Ministry of Finance
The Ministry of Finance (財務省, Zaimu shou) is the ministry responsible for internal revenues and customs.
Contents
Composition
The ministry is led by a minister who is an elected member of the diet and an appointed member of the government cabinet.
The ministry is subdivided into:
- minister’s secretariat
- Budget Bureau
- Tax Bureau
- Customs and Tariff Bureau
- Financial Bureau
- International Bureau
History
During the Meiji era, the 金穀出納所, Konkokudenoushou, lit. 'ministry for trade of gold and grain') was established to raise internal revenues. This was quickly reformed into a ministry of finance (大蔵省, Ookurashou). After merging with the ministry of civil affairs (民部省, Minbu shou), this became one of the largest governmental bodies, although just a few years later some of those responsibilities of were split into a new home ministry.
The Financial Services Authority (FSA) (金融局, Kinyuu kyoku) was established to supervise and coordinate banking institutions. It operated under many names throughout history; notably it was first created in 1880 as the Banking Bureau (銀行局, Ginkou kyoku).
The Monopoly Bureau (専売局, Senbai kyoku) was established to oversee state monopolies of salt, tobacco, and camphor. It was abolished in 1949, when the Japan Tobacco and Salt Company was established.
A series of reforms began under Hashimoto; regulatory and supervisory powers were removed from the ministry and handed to independent agencies. Most importantly, the FSA was reformed into the independent Financial Services Agency (FSA) (金融庁, Kinyuu chou). This culminated in the ministry being entirely renamed to 財務省 (Zaimu shou) in 2001, under Mori. The translated name is unchanged.