Haruo Maekawa | |
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前川 春雄 | |
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24th Governor of the Bank of Japan | |
In office 17 December 1979 – 16 December 1984 | |
Preceded by | Teiichiro Morinaga |
Succeeded by | Satoshi Sumita |
Personal details | |
Born | Tokyo, Japan | February 6, 1911
Died | September 22, 1989 | (aged 78)
Alma mater | Tokyo Imperial University |
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).
Maekawa was born in Tokyo.[2]
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]
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]