This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.

The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.

Dollar and Yen analyzes the friction between the United States and Japan from the viewpoint of exchange rate economics. From the mid-1950s to the early 1990s, Japan grew faster than any other major industrial economy, displacing the United States in dominance of worldwide manufacturing markets. In the 1970s and 1980s, many books appeared linking the apparent decline of the United States in the world economy to unfair Japanese practices that closed the Japanese market to a wide range of foreign goods. Dollar and Yen analyzes the friction between the United States and Japan from the viewpoint of exchange rate economics. The authors argue against the prevailing view that the trade imbalance should be corrected by dollar depreciation, saying that adjustment through the exchange rate is both ineffective and costly. Stepping outside the traditional dichotomy between international trade and international finance, they link the yen's tremendous appreciation from 1971 to mid-1995 to mercantile pressure from the United States arising from trade tensions between the two countries. Although sometimes resisted by the Bank of Japan, this yen appreciation nevertheless forced unwanted deflation on the Japanese economy after 1985--resulting in two major recessions (endaka fukyos). The authors argue for relaxing commercial tensions between the two countries, and for limiting future economic downturns, by combining a commercial compact for mutual trade liberalization with a monetary accord for stabilizing the yen-dollar exchange rate.

A Bowl for a Coin is the first book in any language to describe and analyze the history of all Japanese teas from the plant’s introduction to the archipelago around 750 to the present day. To understand the triumph of the tea plant in Japan, William Wayne Farris begins with its cultivation and goes on to describe the myriad ways in which the herb was processed into a palatable beverage, ultimately resulting in the wide variety of teas we enjoy today. Along the way, he traces in fascinating detail the shift in tea’s status from exotic gift item from China, tied to Heian (794–1185) court ritual and medicinal uses, to tax and commodity for exchange in the 1350s, to its complete nativization in Edo (1603–1868) art and literature and its eventual place on the table of every Japanese household. Farris maintains that the increasing sophistication of Japanese agriculture after 1350 is exemplified by tea farming, which became so advanced that Meiji (1868–1912) entrepreneurs were able to export significant amounts of Japanese tea to Euro-American markets. This in turn provided the much-needed foreign capital necessary to help secure Japan a place among the world’s industrialized nations. Tea also had a hand in initiating Japan’s “industrious revolution”: From 1400, tea was being drunk in larger quantities by commoners as well as elites, and the stimulating, habit-forming beverage made it possible for laborers to apply handicraft skills in a meticulous, efficient, and prolonged manner. In addition to aiding in the protoindustrialization of Japan by 1800, tea had by that time become a central commodity in the formation of a burgeoning consumer society. The demand-pull of tea consumption necessitated even greater production into the postwar period—and this despite challenges posed to the industry by consumers’ growing taste for coffee. A Bowl for a Coin makes a convincing case for how tea—an age-old drink that continues to adapt itself to changing tastes in Japan and the world—can serve as a broad lens through which to view the development of Japanese society over many centuries.

In this first synthetic, comprehensive survey of Japanese sports in English, the authors are attentive to the complex and fascinating interaction of traditional and modern elements. In the course of tracing the emergence and development of sumo, the martial arts, and other traditional sports from their origins to the present, they demonstrate that some cherished "ancient" traditions were, in fact, invented less than a century ago. They also register their skepticism about the use of the samurai tradition to explain Japan's success in sports. Special attention is given to Meiji-era Japan's frequently ambivalent adoption and adaptation of European and American sports--a particularly telling example of Japan's love-hate relationship with the West. The book goes on the describe the history of physical education in the school system, the emergence of amateur and professional leagues, the involvement of business and the media in sports promotion, and Japan's participation in the Olympics. Japanese Sports Trivia Quiz (openli)Japan's first professional baseball team was founded in 1921. When were the Central and Pacific Leagues established? a. 1930; b. 1940; c. 1950; d. 1960 (openli)Oh Sadaharu hit 51 home runs in 1973 and 49 in 1974. How many did he hit in his lifetime? a. 597; b. 602; c. 755; d. 868 (openli)Sugiura Tadashi pitched 42 games for the Nankai Hawks in 1959 and won 38. How many games did he pitch and win against the Yomiuri Giants in the Japan Series that same year? a. 1; b. 2; c. 3; d. 4 (openli)The first Japanese radio broadcast of an entire sports event occurred at the national middle-school baseball tournament at Koshien Stadium in 1927, with a Ministry of Communication censor standing by since the script couldn't be approved in advance. The national middle-school tournament was suspended in 1941. When was it resumed? a. 1945; b. 1946; c. 1947; d. 1948 (openli)In 1791 Shogun Tokugawa Ienari observed a new ring-entering ceremony similar to that now performed by yokozuna. When did the Sumo Association officially recognize the rank of yokozuna? a. 1789; b. 1890; c. 1909; d. 1951 (openli)Which famous sumo rikishi won 69 successive bouts over the course of 7 tournaments, the longest winning streak ever recorded? a. Futabayama (Sadaji); b. Wakanohana (Kanji); c. Taiho (Koki); d. Chiyonofuji (Mitsugu) (openli)When the first karate dojo was established in Okinawa in 1889, the characters for karate were written 'Chinese hand'. When were they first written 'empty hand'? a. 1889; b. 1922; c. 1929; d. 1935 (openli)Only one major school of aikido holds competitive tournaments. When did the name aikido first appear on the list of government-sanctioned martial arts. a. 1883; b. 1890; c. 1931; d. 1942 (openli)In 1951 Tanaka Shigeki became the first Japanese runner to win the Boston Marathon. When was the first Fukuoka Marathon held? a. 1927; b. 1937; c. 1947; d. 1957 (openli)At the infamous 1936 "Nazi Olympics" in Berlin, Japanese athletes won gold medals in track and field, swimming, and diving. In what event did a Korean win the gold for Japan? a. marathon; b. triple jump; c. pole vault; d. 1500-m freestyle Answers: 1. c. (the Pacific League was the expansion league); 2. d. (Japanese ballparks are shorter than U.S. parks, but the season is also shorter); 3. d. (his arm never recovered from that year); 4. b.; 5. c. (the rank "yokozuna" first appeared on the banzuke ratings in 1890; and the first solo ring-entering ceremonies by wrestlers wearing the "yokozuna" rope was in 1789); 6. a.; 7. c. (by members of Keio's karate club who were impressed by a Zen priest of the Rinzai sect); 8. d. (its founder Ueshiba Morihei was born in 1883); 9. c. (the year after the first footrace around Lake Biwa); 10. a.

Japan to 1600 surveys Japanese historical development from the first evidence of human habitation in the archipelago to the consolidation of political power under the Tokugawa shogunate at the beginning of the seventeenth century. It is unique among introductory texts for its focus on developments that impacted all social classes rather than the privileged and powerful few. In accessible language punctuated with lively and interesting examples, William Wayne Farris weaves together major economic and social themes. The book focuses on continuity and change in social and economic structures and experiences, but it by no means ignores the political and cultural. Most chapters begin with an outline of political developments, and cultural phenomena—particularly religious beliefs—are also taken into account. In addition, Japan to 1600 addresses the growing connectedness between residents of the archipelago and the rest of the world. Farris describes how the early inhabitants of the islands moved from a forager mode of subsistence to a more predominantly agrarian base, supplemented by sophisticated industries and an advanced commercial economy. He reveals how the transition to farming took place over many centuries as people moved back and forth from settled agriculture to older forager-collector regimes in response to ecological, political, and personal factors. Economics influenced demographics, and, as the population expanded, the class structure became increasingly complex and occupational specialization and status divisions more intricate. Along with this came trends toward more tightly knit corporate organizations (village, city, market, family), and classes of servants, slaves, and outcastes formed. In reflecting the diversity of traditional Japan’s economy and society, Japan to 1600 is well suited for both undergraduate and graduate courses and will be a welcome introduction to Japan’s early history for scholars and students of other disciplines and regions.