In this position, he opposed many of the ministry bureaucrats who were pushing towards increased state control over the economy, and forced a number, including Nobusuke Kishi, to resign.

After the start of World War II, in 1943, he took charge of the committee of internal affairs of the Taisei Yokusankai.

However, later in 1943, he was invited to the nominally independent State of Burma by President Ba Maw as a special advisor on economics and finance.

He spent the remainder of the war years in Burma, attempting to set the country on a secure footing through financial consolidation.

On April 1, 1945, while attempting to return to Japan, Ogawa was killed as a passenger on the Awa Maru, which was sunk by the US submarine USS Queenfish (SS-393) in the East China Sea despite its status as a hospital ship under Red Cross protection.