Princes of the Yen: Japan's Central Bankers and the Transformation of the Economy

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Routledge, Mar 4, 2015 - Business & Economics - 384 pages
This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.
 

Contents

1 Japanese Lesson
1
2 The Total War Economy
9
An Economy at War
23
4 The Alchemy of Banking
38
The Economic High Command
48
6 The First Bid for Central Bank Independence
57
7 Japans First Bubble Economy
73
The Ebb and Flow of the Yen
82
14 The Goal of Monetary Policy
157
The Return of USStyle Capitalism
179
Another Miracle in the Making
199
17 The Asian Crisis and the Central Bankers
208
18 More Power to the Princes
222
19 The Revival of the Reichsbank
232
Japanese Fiscal and Monetary Policies in the 1990s
249
Notes
281

Credit Bubble and Bust
89
10 How to Prolong a Recession
103
11 The Battle of the Yen
114
12 At the Trigger of the Gun
126
13 The Princes of the Yen
140
Bibliography
331
Author Index
351
General Index
355
About the Author
363
Copyright

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About the author (2015)

Rich Werner earned his Masters of Finance from Indiana University's Kelly School of Business, he is a Certified Management Accountant and Certified Financial Manager. Rich has more than 20 years of senior management experience within multiple industries including automotive, media, consumer goods, and other discreet manufacturing businesses. Business experience includes numerous acquisitions, business refinancing, restructuring, right sizing, etc. While working on his undergraduate degree, Rich developed an intense curiosity about economics quickly becoming an avid student and has since devoted years to both the formal and informal study of the subject.