Bank of Japan opens (1882)

The Bank of Japan, Japan's central bank, was formally founded on 10 October 1882 in Tokyo. Finance Minister Matsukata Masayoshi proposed its creation in March 1882, leading to the Bank of Japan Act enacted in June. The institution was established as a corporate entity independent of the government, headquartered in Nihonbashi, Chūō, Tokyo.

Episodes

Background and detail

Background. Prior to the Meiji Restoration, Japan's feudal fiefs issued incompatible money called hansatsu. The New Currency Act of 1871 established the yen as the new decimal currency with parity to the Mexican silver dollar. The Bank of Japan was founded after the Restoration as a corporate entity independent of the Japanese government, though its monetary policy falls within the scope of administration.

Establishment. Finance Minister Matsukata Masayoshi initially proposed the creation of the Bank of Japan in March 1882. This proposal was enacted through the Bank of Japan Act, an Imperial Ordinance, on 27 June 1882. The bank was formally founded on 10 October 1882, headquartered in Nihonbashi, Chūō, Tokyo.

Early Operations. In 1883, all national banks were stripped of their banknote issuance privilege. The Bank of Japan was given a monopoly on controlling the money supply in 1884. Following the passage of the Convertible Bank Note Regulations in May 1884, the Bank of Japan issued its first banknotes in 1885.

People involved

Sources

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