Photo: Shigenobu Ōkuma
In March 1868 (Meiji 1), Ōkuma was placed in the posts of san'yo (junior councilor) and Judge of the Foreign Office, and displayed formidable skill in negotiating with the British Minister Sir Harry Smith Parkes over the imprisonment and execution of Japanese Christians. After this, Ōkuma's abilities were acknowledged by the central government, and in December, he was appointed the Vice-Controller of the Foreign Office. After serving in taifu (Vice-Minister) of Finance the following year, he was appointed to the post of sangi (councilors) in 1870 (Meiji 3). Then in 1873 (Meiji 8), he was given the additional post of Finance Minister. Now in charge of the fiscal policies of the new Meiji government as one of “enlightened bureaucrat” (Kaimei-ha), Ōkuma became the central figure in Japan's economic modernization.
Ōkuma developed a number of financial policies, collectively dubbed the “Ōkuma Monetary Policy Package,” that formed the foundation of Japan's modern financial policy. These included land-tax system reforms, disposal of the hereditary stipends and debt left over from feudal times, unification of the nation's currency, setting up a national budgeting and accounting system, opening banks, and many other reforms. Seeing these reforms as a foundation of modern public finance, he also created a new Ministry of Public Works and Ministry of Home Affairs, opened the first national Exposition, established the postal system, and launched government programs to assist private enterprise. Ōkuma's goal was to create a modern nation that would rival any in the West.
(From “Zuroku—Ōkuma Shigenobu (Shigenobu Ōkuma: A Pictorial Record)”)
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