Governor of the Bank of Japan who introduced zero interest rates and quantitative easing
Born in Kobe, Hyōgo, Hayami graduated from the Tokyo College of Commerce (now Hitotsubashi University) and joined the Bank of Japan in 1947, working mainly on international affairs. He left as an executive director in 1981 and became president and then chairman of the trading company Nissho Iwai. Appointed governor in March 1998, he introduced zero interest rates in 1999 and began quantitative easing in 2001, but ended zero rates in August 2000 over the government's objection. Insisting that "inflation is no solution", he put structural reform first and was criticised for prolonging deflation.
Activities and affiliations
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1947–1981
Japan state institutionsBank of Japan staff and executive director
Economy, finance and planning -
1998–2003
Japan state institutionsGovernor of the Bank of JapanMain
Economy, finance and planning
Career Timeline
- 1947.10Joined the Bank of Japan
- 1978.02–1981.05Executive Director of the Bank of Japan
- 1984.06–1987.06President of Nissho Iwai
- 1998.03.20–2003.03.19Governor of the Bank of Japan
- 1999.02Introduced the zero interest rate policy