Toyotaro Yuki
Encyclopedia
, was a central banker in the Empire of Japan
, serving as the 15th Governor of the Bank of Japan
and twice as a cabinet minister.
of Akayu in what is now part of Nan'yō, Yamagata prefecture
, where his father was a sake brewer. After graduating from Tokyo Imperial University with a degree in political science
, he obtained a position at the Bank of Japan
from January 1904. Yūki was promoted rapidly, serving as auditor in the bank’s New York
branch, branch manager in Kyoto
, Corporate Secretary, and branch manager in Osaka
. In 1918, at the recommendation of Junnosuke Inoue
, Yūki was appointed to the Board of Directors, while still maintaining his post as Osaka branch manager.
However, following the assassination of Yasuda Zenjirō
, Yūki left the Bank of Japan to join the Board of Directors for the Yasuda zaibatsu in November 1921, and was appointed Managing Director of Yasuda Bank
the same year.
As head of Yasuda Bank, Yūki was a member of a committee which drafted "Definite Policies for the Improvement of the Ordinary Banking System in Our Country in 1926. The report identified a range of significant issues:
The need to address the problems identified in this proposal generally acknowledged. The report was the genesis of a process which led to the Bank Act of 1927.
In March 1929, Yūki left for a tour of Europe. On his return, he established a committee to find was for the Yasuda zaibatsu to weather the Great Depression
.
From September 1930, Yūki was head of the Industrial Bank of Japan
.
Yūki was subsequently elected head of the The Japan Chamber of Commerce and Industry in January 1937. In February 1937, he was appointed Minister of Finance
in the Hayashi administration
, serving to June 1937. The concurrently also held the portfolio of Minister of Colonial Affairs
for the same period. From May 1937, Yūki was also appointed to a seat in the Upper House
of the Diet of Japan
.
During the 1st Konoe administration, July 27, 1937 on Yūki returned to the Bank of Japan as Governor, replacing Shigeaki Ikeda
. He held the post until March 18, 1944.
During Yūki's tenure, the bank was reorganized in 1942. However, Yūki was removed from his office by the Finance Minister with the support of the Tōjō cabinet in 1944. Yuki had opposed giving the Munitions Minister the authority to approve loans to munitions companies without consultation with the bank, and Tōjō was both Prime Minister and Munitions Minister at the time
Following World War II
, Yūki retired from public life, and moved to Mie Prefecture
, where he became the chief kannushi
of the Yuki Jinja Shinto shrine. He died in 1951, and his grave is at the Aoyama Cemetery
in Tokyo.
In 1995, the town of Akayu
opened a memorial museum in his honor.
Empire of Japan
The Empire of Japan is the name of the state of Japan that existed from the Meiji Restoration on 3 January 1868 to the enactment of the post-World War II Constitution of...
, serving as the 15th Governor of the Bank of Japan
Bank of Japan
is the central bank of Japan. The Bank is often called for short. It has its headquarters in Chuo, Tokyo.-History:Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration...
and twice as a cabinet minister.
Biography
Yūki was born in the onsen resortHot spring
A hot spring is a spring that is produced by the emergence of geothermally heated groundwater from the Earth's crust. There are geothermal hot springs in many locations all over the crust of the earth.-Definitions:...
of Akayu in what is now part of Nan'yō, Yamagata prefecture
Yamagata Prefecture
-Fruit:Yamagata Prefecture is the largest producer of cherries and pears in Japan. A large quantity of other kinds of fruits such as grapes, apples, peaches, melons, persimmons and watermelons are also produced.- Demographics :...
, where his father was a sake brewer. After graduating from Tokyo Imperial University with a degree in political science
Political science
Political Science is a social science discipline concerned with the study of the state, government and politics. Aristotle defined it as the study of the state. It deals extensively with the theory and practice of politics, and the analysis of political systems and political behavior...
, he obtained a position at the Bank of Japan
Bank of Japan
is the central bank of Japan. The Bank is often called for short. It has its headquarters in Chuo, Tokyo.-History:Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration...
from January 1904. Yūki was promoted rapidly, serving as auditor in the bank’s New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
branch, branch manager in Kyoto
Kyoto
is a city in the central part of the island of Honshū, Japan. It has a population close to 1.5 million. Formerly the imperial capital of Japan, it is now the capital of Kyoto Prefecture, as well as a major part of the Osaka-Kobe-Kyoto metropolitan area.-History:...
, Corporate Secretary, and branch manager in Osaka
Osaka
is a city in the Kansai region of Japan's main island of Honshu, a designated city under the Local Autonomy Law, the capital city of Osaka Prefecture and also the biggest part of Keihanshin area, which is represented by three major cities of Japan, Kyoto, Osaka and Kobe...
. In 1918, at the recommendation of Junnosuke Inoue
Junnosuke Inoue
was a Japanese businessman and central banker. He was the 9th and 11th Governor of the Bank of Japan .-Career:In 1897, Inoue was a BOJ trainee along with Hisaakira Hijikata...
, Yūki was appointed to the Board of Directors, while still maintaining his post as Osaka branch manager.
However, following the assassination of Yasuda Zenjirō
Yasuda Zenjiro
was a Japanese entrepreneur from Toyama, Etchu Province who founded the Yasuda zaibatsu . He donated the to the University of Tokyo. He was the great-grandfather of Yoko Ono.-Biography:...
, Yūki left the Bank of Japan to join the Board of Directors for the Yasuda zaibatsu in November 1921, and was appointed Managing Director of Yasuda Bank
Fuji Bank
The was one of Japan's major banks during the post-World War II era. It combined with Dai-Ichi Kangyo Bank and the Industrial Bank of Japan in 2000 to form Mizuho Financial Group, and changed its name to Mizuho Corporate Bank in 2002 after transferring its retail banking operations to Mizuho...
the same year.
As head of Yasuda Bank, Yūki was a member of a committee which drafted "Definite Policies for the Improvement of the Ordinary Banking System in Our Country in 1926. The report identified a range of significant issues:
- Ordinary banks in our country have frequently conducted their business badly. There has been excessive competition among too many small banks with slender means; bankers have been ignorant of the need for reserves to back deposit withdrawals and generally ill-informed about the working of deposit banking; there has been over enthusiastic lending of bank resources in either particular or long-term outlets against securities of real estates in favour of related businesses; there has been serious negligence in establishing a thorough audit system both inside and outside the banks.
The need to address the problems identified in this proposal generally acknowledged. The report was the genesis of a process which led to the Bank Act of 1927.
In March 1929, Yūki left for a tour of Europe. On his return, he established a committee to find was for the Yasuda zaibatsu to weather the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
.
From September 1930, Yūki was head of the Industrial Bank of Japan
Industrial Bank of Japan
The , based in Tokyo, Japan, was one of the largest banks in the world during the latter half of the 20th century.It combined with Dai-Ichi Kangyo Bank and Fuji Bank in 2002 to form Mizuho Financial Group.- History :...
.
Yūki was subsequently elected head of the The Japan Chamber of Commerce and Industry in January 1937. In February 1937, he was appointed Minister of Finance
Minister of Finance (Japan)
The is the member of the Cabinet of Japan in charge of the Ministry of Finance. This position was formerly cited as being Japan's most powerful and one of the world's, because Japan had historically held the largest foreign exchange reserves...
in the Hayashi administration
Senjuro Hayashi
was an Imperial Japanese Army commander of the Chosen Army of Japan in Korea during the Mukden Incident and the invasion of Manchuria, and a Japanese politician and the 33rd Prime Minister of Japan from February 2, 1937 to June 4, 1937.-Biography:...
, serving to June 1937. The concurrently also held the portfolio of Minister of Colonial Affairs
Ministry of Colonial Affairs
The was a cabinet-level ministry in the government of the Empire of Japan from 1923-1942.-History:The original Ministry of Colonial Affairs was the short-lived Hokkaidō Colonization Office, established in the early Meiji period by Prime Minister Kuroda Kiyotaka to protect Japan's sparely populated...
for the same period. From May 1937, Yūki was also appointed to a seat in the Upper House
House of Peers (Japan)
The ' was the upper house of the Imperial Diet as mandated under the Constitution of the Empire of Japan ....
of the Diet of Japan
Diet of Japan
The is Japan's bicameral legislature. It is composed of a lower house, called the House of Representatives, and an upper house, called the House of Councillors. Both houses of the Diet are directly elected under a parallel voting system. In addition to passing laws, the Diet is formally...
.
During the 1st Konoe administration, July 27, 1937 on Yūki returned to the Bank of Japan as Governor, replacing Shigeaki Ikeda
Shigeaki Ikeda
', also known as Seihin Ikeda, was a Japanese politician and businessman prominent in the early decades of the 20th century. He served as director of Mitsui Bank from 1909-1933, was appointed governor of the Bank of Japan in 1937, and served as Minister of Finance under Prime Minister Fumimaro...
. He held the post until March 18, 1944.
During Yūki's tenure, the bank was reorganized in 1942. However, Yūki was removed from his office by the Finance Minister with the support of the Tōjō cabinet in 1944. Yuki had opposed giving the Munitions Minister the authority to approve loans to munitions companies without consultation with the bank, and Tōjō was both Prime Minister and Munitions Minister at the time
Following World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, Yūki retired from public life, and moved to Mie Prefecture
Mie Prefecture
is a prefecture of Japan which is part of the Kansai regions on Honshū island. The capital is the city of Tsu.- History :Until the Meiji Restoration, Mie prefecture was known as Ise Province and Iga Province....
, where he became the chief kannushi
Kannushi
A , also called , is the person responsible for the maintenance of a Shinto shrine as well as for leading worship of a given kami. The characters for kannushi are sometimes also read jinshu with the same meaning....
of the Yuki Jinja Shinto shrine. He died in 1951, and his grave is at the Aoyama Cemetery
Aoyama Cemetery
is a cemetery in Minato, Tokyo, Japan, managed by the Tokyo Metropolitan Government. The cemetery is also famous for its cherry blossoms, and at the season of hanami, many people visit.-History:...
in Tokyo.
In 1995, the town of Akayu
Akayu, Nanyo
is a town in Nanyo City, Yamagata Prefecture, Japan. Akayu is most famous for Akayu Onsen , a series of ryokan famed for their natural hot-springs which are believed to have medicinal properties....
opened a memorial museum in his honor.