Download Princes of the Yen: Japan's Central Bankers and the by Richard A. Werner PDF

By Richard A. Werner

Publish yr note: First released in 2003
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This eye-opening booklet deals a irritating new examine Japan's post-war economic climate and the major elements that formed it. It offers certain emphasis to the Eighties and Nineteen Nineties whilst Japan's economic climate skilled immense swings in task.

According to the writer, the newest upheaval within the jap financial system is the results of the guidelines of a primary financial institution much less considering stimulating the financial system that with its personal turf battles and its ideological schedule to alter Japan's fiscal constitution.

The ebook combines new old study with an in-depth behind-the-scenes account of the bureaucratic pageant among Japan's most crucial associations: the Ministry of Finance and the financial institution of Japan. Drawing on new fiscal information and first-hand eyewitness bills, it finds little recognized financial coverage instruments on the middle of Japan's company cycle, identifies the foremost figures at the back of Japan's economic climate, and discusses their time table. The ebook additionally highlights the results for the remainder of the realm, and increases very important questions about the focus of energy inside imperative banks.

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

Submit yr observe: First released in 2003
------------------------

This eye-opening e-book bargains a worrying new examine Japan's post-war economic climate and the foremost components that formed it. It supplies exact emphasis to the Eighties and Nineteen Nineties whilst Japan's economic climate skilled massive swings in task.

According to the writer, the latest upheaval within the jap economic system is the results of the guidelines of a critical financial institution much less fascinated with stimulating the economic climate that with its personal turf battles and its ideological schedule to alter Japan's financial constitution.

The publication combines new ancient learn with an in-depth behind-the-scenes account of the bureaucratic festival among Japan's most vital associations: the Ministry of Finance and the financial institution of Japan. Drawing on new financial info and first-hand eyewitness debts, it unearths little recognized financial coverage instruments on the middle of Japan's company cycle, identifies the most important figures at the back of Japan's economic climate, and discusses their time table. The ebook additionally highlights the results for the remainder of the area, and increases very important questions about the focus of strength inside of crucial banks.

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

Sample text

Instead, the authorities designated one manager as the responsible person for production in every firm. He was given the power to run the firm as he saw fit to achieve the twin goals of quantity and quality. He could not be sacked by stockholders and was dispensed from the necessity to obtain stockholder permission for his actions. 3! He was only to be held accountable by the planning bureaucrats for the fulfillment of quantitative production objectives. 32 In March 1944, the annual share dividend was decreased to 5 percent.

This forces management to be oriented toward short-term profits. Most managers are appointed from the outside, not from the ranks of the company. Fierce takeover battles and corporate buyouts keep management on their toes. If they don't perform, they could be out of a job in no time. The labor market in this country is characterized by hiring and firing and a high rate of job switching by employees. Income and wealth differentials are large. A whole class of rich capitalist families lives off their dividend income.

I For it is during the war that virtually all of the characteristics of the Japanese social, economic, and even political system ofthe postwar era, all that we call "typically Japanese," were formed. Postwar sales drives and inroads into world markets by Japanese companies have often been likened to military campaigns. The employees of Japanese companies call themselves senshi (soldiers), and their well-known lifestyle is comparable to that of troops in an army. However, the characterization of Japan's postwar economic system as a war economy is not meant metaphorically; it is literally true.

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