Masaru Hayami
Masaru Hayami | |
|---|---|
| Born | Hyōgo Prefecture, Japan |
| Alma mater | The Tokyo College of Commerce (now Hitotsubashi University) |
| Occupation(s) | Entrepreneur, central banking official |
| Years active | –2003 |
| Known for | 28th Governor of the Bank of Japan, Director at the Bank for International Settlements |
was a prominent Japanese entrepreneur and central banking official who held the position of the 28th Governor of the Bank of Japan (BOJ) and also served as a Director at the Bank for International Settlements (BIS).
Early life
Born in Hyōgo Prefecture, Hayami completed his education at The Tokyo College of Commerce—now known as Hitotsubashi University—graduating in 1947.
Career
Before his tenure as Governor of the Bank of Japan, Hayami was the Chief Executive Officer at Nissho Iwai Corporation. He led the BOJ from March 20, 1998, until March 19, 2003. His appointment came after the departure of Governor Yasuo Matsushita and Deputy Governor Toshihiko Fukui, triggered by a controversy involving unauthorized disclosure of confidential financial data.
Controversy
Hayami’s governorship was marked by debate due to his firm stance that structural economic reforms by Japanese lawmakers were a prerequisite for the BOJ to implement further measures against deflation. He opposed political demands to ease monetary policy prematurely, advocating instead for reforms targeting regulatory frameworks, monopolistic practices, and oligopolies. His approach emphasized securing Japan’s economic resilience over immediate alleviation of deflationary pressures and recessionary conditions. Nonetheless, there remains ongoing discussion about the actual impact of these reforms on Japan’s economic performance.
On inflation strategy, Hayami expressed: "Inflation is no solution to economic problems... moderate inflation [is assumed] to revitalize economic activity, alleviate debt burdens, and relieve fiscal deficits. But... the intended positive effects themselves would not likely be achieved."
Selected works
Based on records from OCLC/WorldCat, Masaru Hayami authored around nine distinct works across nine editions, predominantly in Japanese, with more than twenty holdings in libraries.
- 『海図なき航海の時代: 変動相場制10年』 (1982)
- 『円が尊敬される日』 (1995)
- 『国際収支』 (1997)
- 『中央銀行の独立性と金融政策』 (2004)
- 強い円強い経済 = Strong yen, strong economy (2005)
See also
References
- 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