Takahashi Korekiyo


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Takahashi Korekiyo

 

Born Aug. 20, 1854, in Tokyo; died there Feb. 26, 1936. Japanese financier and state figure.

Takahashi studied in the USA. Beginning in the 1890’s he served as director of several of Japan’s leading banks. In 1913–14 and 1918–21 he was minister of finance, a post he held again in 1927 and 1931–36. Head of the Seiyukai party from 1921 to 1925, Takahashi became prime minister in 1921–22. He was assassinated during a military revolt in Tokyo.

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In the early 1930s, under finance minister Takahashi Korekiyo, Japan implemented money-financed deficit spending, in order to lift the economy out of deflation.
Although foreign experts like Bernanke and Adam Posen, now president of the Peterson Institute of International Economics, have called for monetary and fiscal stimulus in Japan for many years, what Abe is trying to do is surprisingly similar to the medicine prescribed by Japanese Finance Minister Takahashi Korekiyo in the 1930s: Devalue the yen and embark on a big programme of deficit spending and expansion of the money supply.