Haruo Maekawa
Haruo Maekawa | |
|---|---|
| Born | Tokyo, Japan |
| Occupation(s) | Entrepreneur, central banking official |
| Years active | 1974–1984 (in senior Bank of Japan roles) |
| Known for | 24th Governor of the Bank of Japan; Chair of the Maekawa Commission |
, alternatively spelled Mayekawa, was a prominent Japanese entrepreneur and central banking official who held the position of the 24th Governor of the Bank of Japan (BOJ).
Early life
Maekawa’s birthplace was Tokyo.
Career
Prior to his appointment as Governor, Maekawa occupied significant positions within the Bank of Japan, notably overseeing foreign-exchange operations as a director. He acted as Deputy Governor from 1974 until 1979, preceding his governorship which lasted from December 17, 1979, to December 16, 1984. In collaboration with Finance Minister Noboru Takeshita, he played a pivotal role in brokering an important Saudi-Japan petrodollar agreement in 1980.
Maekawa Commission
In 1986, Maekawa led the "Advisory Group on Economic Restructuring," commonly referred to as the Maekawa Commission. This body recommended policy changes intended to raise Japan’s living standards to those comparable with Western nations. As the principal drafter of the commission’s report, he promoted a transition from an export-led economic model toward one driven predominantly by domestic consumption. The report stressed the importance of boosting internal demand, restructuring industries through market mechanisms, and increasing imports rather than relying on currency exchange rate adjustments. Despite these proposals, the report did not include concrete implementation strategies and encountered resistance from members of the Liberal Democratic Party, various vested interests, and economists. Consequently, its influence on Japan’s economic policy was limited over time.
See also
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, 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. ; OCLC 471605161