Vox Populi, Vox Dei is a daily column that runs on Page 1 of The Asahi Shimbun.
February 26, 2022 at 13:15 JST
During the mid-Edo Period (1603-1867), the feudal domain of Yonezawa-han found itself in dire financial straits. Its territory had been reduced by the Tokugawa Shogunate, and not even repeated austerity ordinances could mitigate the fiscal hemorrhaging. The domain’s debts soared to five times its real income, making even payment on interest difficult.
Kunio Kato, 76, a native of the city of Yonezawa in Yamagata Prefecture who spent years working at the Nomura Research Institute, utilized his knowledge of financial engineering to research the domain’s financial history in detail.
The enormity of the debt burden made the eighth lord of Yonezawa seriously consider surrendering the domain to the shogunate. But his successor, Uesugi Yozan (1751-1822), was determined to reform the domain’s administration and rehabilitate its finances.
Under his “income-doubling plan,” he ordered 1 million trees to be planted--“urushi” (lacquer), “kuwa” (mulberry) and “kozo” (paper mulberry) trees.
The program failed, however.
Undaunted, Yozan took the next step. He slashed the domain’s expenditures by half and set up an industry promotion program through silkworm farming and silk fabric production.
By mobilizing the “bushi” warrior class for the local textile business, Yozan built up the reputation of “Yonezawa-ori” woven fabric.
It took him 30 years to fully restore the domain’s fiscal health.
“In terms of the ratio of outstanding debts to tax revenues, the fiscal mess Japan is in today is three times worse than what Yozan had to battle,” Kato noted.
This fiscal year’s outstanding balance of government bonds stands at 1,000 trillion yen ($8.66 trillion), which is more than 15 times the nation’s total tax revenue.
Because the domain’s debt Yozan had to deal with amounted to five times the income, we are three times worse off.
Earlier this week, the Lower House approved the government’s fiscal 2022 budget bill.
Since the nation’s expenditures have grown annually for the last 10 years, the amount for the new fiscal year is the highest to date.
The ratio of Japan’s massive debt to GDP is said to be the worst in the advanced world.
Yozan has gone down in history as a great feudal lord. The 200th anniversary of his death will fall next month.
Are we standing closer to the edge of financial collapse than the people of Yonezawa were back in the Edo Period?
Right in the middle of this income tax filing season, my anxieties grow as a taxpayer.
--The Asahi Shimbun, Feb. 26
* * *
Vox Populi, Vox Dei is a popular daily column that takes up a wide range of topics, including culture, arts and social trends and developments. Written by veteran Asahi Shimbun writers, the column provides useful perspectives on and insights into contemporary Japan and its culture.
Record 107.6 trillion yen draft budget clears Lower House
February 22, 2022
VOX POPULI: Russia’s invasion has crushed the beautiful ‘pearl of the Black Sea’
February 25, 2022
VOX POPULI: An everyday morning routine is a luxury denied by war
February 24, 2022
VOX POPULI: Unique aroma allows truffles to keep going for 156 million years
February 23, 2022
VOX POPULI: The messy saga of Nissan versus Ghosn continues
February 22, 2022
VOX POPULI: Beijing 2022 showcased the serious problems of the Olympics
February 21, 2022
Stories about memories of cherry blossoms solicited from readers
Cooking experts, chefs and others involved in the field of food introduce their special recipes intertwined with their paths in life.
A series based on diplomatic documents declassified by Japan’s Foreign Ministry
A series on the death of a Japanese woman that sparked a debate about criminal justice policy in the United States
A series about Japanese-Americans and their memories of World War II
Here is a collection of first-hand accounts by “hibakusha” atomic bomb survivors.
A statue of Uesugi Yozan in central Yonezawa, Yamagata Prefecture (Asahi Shimbun file photo)
