Masaaki Shirakawa

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Masaaki Shirakawa
白川 方明
Masaaki Shirakawa 2012.jpg
30th Governor of the Bank of Japan
In office
April 9, 2008 – March 19, 2013
Prime Minister Yasuo Fukuda
Taro Aso
Yukio Hatoyama
Naoto Kan
Yoshihiko Noda
Shinzo Abe
Deputy Hirohide Yamaguchi
Kiyohiko Nishimura
Preceded by Toshihiko Fukui
Succeeded by Haruhiko Kuroda
Deputy Governor of the Bank of Japan
In office
March 20, 2008 – April 9, 2008
Prime Minister Yasuo Fukuda
Preceded by Toshirō Mutō
Kazumasa Iwata
Succeeded by Kiyohiko Nishimura
Personal details
Born (1949-09-27) 27 September 1949 (age 68)
Alma mater University of Tokyo
University of Chicago

Masaaki Shirakawa (白川 方明, Shirakawa Masaaki, born September 27, 1949) is a Japanese economist, central banker and the 30th Governor of the Bank of Japan (BOJ), and professor at Aoyama Gakuin University. He is also a Director and Vice-Chairman of the Bank for International Settlements (BIS).[1]

Early life[edit]

Shirakawa was born in Fukuoka.[2] and he graduated from high school in Kokura.

In 1972, he was awarded a B.A. degree at the University of Tokyo. In 1977, he earned an M.A. in Economics at the University of Chicago.[3]


Shirakawa joined the Bank of Japan in 1972. His varied assignments at the bank included a period as General Manager at the Ōita branch. For a time, he was General Manager for the Americas at the bank's office in New York City.[3]

Shirakawa joined the faculty of the graduate school of public policy at Kyoto University in 2006. He returned to BOJ in 2008.[3]

His nomination to be Governor of the Bank was approved on April 9, 2008. Masaaki ranks 6th on the world's most powerful by Newsweek along with economic triumvirs Ben Bernanke (4th) and Jean-Claude Trichet (5th).[4]

Shirakawa's mandate is "to respond to changes in circumstances in a flexible and timely manner" in a way which can contribute to the sustainable growth and development of Japan.[5] In other words, this means that the role of the head of the BOJ is to effect price stability in Japan and to ensure stability of the financial system.

In 2011 he was included in the 50 Most Influential ranking of Bloomberg Markets Magazine. He is a member in the Group of Thirty.

In 2013 he accepted a professor post at Aoyama Gakuin University.[6]

Selected works[edit]

In a statistical overview derived from writings by and about Masaaki Shirakawa, OCLC/WorldCat encompasses roughly 10+ works in 20+ publications in 3 languages and 110+ library holdings.[7]

  • The Monetary Approach to the Balance of Payments and the Exchange Rate: an Empirical Study of Japan's Case (1980)
  • 図說日本銀行 (1993)
  • Financial Market Globalization: Present and Future (1997)
  • The Asset Price Bubble and Monetary Policy: Japan's Experience in the Late 1980s and the Lessons (2000)
  • "One Year Under Quantitative Easing"[8] (2002)
  • Japan's Deflation, Problems in the Financial System and Monetary Policy (2005)
  • De-leveraging and Growth: Is the Developed World Following Japan's Long and Winding Road? (2012)


  1. ^ Bank for International Settlements (BIS), "BIS Board Appoints Masaaki Shirakawa as Vice-Chairman," 11 January 2011.
  2. ^ Bank of Japan (BOJ), List of Governors
  3. ^ a b c "日本銀行:ページを表示することができませんでした Bank of Japan:Page cannot be displayed. :日本銀行 Bank of Japan". 2011-01-31. Archived from the original on 2014-02-01. Retrieved 2014-08-20. 
  4. ^ Samuelson, Robert J. (December 20, 2008), "Economic Triumvirate", Newsweek 
  5. ^ Nihon Ginkō. (2009). Annual review, p. 7.
  6. ^ JSTJul 24, 2013 (2013-07-24). "BOJ Beat: Ex-Gov Shirakawa Gets University Job - Japan Real Time - WSJ". Retrieved 2014-08-20. 
  7. ^ WorldCat Identities Archived 2010-12-30 at the Wayback Machine.: Shirakawa, Masaaki
  8. ^

External links[edit]

Government offices
Preceded by
Toshihiko Fukui
Governor of the Bank of Japan
Succeeded by
Haruhiko Kuroda