Princes of the Yen: Japan's Central Bankers and the Transformation of the Economy

Customer Reviews:

Still worth reading in 2007.......2007-08-28

Mr. Donovan's review is excessively dismissive, IMHO. There is a lot of solid information in this book that is hard to find elsewhere. His case for a central banker's "conspiracy" isn't airtight (he doesn't explicitly state it, though it is implied in the text) but regardless he points out some worrying myths and conflicts of interest that we all need to be more aware of.

The author presents evidence that central bank "independence" is actually more like unaccountable autonomy and that this can be disastrous for the economy (and has been so in the past). A huge conflict of interest exists in that the banks collect and publish their own economic statistics--allowing them to fudge the numbers or highlight irrelevant statistics while de-emphasizing vital numbers that would call some of their decisions or powers into question. He makes the plausible case that technocrats are not immune to the corruptions and biases of power and can't be blindly trusted to do the right thing.

Most of the book concerns Japan. I've read maybe a dozen books on the Japanese economy and this one has the most plausible explanation for the strange economic policies of that nation I've seen so far--though I can't help feeling his analysis is incomplete. Anyone interested in the Japanese economy who feels dissatisfied with the explanations they've come across for events in that nation should read this book. Your understanding will be advanced, though perhaps you will still have questions.

The Japanese system is opaque and corrupt--it shouldn't surprise anyone that conspiracy theories abound, and that even respectable authors can sometimes sound like conspiracy mongers. There really is a powerful oligarchy in Japan that pulls strings from the shadows. There really are things that happen for which the official reasons sound implausible.

You can view the TOC and some excerpts on google books.

Other titles worth looking at are "The Yamato Dynasty" which has a lot of insight into the US Japanese ties and dares to say that those who run Japan are crooks, "Japan's Policy Trap" which is more technical, "Who Rules Japan" for some info on Japan's ruling class, and "Inventing Japan" a short, well written post-Meijii history for newbies.

To be approached with caution.......2004-08-27

"Princes of the Yen" is not a book that a reader with a casual interest in Japan should contemplate. This is not because the writing style is inaccessible - tabloid economics sums it up. Nor is it because the topic is obscure (though, frankly, central banking is not normally a mainstream subject). The risk is that a casual reader might think that Mr Werner has some credibility, or that his arguments are in anyway plausible.

The central tenet of Mr Werner's thesis is that something akin to a giant conspiracy has been worked on the world, orchestrated by a small group within the Bank of Japan (the eponymous "princes" of the title). This group does not include all of the governors of the BoJ (for that would be far to obvious). In the shady twilight of Japanese economics, as constructed in Mr Werner's active imagination, any BoJ governor who is not a "prince" is automatically a puppet. The purpose of this group of "princes" is simple; they wish to achieve BoJ independence (what they do with that independence, or why they have so burning and destructive a desire for independence, is not explained). Everything in Japan can be rationalised by this, according to Mr Werner. The lost decade of the 1990s? A deliberate attempt to undermine the Ministry of Finance, orchestrated by the "Princes". The preceding boom? Part of the master plan, to create the recession of the 1990s, orchestrated by the "Princes". To be fair, Mr Werner does not go so far as to accuse the "Princes" of being linked to the Knights Templar, or concealing the Holy Grail, but this is a rare moment of restraint on his part. Virtually every other aspect of a good fictional conspiracy theory is in this tome.

The reader gets some warning of the nature of this theory, of course. Fully 10% of the bibliography is Mr Werner's own works (if you are going to be this outrageous, it is hard to find supporting evidence other than that which you yourself have manufactured). Other authors cited would doubtless recoil in horror at the suggestion that their analysis ever lent credence to the theory. Conjecture forms a large part of Mr Werner's evidence - "perhaps" the Ministry of Finance thought that foreign exchange intervention in the mid 1990s would be left unsterilised, for instance (when it never had been in the preceding fifty years. If the Ministry of Finace really thought that, it would have to be staffed by a remarkably stupid group of individuals). Where official statistics do not support the evidence (the money supply just will not co-operate), Mr Werner comes up with the neat trick of disregarding them and offering his own proxies. Other objections to the central theory are ignored. Just how did the "Princes" managed to conceal their true intent from generations of academics, journalists, financial analysts, politicians, and not a few governors of the BoJ? Where they all that stupid? Has the world really had to wait for someone of Mr Werner's intellectual prowess before the veil of ignorance can lift?

Mr Werner has a simple solution to the problem of an all-powerful BoJ ("simple" being used in the most disparaging of contexts here). Nominal GDP targets will solve everything. Never mind that the quality of Japanese statistics is so poor even their own statisticians do not trust them. Never mind the fact that GDP is published with an impossibly long lag, and that monetary policy leads economic activity. Never mind that GDP is so frequently revised that what initially looks like strong growth can easily morph into recession when the statisticians have had a chance to review everything from a couple of years perspective. This, Mr Werner believes, will solve everything. The solution is as ludicrous as the premise on which the problem is constructed.

So why should this book be given shelf space in any library? It serves one useful purpose that I can think of. Japanese political and economic analysis has always been tainted by a certain extremism - fringe views that strive to exaggerate the uniqueness of Japan (to make Japan "more unique" than other countries). This work serves to remind seasoned Japanese observers of just how lunatic the "lunatic fringe" of Japanese analysis can be, when it sets its mind to it.

Globally relevant.......2004-07-21

Having heard Richard speak in Tokyo I realized that my neoclassical views of economic and monetary policy was in need of urgent updating. The facts, observations and political elements involved in central banking policy and how this is ultimately controlled by the "Princes" in Japan provides the context for a great leap of understanding in the prolonged recession of the lost decade and the perceived need for crisis to create change. Richard also provide invaluable historical insight to the economy of Japan, which will aid understanding the present day culture, salary men and what happens when incentives are correctly employed. He also explores the reasoning behind the Asian crisis and this flows well having built up solid illustrations of US cronyism.

Richard also provides a gem of last chapter in exploring the actual versus perceived independence of the Bundesbank, the European Central Bank and the need for extreme caution in creating truly independent, un accountable ECB, which does not guarantee good policies. This chapter has led to a much clearer understanding of a single European currency, bank and policy and has helped form what I feel is a much more accurate opinion.

Very good research and observations through out and employing evidence on trial approach with Dr Watson showing up makes the central theme very compelling. This also makes the book easy to digest.

Unique and perceptive explanation of Japan's long recession.......2004-01-24

Having heard about the publication of this book for some time, I was excited to see it available on Amazon. And the book did not disappoint!

Werner takes an unconventional view of the causes of the recession in Japan--at least to those of us who were educated in the US and taught that the lack of US style free market capitalism was the principal cause. He suggests very convincingly that the extraordinary Japanese stock market and real-estate bubble and subsequent long-term recession were in part caused and created by certain institutions and individuals, namely the Bank of Japan, and discusses the motives of the behavior of those institutions.

The book is a great read with clear and concise explanations of difficult concepts (economics, finance, banking, central banks and financial institutions, etc.) and extensive footnoting of research, quotes and facts (even many of the footnotes are a great read!). I'm sure many will find his claims controversial but any reader will have to admit the arguments are compelling.

Whether you agree with his premise or not (I happen to agree), this book is a great read for anybody interested in Japan, economics, policy making, or even just the stock market.

My professor.......2004-01-15

As a student of Richard Werner's while he was teaching at Sophia University in Tokyo, I more than once had my eyes opened on the reality of economics and towards the end of my class, the banking sector. I recommend this book to anyone who has an interest in banking, credit, and the truth about the Japanese economy.

Princes of the Yen: Japan's Central Bankers and the Transformation of the Economy.(Book Review) : An article from: Pacific Affairs

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Princes of the Yen: Japan's Central Bankers and the Transformation of the Economy.(Book Review) : An article from: Pacific Affairs
Myung Soo Cha
Manufacturer: University of British Columbia
ProductGroup: Book
Binding: Digital
ASIN: B0009GSBBA
Release Date: 2005-08-01

Book Description

This digital document is an article from Pacific Affairs, published by University of British Columbia on June 22, 2004. The length of the article is 678 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Princes of the Yen: Japan's Central Bankers and the Transformation of the Economy.(Book Review)
Author: Myung Soo Cha
Publication: Pacific Affairs (Refereed)
Date: June 22, 2004
Publisher: University of British Columbia
Volume: 77 Issue: 2 Page: 333(2)

Article Type: Book Review

Distributed by Thomson Gale

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Review by ex Australian Police Officer

Investigators

Exceptional. Informative, interesting and very practical.

Introduction To Private Investigation: Essential Knowledge And Procedures For The Private Investigator
Joseph Anthony Travers
Manufacturer: Charles C. Thomas Publisher
ProductGroup: Book
Binding: Paperback

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All Titles | Qualifying Textbooks - Fall 2007 | Stores | Books
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Customer Reviews:

Review by ex Australian Police Officer.......2000-05-23

I am an experienced police investigator having worked for over 20 years in the field of surveillance and undercover tactics. The book covers basic principles in respect to these tactics but uses old methodology. The book makes reference to American legislation and therefore a lot of the book is irrelevant to Australian enforcement procedures. If you are just getting started in the industry the book would be helpful but I would look for an Australian alternative first.

Investigators.......2000-01-24

This is a very important book in my library, Thank you

Exceptional. Informative, interesting and very practical........1999-03-12

This book is essential reading for any person entering the Investigations field. The information provided is realistic, down to earth and absolutely tried and proven.

Many current Investigators would be well served by reading this book.

I teach Investigators in Brisbane, Australia and will advise my students to purchase and read this book.

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European agriculture is on the brink of a financial and ecological crisis. The European Community, individual governments, and the industry itself have precipitated this crisis. Controversy follows controversy -- in the areas of pollution, use of chemicals, land degradation, and overproduction. The Diversion of Land assesses the conservation challenge at the end of a long period of agricultural expansion. The book draws on the experience of continental Europe and North America to contextualize a case study analysis of the U.K. Incorporating new research and a new methodology for the targeting of land diversion, the emphasis throughout is on the agricultural adjustment process. This process, the authors argue, must be informed not only by an ecological awareness, but also by the anticipation of economic and social change.

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Contributors from universities and food, pharmaceutical, and brewing companies detail the current state of yeast strain development and handling, highlighting advances in yeast selection for academic research, industry, and recombinant DNA technology. Featuring the use of Saccharomyces and other yea

Polymerase @z dependency of increased adaptive mutation frequencies in nucleotide excision repair-deficient yeast strains [An article from: DNA Repair]

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Polymerase @z dependency of increased adaptive mutation frequencies in nucleotide excision repair-deficient yeast strains [An article from: DNA Repair]
E. Heidenreich , V. Holzmann , and H. Eisler
Manufacturer: Elsevier
ProductGroup: Book
Binding: Digital
ASIN: B000RQZLYM

Book Description

This digital document is a journal article from DNA Repair, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
Reversions of an auxotrophy-causing frameshift allele during prolonged starvation of yeast cells were used as a means to elucidate the mechanisms concerned with the generation of spontaneous adaptive mutations in cell cycle-arrested cells. Whereas about 50% of these reversions were previously shown to depend on the non-homologous end joining pathway of DNA double-strand break repair, the origin of the residual 50% remains unknown. In search for a mechanism for generation of the latter fraction of reversions we examined the role of the translesion synthesis (TLS) polymerases @z, @h and Rev1p in cells with wild-type or impaired nucleotide excision repair (NER) capacity. The basal level of adaptive mutations in the repair-proficient wild type was not influenced by disruptions of the genes coding for these three TLS polymerases. Intriguingly, a deficiency in NER by disruption of RAD14, RAD16 or RAD26 resulted in a significantly higher frequency of adaptive mutation, yet this increase was strictly dependent on an intact REV3 gene, coding for the catalytic subunit of polymerase @z. Furthermore, we observed that intact REV3 was also required for the occurrence of increased frequencies of adaptive mutants in the NER-proficient wild type following UV irradiation. While in proliferating cells the translesion synthesis function of polymerase @z is connected to DNA replication, our data suggest that in cell cycle-arrested cells this enzyme is able to carry out either TLS or error-prone polymerization along an undamaged template in the course of repair processes. Such a hitherto unappreciated activity of polymerase @z in non-replicating cells may contribute to the incidence of mutations in evolution, aging and cancer.

Alcohol production from molasses: Selection of efficiency yeast strains : final report

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Alcohol production from molasses: Selection of efficiency yeast strains : final report
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Binding: Unknown Binding
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Yeast Strain Selection (Biotechnology and Bioprocessing Series)

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Yeast Strain Selection (Biotechnology and Bioprocessing Series)
PANCHAL
Manufacturer: NY
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Qualitative chemical analysis: Certain principles and methods used in identifying inorganic substances together with a systematic survey of the chemistry of these materials
Roy K McAlpine
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Amazon.com

With a title inspired as much by Douglas Adams' Hitchhiker series as Einstein, The Theory of Everything delivers almost as much as it promises. Transcribed from Stephen Hawking's Cambridge Lectures, the slim volume may not present a single theory unifying gravity with the other fundamental forces, but it does carefully explain the state of late 20th-century physics with the great scientist's characteristic humility and charm. Explicitly shunning math, Hawking explains the fruits of 100 years of heavy thinking with metaphors that are simple but never condescending--he compares the settling of the newborn universe into symmetry to the formation of ice crystals in a glass of water, for example. While he explores his own work (especially when speaking about black holes), he also discusses the important milestones achieved by others like Richard Feynman. Though occasionally an impenetrably obscure phrase does slip by, the reader will find the bulk of the text enlightening and engaging. The material, from the nature of time to the possibility that the universe has no beginning or end, is rich and deep and inevitably ignites metaphysical thinking. After all, Hawking is famous for his "we would know the mind of God" remark, which ends the final lecture herein. --Rob Lightner

Book Description

Based on a series of lectures given at Cambridge University, Professor Hawking's work introduced "the history of ideas about the universe" as well as today's most important scientific theories about time, space, and the cosmos in a clear, easy-to-understand way.

Customer Reviews:

Even if it is unofficial..........2007-10-02

Even if this product is unofficial, and unsanctioned by Stephen Hawking himself, I have to say I enjoyed it.
I liked how its topics were so clearly delineated into thematically cohesive lectures, I liked that the author read them himself using a computer, and I loved the clear and organized way that Hawking laid out topics as complex and unfathomable as black holes and time and the beginning of the universe.
Don't buy this, I suppose, since it's really not sanctioned by Hawking himself, but do buy his other work that basically repeats this same material.
Do buy this, though, if you're a Hawking completist, already have all his other books, and are looking for just a little bit more.
I loved it.

Phoenix Strikes Again.......2007-08-13

When Phoenix did a crummy job on their audio book production of A Brief History of Time, I thought "that seems kind of disrespectful, doing a hack job like that just so they can make money off of a famous book."

Ha! Do I feel like a fool now!

Oh yeah, and of course I am obligated to add this little bit from Hawking's website:

IMPORTANT NOTE
It has come to our attention that the book "The Theory of Everything: The Origin and Fate of the Universe" has been published. Professor Hawking would like to make it clear that he has not endorsed this book. The text was written by him many years ago, however the material has already been published in books such as 'A Brief History of Time'. A complaint was made to the Federal Trade Commission in the US in the hope that they would prevent the publication. We would urge you not to purchase this book in the belief that Professor Hawking was involved in its creation.

Question the publiser.........2007-07-05

IMPORTANT NOTE
It has come to our attention that the book "The Theory of Everything: The Origin and Fate of the Universe" has been published. Professor Hawking would like to make it clear that he has not endorsed this book. The text was written by him many years ago, however the material has already been published in books such as 'A Brief History of Time'. A complaint was made to the Federal Trade Commission in the US in the hope that they would prevent the publication. We would urge you not to purchase this book in the belief that Professor Hawking was involved in its creation.

In a nut shell.......2007-06-10

The toughts of the supposed beginings of the universe are thought provoking. The book was easy to read, in fact this book took me no time at all, but has left me with a life time of knowledge.

There is not comparison.......2007-04-27

This book PALES in comparison with A Brief History of Time and A Briefer History of Time.

I highly recommend either of those two books over this one.

The Illustrated Theory of Everything: The Origin and Fate of the Universe

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Caveat Emptor
Advanced astrophysics for dummies
Early work of Hawking's he didn't want published now
makes a person think

The Illustrated Theory of Everything: The Origin and Fate of the Universe
Stephen W. Hawking
Manufacturer: New Millennium
ProductGroup: Book
Binding: Hardcover

Astronomy | Astronomy | Science | Subjects | Books

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ASIN: 1932407073

Book Description

In physicist Stephan Hawking's brilliant opus, A Brief History Of Time, he presented us with a bold new look at our universe, how it began, and how our old views of physics and tired theories about the creation of the universe were no longer relevant. In other words, Hawking gave us a new look at our world, our universe, and ourselves.

Now, available for the first time in a deluxe full-color edition with never-before-seen photos and illustrations, Hawking presents an even more comprehensive look at our universe, its creation, and how we see ourselves within it. Imagine sitting in a comfortable room listening to Hawking discuss his latest theories and place them in historical context with science's other great achievements-it would be like hearing Christopher Columbus deliver the news about the new world.

Customer Reviews:

Caveat Emptor.......2007-06-12

True, the book does not represent Hawking's latest views, but for those wishing to wade into the shallow end of Hawking's writing this is not bad.

Coming in at a short 112 pages, this heavily illustrated book gives one a opportunity to at least familiarize themselves with issues that Hawking gives much more detailed treatment to in his other works: A brief history of time, Black holes and Baby Universes and On the Shoulders of Giants.

One good for instance is his chapter on the arrow of time. In it Hawking observes that there is not only one but several arrows of time. Though he only talks about cosmic expansion, gravitation and the perceptual arrows of time (and not Kaon decay or the quantum arrow of time which may be the master arrow), one still gets the idea that there are physical reasons for why time assumes a directionality.

Another example is his final chapter on the quest for a theory of everything. Though now -- particularly with waning enthusiasm for string theory -- there is reasoned speculation that maybe there may never be a theory of everything, his chapter stills reflects how many view still view the search.

And finally, his chapter on black hole radiation harkens back to the research that originally put him on the map, his 1974 finding that black holes do indeed radiate and even given enough time will decay.

All together, Hawking's book shows the lucid explanatory power of one who both knows and knows how to explain.

So yes, by all means, read this book, but don't stop here and read the rest of his books too.

Advanced astrophysics for dummies.......2006-07-16

The general consensus is that the three greatest physicists of all time are Isaac Newton, Albert Einstein and Stephen Hawking. Unfortunately, Hawking is often known more for his lack of physical prowess than for his prowess in physics. He possesses a brilliant mind, and is also very effective at the writing of popular science. Hawking has an uncanny ability to make the incredibly complex ideas of astrophysics understandable to people who have difficulty balancing an algebraic equation.
Hawking is once again at the top of his game with this book. It is a collection of the seven popular lectures that he presented to the public. Their titles are:

*) Ideas about the universe
*) The expanding universe
*) Black holes
*) Black holes ain't so black
*) The origin and fate of the universe
*) The direction of time
*) The theory of everything

Each is fairly short; the ideas are explained without the reference to equations. There are many illustrations that give a visual explanation of concepts such as the curvature of space, the expansion and contraction of the universe and the direction of time.
If you have an interest in the fate of the universe but always felt that advanced astrophysics was beyond you, then this is the book for you. It doesn't explain everything, but it does show you the best current theories of how the universe started, how it is constructed and how it appears that it will end.

Early work of Hawking's he didn't want published now.......2004-08-07

On his website, http://www.hawking.org.uk/info/iindex.html, Hawking says that he wrote this years ago, it does not reflect his latest views (contrary to the cover blurb), and that he did not endorse its publication. I just wanted to pass this information along. There's a lot more reviews mentioning this for an earlier edition of this book, without "illustrated" in the title, so if you want to buy the book look at those first. Setting aside the misinformation in the advertising (for which I'm giving it one star), and the change in Hawking's views, it's a reasonable book.

makes a person think.......2004-08-04

I like reading alot and if you do too then go ahead an d read this one. Many times I will get a book that goes way over my head in terminology. This book is easy to comprehend and makes you think about "what if's", and "could this really be". Sort of like X-files meets reality. A must have for any one who believs in an outer existence.

The Theory of Everything: The Origin and Fate of the Universe

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[...]

The Theory of Everything: The Origin and Fate of the Universe

ProductGroup: Book
Binding: Hardcover
ASIN: 0641587716

Product Description

From the Publisher The Theory Of Everything is a unique opportunity to explore the cosmos with the greatest mind since Einstein. Based on a series of lectures given at Cambridge University, Professor Hawking introduces "the history of ideas about the universe" as well as today's most important scientific theories about time, space, and the cosmos in a clear, easy-to-understand way. Professor Hawking transformed our view of the universe in his landmark bestselling book A Brief History of Time and most recently in the bestselling Universe in a Nutshell. Here he reviews ideas about the universe from Aristotle to Newton and Einstein, applying the principle of quantum mechanics to the big bang, black holes, and the universe's ultimate fate. He goes on to advance a "no boundary" theory of time and space that could lead to one unified theory and a true understanding of our universe. The Theory Of Everything presents the most complex theories, both past and present, of physics; yet it remains clear and accessible. It will enlighten readers and expose them to the rich history of scientific thought and the complexities of the universe in which we live.

Customer Reviews:

[...].......2005-10-09

"It has come to our attention that the book 'THE THEORY OF EVERTHING: THE ORIGIN AND FATE OF THE UNIVERSE' has been published. Professor Hawking would like to make it clear that he HAS NOT endorsed this book. The text was written by him many years ago, however the material has already been published in books such as 'A Brief History of Time'. A complaint was made to the Federal Trade Commission in the US in the hope that they would prevent the publication.
[...]

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