Study of the financial aspects of the Japanese economy, especially corporate finance and governance.

1983 B.A.in social sciences, University of Tokyo
1988 Ph.D.in economics, Massachusetts Institute of Technology

1988-1994 Assistant Professor at IR/PS
1994-2000 Associate Professor at IR/PS
1997-1998 Tokio Marine & Fire Visiting Associate Professor at Osaka University
1998 Visiting Scholar at Bank of Japan Institute for Monetary and Economic Studies
1999- Editor in Chief of Journal, Japanese and International Economies

Corporate Financing and Governance in Japan: The Road to the Future (MIT Press, 2001; co-authored with Anil Kashyap, Graduate School of Business, University of Chicago); Crisis and Change in the Japanese Financial System (Kluwer Academic Publishers, 2000; edited with Hugh Patrick, Graduate School of Business, Columbia University); "The Convoy System for Insolvent Banks: How It Originally Worked and Why It Failed in the 1990s," Japan and the World Economy, 2002; "The Japanese Banking Crisis: Where did it come from and how will it end?" (Joint with Anil Kashyap) NBER Macroeconomics Annual 1999; "Japanese Corporate Governance as a System" in Klaus Hopt et al. eds. Comparative Corporate Governance, Oxford University Press, 1998; "Heterogeneous Beliefs, Wealth Accumulation, and Asset Price Dynamics" (Joint with Antonio Cabrales) Journal of Economic Dynamics and Control, 1996; "Financial System Reform in Poland: Lessons from Japan's Main Bank System" (joint with Anil Kashyap and Gary Loveman) in Masahiko Aoki and Hugh Patrick eds. The Japanese Main Bank System, Oxford University Press, 1994; and "Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups" (joint with Anil Kashyap and David Scharfstein) Quarterly Journal of Economics, 1991.

Founding member of Shadow Financial Regulatory Committee in Japan