Define accommodating monetary policy


05-Oct-2017 20:06

In its recent history, Japan has experienced several major political shocks; events which, due to the breaches that they created with previous conceptions of established reality, forced the Japanese state to reevaluate and redefine its position within the international system.The first of these was the aforementioned arrival of the American gunboats on Japan’s shores in 1853, an event that exposed Japanese elites and society to a degree of political and military force that was unimaginable for a country that had existed in an ignorant bliss of ‘sakoku’ (closed nation) for so long (Bowen, 1992: 59).He equates the lovers of novelty with the character of the Gentleman, and describes them as those who ‘value theories, despise physical force, and give priority to developing industry instead of weapons…and reject soldiers and champions and their bold manner of righteous indignation’.Those inclined to nostalgia, on the other hand, ‘regard freedom as willful and irresponsible behavior and equality as an axe that destroys by leveling all.A major cause of the internal division that led ultimately to the restoration was Japan’s harsh exposure to the outside world with the arrival of Commodore Perry’s ominous gunboats in 1853, which essentially gave Japan no choice but to open itself to the West, albeit through a host of unequal treaties and statues that made the arrangement less than desirable.

Whilst it was not exactly offered a choice in which path to take, since the American occupation imposed a pacifist constitution and destroyed the military infrastructure, the process of adopting an entirely new set of moral values and ideological assumptions cannot be taken lightly.

Lastly there was the end of the Cold War and the (partial) easing of security tensions in East Asia.