Word: masamichi
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Dates: during 1960-1969
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...Japan's brilliant, courtly central banker, Governor Masamichi Yamagiwa of the Bank of Japan, likes to relax by playing go-a, Japanese war game in which he astounds opponents with his daring, unbankerlike moves. But in recent weeks, torn between the need to cool off Japan's overheated boom (TIME, Sept. 8) and Prime Minister Hayato Ikeda's fear that any belt-tightening would hurt him politically, Yamagiwa, 60, has shown uncharacteristic indecision. Last week he finally hiked Japan's bank rate from 6.935% to 7.3%, the highest of any industrialized nation. Tighter money, Yamagiwa hopes...
...foreign trade, increasing imports and decreasing exports ultimately spell economic disaster. Last week came news that the nation's foreign-exchange reserves had dropped more than $100 million in August alone, will have shrunk from $2 billion to $1.4 billion by the end of fiscal 1961. Frantically, Masamichi Yamagiwa, Governor of the Bank of Japan, called for import curbs and a substantial rise in Japan's already high 6.9% bank rate, to discourage businessmen from borrowing expansion capital...