He graduated from the Economics Department, Tokyo University (1921).
Shibusawa was Governor of the Bank of Japan from March 18, 1944 - October 9, 1945. He left the bank to served as Finance Minister in the brief post-war government of Kijūrō Shidehara in 1945-1946.
The dissolution of the Japanese zaibatsu was implemented during the period in which he was head of the Ministry of Finance.
Shibusawa was involved in the creation of the core collection of the National Museum of Ethnology in Osaka. A student of folklore, he maintained an attic museum of folk crafts and published literature on folklore.
He went abroad as roving ambassador for the Ministry of Foreign Affairs (1957).