Economic Policy
Under the top Rōjū, Abe Seikyo, with strong support from Ienobu, he launched Shōtoku no chi, a series of economic policies designed to improve the shogunate's standing. By minting new and better quality currency, inflation was controlled. Calculating from trade records, Hakuseki deduced that fully 75% of gold and 25% of silver in Japan had been spent on trades with foreign countries. Concerned that Japan's national resources were at risk, he implemented a new trade policy, the Kaihaku Goshi Shinrei(海舶互市新例), to control payments to Chinese and Dutch merchants by demanding that instead of precious metals, products like silk, porcelain, and dried seafoods should be used for trading. However, the beneficial effects of this policy were limited as the trade of precious metals from Tsushima and Satsuma was uncontrolled by the bakufu.
He also simplified rituals for welcoming the Joseon Dynasty's ambassadors, in the face of opposition from the Tsushima Confucianist Amenomori Hōshu.
Read more about this topic: Arai Hakuseki
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