Princes of the Yen
Princes of the Yen is an eye-opening book that offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world and raises important questions about the concentration of power within central banks. A number one bestseller in Japan, Princes of the Yen sold over 150,000 copies and was made into a video documentary.
ABOUT PRINCES OF THE YEN
It primarily analyzes the period from the 1980s to the early 2000s, known as the "Lost Decade" for Japan's economy, characterized by stagnation and deflation.
Richard Werner argues that the BOJ's policies, driven by internal power struggles and ideological agendas, played a significant role in exacerbating the economic turmoil.
The book further digs into the use of unorthodox monetary policy tools like "window guidance" and quantitative easing, and the motivations and personalities of key central bankers and their impact on policy decisions.
SPECULATION OF A SECOND VERSION
There have been online discussions and rumors circulating about a potential second edition with additional content, including a lost chapter.
However, there are no official confirmations nor announcements for a second edition.
ABOUT THE AUTHOR
Richard Werner is a renowned banking and development economist known for advancing the concept of "quantitative easing" in Japan in 1994.
He serves as the Professor of International Banking at the University of Southampton and the Founding Director of the ECB Shadow Council's Center for Banking, Finance, and Sustainable Development.
His research primarily focuses on credit creation, challenging traditional macroeconomic theories and advocating for a deeper understanding of how bank loans shape the economy.