Table of Contents
Prologue 1
Part 1 Career Building at the Bank of Japan
Chapter 1 Starting My Career 15
Chapter 2 The Japanese Bubble Economy 27
Chapter 3 The Bursting of the Bubble and the Financial Crisis 48
Chapter 4 The New Bank of Japan Act 74
Chapter 5 The Zero Interest Rate Policy and Quantitative Easing 88
Chapter 6 The Illusion of the Great Moderation 115
Part 2 The Days as Governor
Chapter 7 My Appointment as Governor of the Bank of Japan 133
Chapter 8 The Collapse of Lehman Brothers 146
Chapter 9 The Increasing Clamor for Beating Deflation 175
Chapter 10 Demographic Challenges and Raising Productivity 203
Chapter 11 The European Debt Crisis 220
Chapter 12 The Comprehensive Monetary Easing Policy 234
Chapter 13 The Great East Japan Earthquake 255
Chapter 14 Sixfold Suffering and the Currency War 272
Chapter 15 The Sustainability of Government Finances 293
Chapter 16 Enhancing the Stability of the Financial System 314
Chapter 17 The Joint Statement by the Japanese Government and the Bank of Japan 334
Part 3 The Roles of the Central Bank
Chapter 18 The Great Monetary Experiment and the Spread of Japanification 363
Chapter 19 Lessons from the Experiences of the Japanese Economy 373
Chapter 20 What Should We Expect of the Central Bank? 390
Chapter 21 The Global Cooperation of Central Banks 406
Chapter 22 The Independence and Accountability of the Central Bank 422
Chapter 23 The Central Bank as an Organization 436
Epilogue 453
Notes 455
References 471
Acknowledgments 489
Index 495