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Central Bank of Japan (Cherry, Plum, and Chrysanthemum)

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The Central Bank of Japan (Japanese: ダイワ チュ ギンコ (大和中央銀行) Daiwa Chūō Ginkō) is the central bank of the Republic of Japan. The Central Bank of Japan is often called as Wagin (ワギン [和銀]) in Japanese or the CBJ in English for short. The bank has its headquarters in Chuo, Tokyo.

History

Founded in 1882 as the "Imperial Bank of Japan" by a decree issued by Emperor Taisei with the advices from the Imperial Cabinet, the institution was given a monopoly on controlling the money supply in 1884, but it would be another 20 years before the previously issued notes were retired. After the Republican victory on the Second Japanese Civil War in 1924, the Council of Ministers of the Republic of Japan ordered a merger between the Nationalist-owned People's Bank with the Imperial Bank of Japan, Trade Bank of Tokyo, and Bank of Osaka to form a centralized banking system under the "Central Bank of Japan" on December 4, 1925.

Prior to World War II, the Central Bank of Japan remained the only domestic bank to operates not only as central bank but also as the sole commercial bank in the Republic of Japan until the National Congress passed the 1954 National Economy Law that allowed the gradual economic liberalization. The Central Bank of Japan was successful to modernize itself in 1956 under the management of then-Minister of Finance and Banking, Naokatsu Shirotama and Governor of Central Bank, Hakutsushi Kogoro.

Mission

According to its charter, the missions of the Central Bank of Japan are

  • Issuance and management of banknotes
  • Implementation of monetary policy
  • Providing settlement services and ensuring the stability of the financial system
  • Treasury and government securities-related operations
  • International activities
  • Compilation of data, economic analyses and research activities

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