[4] Along with Finance Minister Noboru Takeshita, he was credited with negotiating a Saudi-Japan petrodollar accord in 1980.

[5] In 1986, the Maekawa Commission (the "Advisory Group on Economic Restructuring" headed by Maekawa)[6] proposed economic reforms designed to make the living standards of Japanese more comparable to levels enjoyed in the West.

They downplayed the need for achieving economic parity using foreign exchange rate adjustments.

There would have to be demand-side improvements in the quality of daily life, changes in Japan's industrial structure and more imports.

Even so it was opposed by many Liberal Democrats, by angry interest groups, and a few prominent economists.