Consulting Fellow

Professor, Department of Economics, Musashino University

Activities at RIETI


Urban Economics, Analysis of Real Estate Prices, REITs and Institutions for Innovation


2008 Ph.D. (Economics), Osaka University
1998 M. Sc. in Regional and Urban Planning Studies, London School of Economics and Political Science, UK
1986 Bachelor of Law, the University of Tokyo


2018.4 Chief Economist for Infrastructure Policy, Policy Bureau, Ministry of Land, Infrastructure, Transport and Tourism
2014.7 Professor, National Graduate Institute for Policy Studies
2012.7 Director for Infrastructure, Social and Economic System, Cabinet Office
2005.7 Associate Professor, Social and Economic Research, Osaka University

Selected Publications and Papers


  • An Economic Analysis of Compact City and Urban Residence, Tokyo: Nippon Hyoronsha, February 2017.
  • An Economic Analysis of Financial Market of Housing Loan and Real Estate, Tokyo: Nippon Hyoronsha, February 2008.

Papers Published in Refereed Journals

  • "The effect of Compact City on cities budget – the analysis by standard distance," Urban Housing Science 95, pp.142-150, October 2016
  • "The Analysis of Mortgage Prepayment, Refinancing and Delay of Payment," Urban Housing Science 58, pp.66-75, July 2007
  • "Estimating Mortgage Choice and Demand for Housing: The Effect of Risk Aversion and Interest Rates," The Japanese Journal of Real Estate Science 80, pp.94-103, June 2007
  • "Regional Crime Rates and Its Influence on Land Prices," JCER Economic Journal 56, pp. 70-91, March 2007.