Arai Hakuseki
With the beginning of the 18th century, Japan started to restrict the export of bullion currency, which came to be seen as a loss for the country. An export ban on monetary specie was imposed by Arai Hakuseki in 1715. Trade substitution was encouraged, but remained limited anyway due to the policy of closure, or Sakoku. Upon Arai Hakuseki's suggestion the government increased again the gold and silver content of coinage in 1714-1715, but this led to crippling deflation this time. In 1736, Japan abandoned this policy and again increased the money supply, with a resulting price stability for the next 80 years.