
Contents
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The Day After The Day After
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An Accidental Governor An Accidental Governor
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Five Years of Turbulence Five Years of Turbulence
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Challenges to Setting Good Policy Challenges to Setting Good Policy
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Following My Inner Voice Following My Inner Voice
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The Origins of This Book The Origins of This Book
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What This Book is About What This Book is About
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What I Was Conscious of When Writing the English Edition What I Was Conscious of When Writing the English Edition
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The Structure of the Book The Structure of the Book
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Cite
Abstract
This prologue provides an overview of the author's tenure as governor of the Bank of Japan. The author describes his experience as “five-years of turbulence.” The financial crisis in the United States, which first surfaced as problems in the subprime mortgage market in August of 2007, eight months before the author's appointment as acting governor, spiraled out of control into the global financial crisis (GFC) with the collapse of Lehman Brothers in September of 2008. While that crisis began to gradually subside in the spring of 2009, 2010 saw the intensification of debt problems in the euro area. Beginning as a crisis for Greece, it soon engulfed Ireland and Portugal, eventually spreading to Spain and Italy. Then on March 11, 2011, the Great East Japan Earthquake struck. In addition to the shocks of the earthquake, the tsunami and the meltdown of nuclear reactors at the Fukushima Daiichi Nuclear Power Plant violently shook Japanese society and its economy. Japanese politics was also tumultuous. The chapter then illustrates the challenge of selecting the best monetary policy option as central bank governor.
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