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Article: The Greenspan of Japan; From 1994 to 1998, Fukui was responsible for the Bank of Japan's excessively deflationary policy, which was the cause of the long slump.
- Article from:
- Newsweek International
- Article date:
- May 3, 2004
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Byline: Richard A. Werner, Richard Werner is investment adviser of ProfitFundCom AG and author of "Princes of the Yen" (
M.E. Sharpe
), an account of the rise of governor Fukui.
For years it has been said that Japan cannot recover without major reform: a wholesale shift from Asian-style welfare capitalism to U.S.-style stock-market capitalism. Now investors are buzzing about "recovery" despite very few real changes under Prime Minister Junichiro Koizumi. Why? Investors are not betting on Japan's political leader, but on its central-bank chief to deliver real economic growth. Toshihiko Fukui, governor of the Bank of Japan for a year now, has been hailed by the ...