Haruo Maekawa

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).

Haruo Maekawa
前川 春雄
24th Governor of the Bank of Japan
In office
17 December 1979 – 16 December 1984
Preceded byTeiichiro Morinaga
Succeeded bySatoshi Sumita
Personal details
Born(1911-02-06)February 6, 1911
Tokyo, Japan
DiedSeptember 22, 1989(1989-09-22) (aged 78)
Alma materTokyo Imperial University

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. BOJ, List of Governors
  2. Bank of Japan (BOJ), 24th Governor
  3. Farnsworth, Clyde H. "Central Bankers Discuss Currency," New York Times. December 9, 1968; retrieved 2011-08-17
  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. Ofusa, Junnosuke. "Saudi-Japan Petrodollar Accord Set," New York Times. April 25, 1980; retrieved 2011-0817
  6. Library of Congress (LOC), Maekawa, Haruo
  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. WorldCat Identities: Maekawa, Haruo; Mayekawa, Haruo
  9. Mayako Shimamoto, et al. Historical Dictionary of Japanese Foreign Policy (2015) pp 180–181.
  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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