Governor of the Bank of Japan whose rapid rate increases burst the bubble
Mieno grew up in Manchuria, graduated in law from the University of Tokyo and joined the Bank of Japan in 1947. As deputy governor from 1984 he was the real power behind monetary policy under Governor Sumita, a former Finance Ministry man, and from 1987 he argued for higher rates, warning that "dry firewood" was piling up. Becoming governor in December 1989, he raised rates repeatedly until August 1990 and burst the bubble. The press hailed him as the "Onihei of Heisei", but he was later blamed for overtightening and easing too late, bringing on the long slump.
Activities and affiliations
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1947–1989
Japan state institutionsBank of Japan staff and executive
Economy, finance and planning -
1989–1994
Japan state institutionsGovernor of the Bank of JapanMain
Economy, finance and planning
Career Timeline
- 1947.10Joined the Bank of Japan
- 1975.04–1978.02Head of the BOJ banking department
- 1984.12–1989.12Deputy Governor of the Bank of Japan
- 1989.12.17–1994.12.16Governor of the Bank of Japan