Hayato Ikeda

Hayato Ikeda (池田 勇人, Ikeda Hayato; 3 December 1899 – 13 August 1965) was a Japanese politician who served as the Prime Minister of Japan from 1960 to 1964. He is noted for initiating the Income Doubling Plan, a policy aimed at doubling Japan's gross domestic product (GDP) within ten years. During his tenure, he also oversaw the 1964 Tokyo Olympics.

Born in Yoshina, Hiroshima Prefecture (present-day Takehara, Hiroshima), Ikeda was the youngest child of Goichirō Ikeda and Ume. He had six siblings. He pursued legal studies at Kyoto Imperial University, graduating prior to entering governmental service. In 1925, he joined the Ministry of Finance, where he served in various local tax offices, including those in Hakodate and Utsunomiya. In 1929, he contracted pemphigus foliaceus, a skin condition, which led him to take a two-year sick leave; he officially resigned from the ministry in 1931 after his sick leave concluded. The condition was cured by 1934. After briefly considering employment with Hitachi, Ikeda returned to the Ministry of Finance in December 1934, heading a tax office in Osaka. He remained within the ministry through World War II, ascending to the position of Vice Minister of Finance in 1947 under Prime Minister Shigeru Yoshida.

Ikeda was first elected to the National Diet in 1947, representing a constituency in Hiroshima Prefecture, following his resignation from the ministry in 1948. He became a member of the Democratic Liberal Party—a precursor to the modern Liberal Democratic Party (LDP)—and was recognized as an understudy of Shigeru Yoshida. His early political career was marked by adherence to the Yoshida Doctrine, which emphasized economic recovery and alignment with the United States. On 16 February 1949, he was appointed Minister of Finance by Prime Minister Yoshida. During his tenure, he announced the Dodge Line monetary policy, developed with American advisor Joseph Dodge, and visited the United States in 1950 to prepare for post-occupation U.S.–Japan security cooperation. In 1951, Ikeda helped establish the Development Bank of Japan and the Japan Bank for International Cooperation.

In the 1950s, Ikeda developed a reputation as a distant and technically focused policymaker. Notably, in December 1950, he suggested that impoverished people should eat more barley instead of white rice, a remark that was widely reported and criticized. In 1952, he served briefly as Minister of International Trade and Industry but resigned less than a month after a controversial statement regarding inflation and small business failures. Nonetheless, he remained active within the LDP, returning to the role of Finance Minister in December 1956, and later serving as Minister without Portfolio in June 1958, and again as Minister of International Trade and Industry from June 1959.

Ikeda was elected president of the Liberal Democratic Party in July 1960 and became Prime Minister following the resignation of Nobusuke Kishi. His ascension took place during a period of significant political unrest, notably the large protests against the U.S.-Japan Security Treaty (Anpo) and at the Miike Coal Mine, where a violent strike had occurred. Ikeda sought to present a more moderate image compared to his predecessor, emphasizing "tolerance and patience" in political discourse, and adopting a more approachable personal style and appearance.

He implemented the Income Doubling Plan, which aimed to significantly accelerate Japan’s economic growth through targeted tax incentives, government investment, and social welfare expansion. The plan was ambitious, targeting a doubling of GDP within ten years. Ikeda also prioritized improving diplomatic relations with the United States, aiming to restore stability after the Kishi administration's handling of security treaty revisions. He successfully arranged a summit with U.S. President John F. Kennedy in Washington in 1961, reaffirming Japan's support for U.S. Cold War policies.

Economically, Ikeda promoted export-led growth, supporting strategic manufacturing industries with government investment. His policies contributed to Japan’s rise as a major exporter of electronics and technological goods, evidenced by France’s 1962 remark that referred to Japan as "that transistor salesman." Domestically, Ikeda expanded the social safety net, establishing a universal national pension scheme in 1961.

Ikeda resigned from the premiership in 1964 due to health issues. He passed away in 1965.