Which Japanese central bank was established in 1882?

The Japanese central bank established in 1882 is the Bank of Japan.

The institution was created during the Meiji era, when Japan was rapidly modernizing after the Meiji Restoration. Before that transformation, feudal domains issued different forms of paper money. The New Currency Act of 1871 introduced the yen, but a national institution was still needed to manage currency and banking.

The Bank of Japan was founded on June 27, 1882, under the Bank of Japan Act and began operations later that year. It was modeled partly on European central banks, especially the National Bank of Belgium. In 1884, it gained a monopoly over the country’s banknote issuance, consolidating control of the money supply.

A frequent confusion is with Japan Post Bank, a large deposit-taking institution rather than Japan’s central bank. The Bank of Japan sets monetary policy, issues banknotes, oversees payment systems, and acts as banker to the government. Its headquarters are in Tokyo’s Chūō district.