Haruo Maekawa

In 1986, the Maekawa Commission (the "Advisory Group on Economic Restructuring" headed by Maekawa)^[6] proposed economic reforms designed to make the living standards of Japanese more comparable to levels enjoyed in the West.^[7] Maekawa is credited as the chief author of the commission report.^[8] Maekawa Report into effect. His two reports argued that Japan should seek switch from an export-oriented economy into a domestic demand-led economy. They downplayed the need for achieving economic parity using foreign exchange rate adjustments. A new reorientation would require more spending and less saving. There would have to be demand-side improvements in the quality of daily life, changes in Japan's industrial structure and more imports. It proposed industrial structural transformations using market-incentive mechanisms.^[9] however the report was merely a statement of long-term goals, and contain no meaningful action programs. Even so it was opposed by many Liberal Democrats, by angry interest groups, and a few prominent economists. The report had very little long-term impact.^[10]