The below information is as of May 31, 2013. It may differ from the current information.



Faculty Fellow (until May 31, 2013)

Professor of Economics, Keio University

Activities at RIETI

Research Projects


2004 Honorary Doctorate, University of Gothenburg, Sweden
1979 Ph.D. Economics, Johns Hopkins University
1973 B.A. Economics, Tohoku University, Japan


1991-Present Professor of Economics, Keio University, Japan
1997, 1999, 2006 Visiting Professor, Fondation Nationale Des Sciences Politiques, Paris
1996 Visiting Professor, New South Wales University, Sydney, Australia
1993 Visiting Professor, Goteborg University, Sweden
1990-1991 Associate Professor of Economics, Keio University, Japan
1982-1990 Associate Professor, Graduate School of Policy Science, Saitama University, Japan
1979-1981 Assistant Professor, State University of New York at Buffalo

Selected Publications and Papers

"Japanese financial service firms in East and Southeast Asia: Location pattern and strategic response in changing economic conditions" (with Patrik Strom), Asian Business and Management, Vol.8, No.1, pp33-58, Macmillan, 2009.

"Global Financial Crisis and Policy Issues That Needed to be Addressed," Research Institute of Ministry of Economy, Trade and Industry (RIETI), Policy Update 034.

"Basket peg, Dollar peg and Floating Exchange Rate System," Journal of Japanese and International Economies, 2004.

Small Savings Mobilization and Asian Economic Development, (with M.E. Sharpe and Scher), 2004.

Postal Savings and Fiscal Investment in Japan (with Cargill), Oxford University Press, 2004.

"An Expanded Equation Approach to Weak Exogeneity Tests in Structural Systems and A Monetary Application," Review of Economics and Statistics, Vol.22, No.1, 173-177, 1990.

"The Tax System and the Fiscal Investment and Loan Program" (with Seiritsu OGURA), Industrial Policy of Japan, edited by Komiya, Academic Press, 1988.


2007-present Chairman, Fiscal Council, Fiscal Investment and Loan Program, Ministry of Finance (MOF)
2005-present Chairman, Research Meeting on Nonbank Financial Institutions, Financial Services Agency (FSA)
2005-present President, Foreign Exchange Council, MOF
2003-present Director, Financial Research and Training Center, FSA
2000-present Vice President, Japan Association of Financial Planning
2002-present Chairman, Investors on JGB meeting, MOF
2002-present Chairman, Banks' Stock Acquisition Corporation
2001-present Member, Fiscal Council, MOF
1999-present Policy Board Member, Japan Deposit Insurance Corporation