Tumultuous Times

“A fascinating canter through Japanese economic, political, and social history from the 1980s onwards through the eyes of Masaaki Shirakawa. . . . This memoir knits together recollections of significant events in recent Japanese political history. . . . The book successfully and deftly impresses on the reader the difficulties of making monetary policy decisions in real time when faced with unexpected crises, financial emergencies, natural disasters, and competing clamouring voices from the political sphere and society at large.”—Melissa Davies, Reading Room for the Society of Professional Economists

“Economists and policymakers in the West used to lecture Japan. With global economic stagnation, now is the time to learn from Japan. There is no better teacher than Masaaki Shirakawa.”—Mervyn King, former governor of the Bank of England

“Masaaki Shirakawa offers a unique insight into the working of one of the world’s most important central banks. This book is essential reading for anyone interested in Japan’s experience and the lessons it carries for countries now facing Japan-style problems.”—Raghuram G. Rajan, author of The Third Pillar: How Markets and the State Leave the Community Behind

“In his masterful book, Masaaki Shirakawa takes us inside the room at the Bank of Japan. We learn keen insights from a leader who never sought attention, but whose ideas proved critical to global policy responses. Shirakawa reminds us—perhaps, most importantly—that the tumultuous times for central banks are not over.”—Kevin Warsh, former governor of the Federal Reserve Board