siemens scandal
Siemens scandal
of January 1914 was one of several spectacular political scandals of late Meiji and Taishō period Japanese politics, leading to the fall of the cabinet of Yamamoto Gonnohyoe...
. Yamamoto returned again as Minister of Agriculture and Commerce under the subsequent Hara and Takahashi administrations from 1918 to 1922.
In 1925, Yamamoto joined the new Seiyu Hontō party, along with Hatoyama Ichirō
Ichiro Hatoyama
was a Japanese politician and the 52nd, 53rd and 54th Prime Minister of Japan, serving terms from December 10, 1954 through March 19, 1955, from then to November 22, 1955, and from then through December 23, 1956.-Personal life:...
; however, the party failed to gain popular support and soon merged with the Kenseikai
Kenseikai
The was a short-lived political party in the pre-war Empire of Japan.The Kenseikai was founded on 10 October 1916, as a merger of the Rikken Doshikai , Chuseikai and the Koyu Kurabu...
to form the Rikken Minseitō
Rikken Minseito
was one of the main political parties in pre-war Empire of Japan. It was commonly known as the 'Minseitō'.The Minseitō was founded on 1 June 1927, by a merger of the Kenseikai and the Seiyu Hontō political parties. Its leadership included Osachi Hamaguchi, Wakatsuki Reijirō, Yamamoto Tatsuo, ...
. However, as a former member of the rival Seiyukai, Yamamoto found himself excluded from the highest ranks of the party leadership, and passed over for any important positions until 1932, when he was appointed as Home Minister
Home Ministry (Japan)
The ' was a Cabinet-level ministry established under the Meiji Constitution that managed the internal affairs of Empire of Japan from 1873-1947...
under the Saitō Makoto
Saito Makoto
Viscount was an admiral in the Imperial Japanese Navy, two-time Governor-General of Korea from 1919 to 1927 and from 1929 to 1931, and the 30th Prime Minister of Japan from May 26, 1932 to July 8, 1934.-Early life:...
administration in the aftermath of the March 15 incident
March 15 incident
was a crackdown on socialists and communists by the Japanese government in 1928. Among those who were arrested in the incident was Marxist economist Kawakami Hajime.-Background:...
. As Home Minister, he presided over a more severe interpretation of the Peace Preservation Law
Peace Preservation Law
The Public Security Preservation Laws were a series of laws enacted during the Empire of Japan. Collectively, the laws were designed to suppress political dissent.-the Safety Preservation Law of 1894:...
s.
Yamamoto continued to serve in the House of Peers until is dissolution by the post-war Constitution of Japan
Constitution of Japan
The is the fundamental law of Japan. It was enacted on 3 May, 1947 as a new constitution for postwar Japan.-Outline:The constitution provides for a parliamentary system of government and guarantees certain fundamental rights...
, and died in 1947 at the age of 91. His grave is at Aoyama Cemetery
Aoyama Cemetery
is a cemetery in Minato, Tokyo, Japan, managed by the Tokyo Metropolitan Government. The cemetery is also famous for its cherry blossoms, and at the season of hanami, many people visit.-History:...
in Tokyo.
External links
- Bank of Japan page on Yamamoto (in Japanese)