Restructuring the Ministry of Finance and Revising the Bank of Japan Law

Toru Nakakita

Japanese Economy, 2001, vol. 29, issue 1, 48-86

Abstract: The Bank of Japan was established as a central bank and a monopolist issuer of bank notes according to the Bank of Japan Act enacted in 1882. At that time, hyperinflation raged, along with the 1877 Civil War (Southwest Rebellion), as the Meiji government had issued large amounts of inconvertible paper money to pay for the war. In addition, more than a hundred national banks issued their own bank notes. Under these circumstances, Masayoshi Matsukata, the minister of finance at the time, tried to quiet down inflation by setting up a central bank that issued central-bank notes supported by the specie and so established a modern credit system centering on a central bank.

Date: 2001
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DOI: 10.2753/JES1097-203X290148

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