Word: hayami
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Credit Fukui's success to unconventional thinking. His predecessor, Masaru Hayami, frequently claimed there was little he could do to stoke Japan's economic fires after he lowered interest rates to zero. But Fukui has boldly set out a series of unorthodox monetary-easing programs designed to counteract the country's crippling six-year bout of deflation, flooding the nation with cash. "Fukui has been activist and interventionist," says Shuji Shirota, an economist at the Dresdner Kleinwort Wasserstein investment bank in Tokyo. Fukui's efforts are having an impact: consumer-price deflation slowed to 0.3% last year, compared with...
...curb its ravages. Such posturing drew praise from experts ranging from Japan's economics czar, Heizo Takenaka, to the chairman of the U.S. President's Council of Economic Advisers, R. Glenn Hubbard. Front and center in Koizumi's new war is the Bank of Japan (BOJ), where Governor Masaru Hayami ends his five-year term on March 19. In a string of a barely veiled critiques, Koizumi has said he intends to appoint by month's end an "aggressive deflation fighter" to replace the unpliant Hayami...
...push the burden of inflating the economy onto the central bank not only underestimates Hayami's efforts but overestimates the options available to his successor. The deflation busters insist that the BOJ can jump-start growth by encouraging more investing and spending. But a central banker has a relatively small number of imprecise tools at his command, and the current governor has exhausted virtually all of them. Over the past five years, Hayami has consistently kept interest rates at nearly zero in a desperate bid to get people spending. Money in Japan is practically free for anyone who wants...
Since the U.S. economy remains basically strong, Treasury officials say the rising yen is Tokyo's issue. And they've convinced Japan's major trading partners of that, not to mention the government of Prime Minister Keizo Obuchi. Everyone, that is, except Masaru Hayami, chief of Japan's central bank, who late last month got into a public spat with Tokyo's powerful Ministry of Finance because the Bank of Japan refuses to lower interest rates or print money to bring the yen back to earth...
Died. Seiji Hayami, 57, Japanese Finance Minister; at his villa at Kamakura, of a "lingering illness...