Faculty Fellow

Professor, Faculty of Commerce, Waseda University
Executive Vice President, Waseda University
Adviser, Waseda Institute for Advanced Study

Activities at RIETI


Japanese Economy, Economic History of Japan, Corporate Finance, Corporate Governance Comparative Financial Systems.

Research Projects


2005 Ph.D., Commerce, Waseda University
(Economics, the University of Tokyo, Ph.D. course work is finished 1985.)
1980 M.A., Economics, Rikkyo University
1978 B.A., Economics, Rikkyo University


1995 - Professor, Faculty of Commerce, Waseda University
2018 - Executive Vice President (Financial Affairs), Waseda University
2018 - Advisor, Waseda Institute for Advanced Study (WIAS)
2010 - 2018 Director, Waseda Institute for Advanced Study (WIAS)
2006 - 2010 Vice-director, Waseda Institute for Advanced Study (WIAS)
2003 - 2013 Vice-director, Waseda Institute for Corporation Law and Society
2004 - 2005 Visiting scholar, Reischauer Institute of Japanese Studies, Harvard University
1999 - 2000 Lecturer, Business Administration, Hosei University
1992 - 1994 Visiting Scholar, Reischauer Institute for Japanese Studies, Harvard University
1989 - 1994 Associate Professor, Graduate School of Commerce, Waseda University
1987 - 1989 Full-time Lecturer, Graduate School of Commerce, Waseda University
1985 - 1987 Assistant Professor, Institute of Social Science, University of Tokyo

2010 - Affiliated Reserchers, Fondation France-Japon de l'École des Hautes Études en Sciences Sociales
2002 - Faculty Fellow, Research Institute of Economy, Trade & Industry (RIETI)
2001 - Special Research Fellow, Policy Research Institute, Ministry of Finance of Japan
2001 - Adjunct Professor, Chung-Ang University

Selected Publications and Papers


  • Corporate Governance in Japan: Institutional Change and Organizational Diversity, Oxford University Press, 2007 (co-edited with Masahiko Aoki, Gregory Jackson)
  • Gendai Nihon Keizai, Yuhikaku (with Toshiro Hashimoto, Makoto Hasegawa), 2006.
  • Nihon Keizai Hatten no Micro Bunseki : Sangyo Seisaku to Kigyo Tochi no Keizaishi, Yuhikaku, 2004.
  • Changes and Continuity in Japan, Routledge Curzon Press (with Syed Maswood and David Graham), 2002.
  • Competition for Competitiveness; Business Government Relationships in the Golden Age , Oxford University Press, (with T.Kikkawa and T. Hikino), 1999.

Articles and Chapters

  • "Japan's Banking Crisis: Who has the Most to Lose?," Journal of Banking and Finance, forthcoming (with Yishay Yafeh).
  • "Relational Banking in post Bubble Japan: Co-existence of soft-and hard budget constraint," in Masahiko Aoki et al. eds., Corporate Governance in Japan: Institutional Change and Organizational Diversity," Oxford University Press, forthcoming (with Yasuhiro Arikawa).
  • "Overview of the Japan's Development and Growth Process: Knowledge Economy Perspective, Transition to the Knowledge-Based Economy and Its Success Elements," The World Bank.

    "Relationship Banking and Debt Choice: Evidence from Japan," Corporate Governance: An International Review, vol.13-3, May 2005 (with Yasuhiro Arikawa).
  • "Change and Overhaul in the J-type firm: Stepping back bank-centred governance and increasing role of internal governance," in Syed Maswood and Hideaki Miyajima eds., Changes and Continuity in Japan, Curzon Press, 2002.
  • "Changing Corporate Finance and its Impact on Corporate Strategy After Bubble Period: Is Long-term Strategy of Japanese Firm Really Changing?," (with Yasuhiro Arikawa), in Usha C.V. Haley and Frank Jurgen Richter eds., Asian Post Crisis Management: Corporate and Government Strategies for Sustainable Competitive Advantage, Macmillan/St. Martin Press 2001.
  • "Corporate Governance, Relational Banking and R&D: Evidence from Japanese Large Firms in the 1980s and 1990s," (with Arikawa, Yasuhiro and Kato, Atsushi), International Journal of Technology Management 23, No.8.