Eisuke Sakakibara

Better known as “Mr. Yen”, Eisuke Sakakibara became one of Japan’s most recognised economic policymakers during the Asian financial crisis. His views on exchange rates were so closely watched that they regularly moved global markets.

Sakakibara is one of Japan’s foremost authorities on international finance, monetary policy and the global economy. As Vice Minister of Finance for International Affairs from 1997 to 1999, he oversaw Japan’s foreign exchange policy during one of the most turbulent periods in modern financial history. He played a leading role in managing the Asian financial crisis and worked closely with finance ministries and central banks around the world. His efforts helped shape Japan’s international economic strategy during a period of exceptional market volatility.

Before becoming vice minister, Sakakibara built a distinguished career at Japan’s Ministry of Finance. He served as Director General of the International Finance Bureau, President of the Institute of Fiscal and Monetary Policy, Director of the Treasury Division and Special Advisor to the Japan Center for International Finance. His work covered international capital markets, fiscal policy, exchange rate management and financial diplomacy.

His influence earned him the nickname “Mr. Yen”. Investors often reacted to his comments on the Japanese currency. Even decades after leaving government, policymakers, investors and the financial press continue to seek his views. During recent bouts of yen weakness, he has remained a respected commentator on currency intervention, interest rates and Japan’s economic outlook.

Throughout his career, Sakakibara has argued that Japan’s economy should be understood as that of a mature nation rather than one in decline. He has consistently highlighted demographics, productivity and structural reform as more meaningful measures of long-term prosperity than headline growth alone. His perspective continues to offer a distinctive counterpoint to conventional narratives surrounding Japan’s economy.

Sakakibara’s contributions have earned numerous honours. They include the Taylor’s Award from the University of Michigan, Indonesia’s Bintang Mahaputra Utama, and Japan’s Order of the Sacred Treasure, Gold and Silver Star. Eisuke Sakakibara has been Professor at Aoyama Gakuin University since 2010. He previously taught at Saitama University and served as Visiting Associate Professor of Economics at Harvard University.