BoJ's Hayami passes away

Masaru Hayami, the governor of the Bank of Japan who presided over the institution's introduction of quantitative easing, has died. He was 84.

Hayami was governor of the central bank from March 1998 to March 2003, during which time the central bank cut rates to zero and became the first monetary authority in modern times to purchase government bonds outright.

Hayami's policies often proved controversial with the Diet, Japan's legislature, in particular the decision to raise rates from zero in

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