Ex-BOJ Deputy Governor Fujiwara Dies at 88

Tokyo, Oct. 27 (Jiji Press)–Sakuya Fujiwara, the first Bank of Japan deputy governor from the private sector, died of hepatocellular carcinoma at his home in Yokohama, near Tokyo, on Oct. 17. He was 88. After graduating from Tokyo University of Foreign Studies in 1962, Fujiwara joined Jiji Press, where he reported on the Ministry of Finance and the BOJ. He also served as a correspondent in Washington and chief commentator. Fujiwara became BOJ deputy governor in 1998 under the new BOJ law that entered into force in April that year, granting the central bank autonomy in monetary policy decisions. That year, the BOJ was hit by a wine-and-dine scandal, which led to the resignation of its governor and others. He supported then Governor Masaru Hayami, who returned to the bank to assume the top post after serving as chairman of trading house Nissho Iwai Corp., now Sojitz Corp. Fujiwara worked to restore trust in the BOJ and introduce a zero interest rate policy to combat deflation plaguing Japan. While working as a reporter, Fujiwara was also active as a columnist and essayist. He co-authored a book with Yoshiko Yamaguchi, a singer and actress famous in China who became a member of the House of Councillors, the upper chamber of the Diet, Japan’s parliament, after the end of World War II. END [Copyright The Jiji Press, Ltd.]