It is Japanese government cabinet-level ministry originated in the 6th century with the name Ōkura-shō until 2001. Headquarter of the Ministry of Finance is in Tokyo, Japan. It is headed by Finance Minister typically selected by the Prime Minister. Its current finance minister is Tarō Asō. It was established in an ancient Japan with the name Ōkura-shō, a state treasury at that time. After the Meiji Restoration, a modern government system was introduced. The Ministry of Finance Japan was established in charge of monetary affairs and public finance as a government body.
The Ministry of Finance Japan has been regarded as the most potent Ministry of the Japanese government for a long time. In 1990, the Ministry lost it value and power after numerous monetary scandals exposed. Ministry vanished its control over financial policy to the Bank of Japan and lost its authority over banking regulation to a new established Financial Services Agency. In January 2001, its ancient name Ōkura-shō was replaced with a new name “Zaimu-shō”, but despite the name changed, Japanese people use the older name.
The Ministry of Finance Japan is famous for its active role in foreign exchange policy. It is topmost civil servant frequently quoted in the financial press. The Ministry is systematized in six departments that be responsible for the overall functions of the industry, which include:
- Budget Bureau
- Minister’s Secretariat
- Customs and Tariff Bureau
- Tax Bureau
- International Bureau
- Financial Bureau
Six self-governing managerial institutions are underneath the Ministry of Finance Japan control, which are:
- National Printing Bureau
- Japan Mint
- Nippon Automated Cargo Clearance System
- National Research Institute of Brewing
- Japan Housing Finance Agency
- Commemorative Organization for the Japan World Exposition ‘70