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Former Bank of Japan Governor Dies

September 22, 1989

TOKYO (AP) _ Haruo Maekawa, former Bank of Japan Governor and chief architect of a landmark 1986 blueprint for reorienting Japan away from exports toward a domestic-led economy, died Friday. He was 78.

Maekawa was the 24th governor of the central bank for five years between December 1979 and December 1984. Since, he was chairman of Kokusai Denshin Denwa Co., Ltd. (KDD).

Maekawa became known among Japan’s trading partners because of the so- called Maekawa Report, a landmark Japanese economic policy paper published in 1986 under then prime minister Yasuhiro Nakasone.

The report, published by a 17-member government committee for international cooperation headed by the former bank governor, warned that Japan’s excessive trade surpluses would endanger the world economy, and urged the country to change its economic policy to encourage consumption and boost imports.

It also called for reexamination of the tax system, improvement of the industrial structure and the import of more agricultural products.

″The death of Mr. Maekawa, whose achievements contributed a great deal internationally, means a serious loss to Japan when we are facing difficulties in the external environment,″ said the central bank governor Satoshi Sumita in a statement.

″He was an appealing human being and his vision greatly contributed to improving many domestic and international problems including the stabilization of foreign exchange, and aggravated debt problems, Sumita said..

″As the Bank of Japan governor, Mr. Maekawa gave price stability a priority of his monetary policy, while he greatly contributed to financial liberalization,″ the central bank chief said.

After graduating from prestigious Tokyo University in 1935, Maekawa served the central bank for 49 years until he retired in 1984. After his retirement, he was a special advisor to International Business Machines Corp. in Japan 1985 and then was KDD chairman.

Maekawa, who died of a nasal tumor at a Tokyo hospital, is survived by his wife Taka and two sons. His funeral will be held at a buddhist temple in Tokyo next Monday, according to the Bank of Japan.

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