Shinichi Uchida, the man behind Japan's unorthodox monetary policy

Apr 10, 2022 | News On Japan

Apr 10, 2022 (Nikkei) - As Bank of Japan Gov. Haruhiko Kuroda heads into his last year at the helm, the spotlight has turned to Shinichi Uchida, who has been recently reappointed as executive director, the top administrative official responsible for planning monetary policy.

The executive director is a star in monetary planning, like current Deputy Gov. Masayoshi Amamiya, and set for higher positions at the bank.

As executive director, Uchida is now the top administrative official responsible for planning monetary policy. When Kuroda introduced his unconventional monetary easing in 2013, Uchida made his name as one of the key people who oversaw the practical design of the system.

With the end of Kuroda's term in sight, that system has come under question amid rising resource prices, a weakening yen and upward pressure on interest rates. Uchida is seen as a key player to design the post-Kuroda monetary policy.

As section chief in the monetary policy team and an official in the BOJ's monetary affairs department between 2004 and 2008, he faced the tricky task of ending quantitative easing and raising interest rates after a prolonged period of low- to zero rates.

At the end of former Gov. Masaaki Shirakawa's term in 2012, Uchida was promoted from Niigata branch manager to the important post of director-general of the monetary affairs department while he was still in his 40s.

Then came Kuroda's easing. Uchida continued as director-general in the monetary affairs department even as the BOJ underwent a transformation that veered completely away from its conventional policies. Together with Amamiya, then an executive director who was brought in from Osaka, and others, Uchida is said to have crafted the original proposal for "unconventional easing" in a rush job that took only about two weeks.

Uchida, like many bureaucrats, has excellent administrative skills. He has also a reputation for designing systems quickly and in detail based on the decisions of the BOJ's upper management and changing circumstances. At the time, some said he was flexible enough to pivot from the "white" system to the "black" one, a play on the names of Shirakawa and Kuroda. ...continue reading

Typhoons No. 28 and 29 Bring High Waves to Japan's Pacific Coast

Two typhoons moving across the Pacific southeast of Japan are expected to remain well away from the Japanese mainland, but powerful swells could bring rough seas to a wide stretch of the country's Pacific coastline throughout the three-day holiday weekend, according to forecasts updated at 3 a.m. on October 10.

Cyberattacks Spread Across Japan

A series of cyberattacks has disrupted business operations and exposed millions of customer records across Japan, with a ransomware attack on a cloud service provider affecting 495 companies and local governments nationwide, while convenience store operator Lawson has disclosed a separate breach involving more than 2.15 million personal information records.

Japan's First 360-Degree Projection Mapping Opens in Osaka

Japan's first 360-degree projection mapping show will open at the Osaka City Museum of Fine Arts on October 10, transforming the historic building into an immersive world of light, music, and seasonal imagery, with organizers hoping the attraction will also help stimulate the city's nighttime economy.

Tokyo University Professor Wins Nobel Prize in Chemistry

Tokyo University of Science professor emeritus Kenzo Soai has been awarded this year's Nobel Prize in Chemistry together with French chemist Henri B. Kagan for discoveries that transformed scientists' understanding of how chemical reactions can favor one of two mirror-image forms of a molecule.

US Military Halts All Okinawa Operations for 48 Hours

The US military suspended activities by all forces stationed in Okinawa for 48 hours from noon on October 7, an unusual measure following the arrest of a US Marine in connection with a robbery and murder case that has renewed scrutiny of crimes involving American service members.

MEDIA CHANNELS

MORE Society NEWS

Most Sightings of Fugitive Yoichi Hatta Reported in Kanto

Police in Oita Prefecture have revealed that the Kanto region accounts for the largest number of reported sightings of Yoichi Hatta, a fugitive wanted in connection with a fatal hit-and-run incident in Beppu in 2022, with authorities preparing to distribute new wanted posters nationwide from November as the search enters its fifth year.