Recent Papers & Column

  • “Money and Central Bank Digital Currency” Asian Development Bank Institute Working Paper Series No.922, February 2019
  • “Bank of Japan’s Growing Global Challenges” Japan Times, Opinion Op-Ed, February 18, 2019 (internet version February 17)
  • “Central Banks Prove Adept at Listening to Stock Market Voices” (about Federal Reserve’s Monetary Policy) Commentary, THE BUSINESS TIMES, February 8, 2019 (in English)
  • “Bank of Japan’s Monetary Easing and Monetary Policy Normalization”, Chapter 2, pp.7-30, ABENOMICS NO SEIHI (eds.) By M. Satake, M. Y. Iida, and T. Yanagawa, KEISO SHOBO PUBLISHER, 2019 (in Japanese).
  • “Outlook for Year 2019, Four Major Risks Related to Economic Slowdown” SENKEN KEIZAI, 2019 Volume 1. (in Japanese)
  • “Book Review: Ginko no Owari to Kiyu no Mirai- The End of Banking” by Jonathan McMillan,” WEEKLY ECONOMIST, December r, 2018
  • “The Bank of Japan’s Super-Easy Monetary Policy from 2013-2018” Asian Development Bank Institute Working Paper Series No. 896, November 2018
  • “About 10 Years After the Global Financial Crisis: What Have We Learnt from Unconventional Monetary Policies” in The 10 YEARS AFTER (ed.) by Mark Uzan, Reinvesting Bretton Woods Committee, pp-197-206.
  • “Book Review: Nijuokunin no Mirai Ginko” by Makoto Aida,” WEEKLY ECONOMIST, October 23, 2018
  • “A New Monetary Policy Framework for Japan: Part 2,“ BOX CEPR Policy Portal, October 23, 2018
  • “A New Monetary Policy Framework for Japan: Part 1,” BOX CEPR Policy Portal, October 22, 2018
  • “The Effectiveness of the Bank of Japan’s Large-Scale Stock-Buying Programme,” BOX CEPR Policy Portal, October 16, 2018
  • “BOJ's Huge Stock-Buying Program Reaches its Limits”, Opinion, Nikkei Asian Review, September 21, 2018.
  • “What Next for the BOJ’s Unprecedented ETF Experiment?” Central Banking, September 18, 2018 (in English)
  • “Bank of Japan’s Exchange-Traded Fund Purchases as an Unprecedented Monetary Easing Policy” ADBI Working Paper No. 865, August 2018 (in English)
  • “Tokyo: Still Below Its Potential as a Global Financial Centre,” Chapter 9, INTERNATIONAL FINANCIAL CENTERS after the Global Financial Crisis and Brexit (ed. By Youssef Cassis and Dariusz Wojcik), Oxford University Press, 2018 (in English)
  • “A Mere Tweak or a Step Toward Normalization?” Central Banking, August 2, 2018 (in English)
  • “Is the BOJ’s Monetary Policy Adjustment Really Just a Tweak?” Japan Times, August 1, 2018 (in English)
  • “BOOK REVIEW: Traps in China’s Economic Growth (in Japanese) written by Shinichi Seki” WEEKLY ECONOMIST, July 17, 2018
  • “BOJ Looks Set to Cut Its Inflation Forecast” Central Banking, July 16, 2018 (in English)
  • “Central Bank Digital Currency and Outlook” Nihon Keizai Newspaper KEIZAIKYOSHITSU, July 4, 2018
  • “Alternatives to Japan’s 2% Flexible Inflation Target” Central Banking Journal, June 28, 2018 (in English)
  • “Time for the BOJ to Reconsider the 2% Inflation Target” Japan Times, June 27, 2018 (in English)
  • “Why does the World Pay Attention to the Cryptocurrencies?” KINYUZAISEI JIJYO, June 18, 2018
  • “Comment on Instability in Europe and its Impact on Asia” Vol. 13, No. 2 of the Asian Economic Policy Review, Vol 13, No.2, July 2018 (in English)
  • “Deepening Financial Integration in Asia” Japan Times Commentary May 15, 2018 (in English)
  • “Cross-Border Portfolio Investment and Financial Integration in Asia and the Pacific Region” Asian Development Bank Institute Working Paper No. 841, May 2018 (in English)
  • “Japanese Economy at a Crossroads (12): Can Tokyo Really be able to Become Asian’ Financial Center (2)” (in Japanese) May 14, 2018
  • “Cashless Society From E-Money to Cryptocurrency” OMNI MANAGEMENT (in Japanese) May 2018
  • “Book Review: Truth about Cryptocurrency” Weekly Economist (in Japanese), May 8, 2018
  • “Japanese Economy at a Crossroads (11): Can Tokyo Really be able to Become Asian’ Financial Center (1)” (in Japanese) April 25, 2018
  • “Japanese Economy at a Crossroads (10): What should the Bank of Japan do Next? (2)” (in Japanese) April 11, 2018
  • “Japanese Economy at a Crossroads (9): What should the Bank of Japan do Next? (1)” (in Japanese) March 28, 2018
  • “Japanese Economy at a Crossroads (8): Forward Guidance that Has Large Impacts on Markets” (in Japanese) March 14, 2018
  • “Japanese Economy at a Crossroads (7): US Monetary Policy under New FRB Chairmen Powell” (in Japanese) February 28, 2018
  • “Japanese Economy at a Crossroads (6): Why Do Central Banks Care So Much About Inflation Targets?” (in Japanese) February 14, 2018
  • “Book Review: Japan’s Small and Medium Enterprises by Mitsuhiro Seki” Weekly Economist, February 5, 2018 (in Japanese)
  • “The Japanese Economy at a Crossroads (5): North Korean Geopolitical Risk and Japan’s Yen as a Safe-Haven Currency” Shogakukan BOOK PEOPLE, January 24, 2018 (in Japanese)
  • “Favorable Japanese Economic Performance and Global Environment” Monthly Keidanren, January 2018 (in Japanese)
  • “ECB Beginning to Normalize Monetary Policy” World Economic Review, Vol. 62, No.1, January-February 2018 (in Japanese)
  • “The Japanese Economy at a Crossroads (4): How are Global Geopolitical Risks Affect the Global Economy” Shogakukan BOOK PEOPLE, January 15, 2018 (in Japanese)
  • Writing Note on Book Titled “Japanese Economy after the Tokyo Olympic Game, MITA HYORON, December 2017 (in Japanese)
  • “The Japanese Economy at a Crossroads (3): Best Timing to Normalize BOJ’s Monetary Policy” Shogakukan BOOK PEOPLE, December 27, 2017 (in Japanese)
  • “The Japanese Economy at a Crossroads (2): Does Japan Really Need Fiscal Consolidation?”Shogakukan BOOK PEOPLE, December 13, 2017 (in Japanese)
  • “The Japanese Economy at a Crossroads (1): BOJ’s Dilemma and Abenomics”Shogakukan BOOK PEOPLE, November 22, 2017 (in Japanese)
  • “Side Effects Causing a Decline in the Natural Rate of Interest” Weekly Economist, October 31, 2017 (in Japanese)
  • “Normalization of Monetary Policy and Central Bank Balance Sheets: the Case of Japan” VOX CEPR’s Policy Portal, October 13, 2017
  • “Do not buy a house Now! Japan’s Real Estate Price After the 2020 Tokyo Olympic” @DIME, October 12, 2017 (in Japanese)
  • “Japan’s Ineffective Efforts at Monetary Easing” Central Banking Journal, October 11, 2017
  • “Declining Long-Term Interest Rates and Implications for Monetary Policy: the Case of Japan” VOX CEPR’s Policy Portal, October 5, 2017
  • “Financial Crises Happen in the Year Ending “7”: Will this Jinx be Materialized?” Book People, October 4, 2017 (in Japanese)
  • “Keys to Financial Revitalization: Adoption of Fintech and More Flexible Approach to Lending Rates” Forward, GINKO JITSUMU, October 2017(in Japanese)
  • “Tokyo Global Financial Center Under the Spotlight Again” The DIPLOMAT, September 22, 2017
  • “Book Review: (Translated Book) Money Trap by Robert Pringle” Weekly Economist, September 12, 2017
  • "The Bank of Japan's Monetary Easing and Portfolio Rebalancing Channel" VOXCEPR's Policy Portal Columns, July 31, 2017.
  • “Book Review: (Translated Book) The End of Alchemy: Money, Banking, and the Future of the Global Economy" by Marvin King” Weekly Economist, August 1, 2017
  • “The Bank of Japan’ Tree Communication Challenges” OPINION, Japan Times, July 20, 2017
  • “The BOJ’s Exit Policy and Balance Sheet Risks” Central Banking July 19, 2017 (Central Banking Journal)
  • “BOJ Faces Growing Communications Challenge” Central Banking July 11, 2017
  • “Tokyo as a Leading Global Financial Center: The Vision Under the Spotlight Again”, Asian Development Bank Institute Working Paper No. 758, July 2017
  • “Can Tokyo Become a Truly Global Financial Center” OPINION、Japan Times, July 4, 2017
  • “Monetary Policy Agenda: Conditions for Enhancing the Effectiveness of the Native Interest Rate Policy” NIKKEI NEWSPAPER, KEIZAI KYOSHITSU July 29, 2017 (I Japanese)
  • “Sweden as Moving Ahead as Cashless Economy” KINYU ZAISEI JIJYO, JIRON, June 26, 2017 (in Japanese)
  • “Japan Can’t Devalue Its Way to Recovery” OPINION, The Wall Street Journal, May 21, 2017.
  • “Sweden: Cashless Economy Based on Private Sector Initiatives,” Weekly Economist, May 30, 2017 (in Japanese)
  • “Monetary Policy: The BOJ’s Risky Yield Curve Control Experiment,” Central Banking Journal, May 2017
  • “Exchange Rate Issues, Is Mr. Trump’s Target on Japan rather than on China” NIKKEI ONLINE BUSINESS, April 26, 2017 (in Japanese)
  • “ECB’s Monetary Policy: Announcement of Taping in the Fall?” The Weekly ECONOMIST, April 25, 2017 (in Japanese).
  • “BOJ’s Dilemma between Price Stability and Financial Stability” Opinion, Japan Times, April 17, 2017.
  • “The Contradiction in Japan’s Monetary Policy” Opinion, the Wall Street Journal, April 12, 2017.
  • “New Problems from Yield Curve Control: Bank of Japan Needs More Time to Hit 2% Inflation,” The Bulletin, April 2017, Nol. 8, Ed.4.
  • “Book Review: Kakei no Keizaigaku by Toshiaki Tachibanaki” The Weekly ECONOMIST, April 18, 2017.
  • “The Truth about Deflation,” Opinion, The Japan Times, March 30, 2017.
  • “BOJ’s Mission to Reflate Economy Incomplete,” Opinion, the Japan Times, March 22, 2017
  • “Super-Easy Monetary Policy and Reflating Japan’s Economy,” VOX CEPR’s Policy Portal, March 16, 2017.
  • “Japan’s Mistake of Negative Interest Rates,” Wall Street Journal, Opinion, March 8, 2017.
  • “Ireland’s Opportunities from BREXIT: Advantageous Positions in Language, Locations, and Law for Firms’ Relocation from London” Weekly Economist, February 28, 2017 (In Japanese).
  • “Why have Japan and China been Criticized as Currency Manipulators?” NIKKEI ONLINE BUSINESS, February 13, 2017 (in Japanese)
  • “What Have We Learnt From Super-Easy Monetary Policy,” Monthly SHIHON SHIJYO, February 2017 (in Japanese).
  • Shogakukan, COMPLETE JAPANESE ENCYCLOPEDIA (ENCHYCLOPEDIA NIPPONICA), Writing in Charge of Contents on Monetary Policy (Monetary Policy, Bank of Japan, Yield Curve, Yield Curve, Hyperinflation, Helicopter Money, Masaaki Shirakawa, Haruhiko Kuroda, Mario Draghi, Ben Bernanke, BOJ’s TANKAN, BOJ’s Sakura Report, etc.), December 2016 (in Japanese).
  • “Future Direction of UK’s Brexit and Monetary Policies of the BOE and ECB”, ECO-FORUM Vol. 32, No.1, 2016, The Institute of Statistical Research (in Japanese)
  • “New Framework of BOJ’s Monetary Policy” NIKKEI NEWSPAPER Keizai Kyositsu, November 25, 2016 (in Japanese)
  • “UK’s Referendum Decision to Leave the EU and BOE’s Monetary Policy”, WORLD ECONOMIC REVIEW, Vol. 60, No. 6, 2016 pp. 15-23 (in Japanese)
  • “New Trends in Global Monetary Policies, NIKKEI NEWSPAPER, Yasashii Keizaigaku, 11 Series from May 9 to Mary 23, 2016 (in Japanese)
  • “Focus on Raising Inflation Expectations” NIKKEI NEWSPAPER, Keizai Kyositsu, August 2015 (in Japanese)
  • “Quantitative and Qualitative Monetary Easing Policy and Portfolio Rebalance” MONTHY SHIHON SHIJYO, pp. 4-11, October 2014 (in Japanese).
  • “Japan’s Monetary Policy in a Challenging Environment” Eurasian Economic Review, Vol.4, Issue 1, pp.3-24, 2014.
  • “Bank of Japan's Current Monetary Easing and Forward Guidance” in VoxEU E-Book“Forward Guidance”2013.
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