Inside The Bank Of Japan

Defying critics, Governor Hayami says raising interest rates is the way to fix Japan's economy

On any given Sunday, you'll find a sprightly 74-year-old parishioner joyfully belting out hymns at Asagaya Baptist-Methodist Church in central Tokyo. It's Masaru Hayami, a devout Christian who rarely misses services. The divine inspiration he receives there, he says, has direct application to his secular life, where he's governor of the Bank of Japan, central banker to the second-biggest economy on earth--and a controversial one, as he wrestles with the cheap money habit that he says is holding back the radical corporate reform Japan needs.

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