1.＜ 10:00 - 12:00 ＞

Room A（Building 5, Room 521）
Session:Monetary Policy and Macroeconomics Ⅰ

• Chair
• Kobe University
• Shin-ichi Nishiyama

（1）Inflation Expectations Curve in Japan

• Presenter
• Bank of Japan
• Toshitaka Maruyama

• Bank of Japan
• Kenji Suganuma

• Discussant
• University of Tokyo
• Mototsugu Shintani

（2）The role of money and optimal monetary policy in a two country economy

• Presenter
• Momoyama Gakuin University
• Daisuke Ida

• Discussant
• Kobe University
• Shin-ichi Nishiyama

（3）Optimal Monetary and Fiscal Policy Rules, Welfare Gains, and Exogenous Shocks in an Economy with Default Risk

• Presenter
• Komazawa University
• Masataka Eguchi

• Nagoya City University
• Okano Eiji

• Discussant
• Osaka University of Economics
• Yukio Fukumoto

Room B（Building 5, Room 522）
Session:Foreign Exchange and Currency

• Chair
• Aichi University
• Yutaka Kurihara

（1）Price Discovery and Liquidity Recovery: Forex Market Reactions to Macro Announcements

• Presenter
• Columbia University/National Graduate Institute for Policy Studies
• Takatoshi Ito

• Osaka University
• Masahiro Yamada

• Discussant
• Shiga University
• Yushi Yoshida

（2）Japanese Overseas Subsidiaries’ foreign exchange risk management and choice of invoice currency from 2018 RIETI Questionnaire survey results

• Presenter
• Columbia University/National Graduate Institute for Policy Studies
• Takatoshi Ito

• Chuo University
• Satoshi Koibuchi

• Yokohama National University Kiyotaka Sato
• Kiyotaka Sato

• Gakushuin University
• Junko Shimizu

• Chuo University
• Taiyo Yoshimi

• Discussant
• Keio University
• Mitsuyo Ando

（3）Tariff Reduction and Its Effects on the International Wine Trade: A Gravity Model Approach

• Presenter
• Chuo University
• Kimie Harada

• Kwansei Gakuin University
• Shuhei Nishitateno

• Discussant
• Meiji Gakuin University
• Yuri Sasaki

Room C（Building 5, Room 523）
Session:Financial Market Analysis Ⅰ

• Chair
• Musashi University
• Tsutomu Chano

（1）How Arbitrage Free is the Nelson Siegel Model under Stochastic Volatility?

• Presenter
• Chuo University
• Takamizawa Hideyuki

• Discussant
• NUCB Business School
• Takeshi Kobayashi

（2）Estimating the Investment Value of Sustainable Bonds Using Conjoint Analysis

• Presenter
• Mizuho Securities, Co., Ltd
• Toru Suehiro

• Mizuho Securities, Co., Ltd
• Shintaro Inagaki

• Hosei University
• Koichi Takeda

• Discussant
• The University of Tokyo
• Tomonori Yuyama

（3）Empirical Analysis of ESG Scores

• Presenter
• The University of Tokyo
• Tomonori Yuyama

• Aoyama Gakuin University
• Yoko Shirasu

• Keio University
• Soichiro Moridaira

• Discussant
• Musashi University
• Nakajima Kan

Room D（Building 5, Room 525）
Session:Session:Corporate Finance

• Chair
• Chuo University
• Eiji Okuyama

（1）Trade Credit and Informational Revelation

• Presenter
• Tokyo International University
• Makoto Shimizu

• Discussant
• Kindai University
• Takayoshi Nakaoka

（2）Which type of institutional investors promotes CSR?

• Presenter
• Kyoto University
• Hidetaka Kawakita

• Aoyama Gakuin University
• Yoko Shirasu

• Discussant
• Hitotsubashi University
• Katsushi Suzuki

（3）Key Factors for Corporate Fraud Detection

• Presenter
• Saitama University
• Taketoshi Hashimoto

• Discussant
• Hitotsubashi University
• Masaharu Hanazaki

2.＜ 10:00 - 12:00 ＞

Room E（Building 5, Room 511）
Special Session:The Forefront of Financial Education

• Chair
• Japan Securities Research Institute
• Chiaki Wakazono

（1）The New Wave of Global Financial Education and Japan's Issues

• Presenter
• Bank of Japan
• Ryoko Okazaki

（2）The JSDA's Support Activities for Financial and Securities Education

• Presenter
• Japan Securities Dealers Association
• Kouji Kikuchi

（3）The Effects of Improvement of Financial Literacy on Monetary Policy and Financial System

• Presenter
• Momoyama Gakuin University
• Yuji Kitano

• Discussant
• Aichi University of Education
• Kei-ichiro Nishio

4.＜ 13:30 - 15:30 ＞

Room A（Building 5, Room 521）
Session:Financial Intermediary Ⅰ

• Chair
• Fukuoka University
• Tatsuro Kakeshita

（1）Effects of Bank Soundness on Lending Relationships Promotion Activities

• Presenter
• Aichi Gakuin University
• Eriko Naiki

• Nanzan University
• Yuta Ogane

• Discussant
• Konan University
• Yoshiro Tsutsui

（2）Relationship between Financial Competition and Profitability, Stability in Japanese Regional Banking

• Presenter
• Edogawa University
• Toshihiro Sugiyama

• Discussant
• Okayama University
• Masanori Ohkuma

（3）Under Conditions for a Loan Again, Social Capital and Group Lending

• Presenter
• Niijima Gakuen Junior College
• Matsuda Shinichi

• Discussant
• Meijo University
• Narunto Nishigaki

Room B（Building 5, Room 522）
Session:Financial Market Analysis Ⅱ

• Chair
• Musashi University
• Sanae Ohno

（1）Financial Market Switching Points and Economic Anomalies: Evidence from S&P100

• Presenter
• National Institute of Informatics
• Yuan Yuan

• National Institute of Informatics
• Takayuki Mizuno

• Discussant
• Waseda University
• Yasuhiro Arikawa

（2）Empirical analysis of “free cash flow problem”

• Presenter
• Meiji university
• Oh Dongsuk

• Discussant
• Konan University
• Daichi Baba

（3）Data Driven Financial Services in China and their Implications for Japan

• Presenter
• Kyoto University of Advanced Science
• Lirong Li

• Discussant
• Osaka City University
• Tomei Ou

Room C（Building 5, Room 523）
Session:Financial History

• Chair
• Yamaguchi University
• Daisuke Koga

（1）Why was the National Banking Law Amended in 1877?

• Presenter
• Doshisha University
• Yoshiaki Shikano

• Discussant
• Waseda University
• Masato Shizume

（2）JGB Market Operation by BOJ (1936-1945)

• Presenter
• Tokio Marine Asset Management Co., Ltd.
• Kenichi Hirayama

• Discussant
• Reitaku University
• Masanori Satou

（3）Overcoming the Industrial Pollution and the Role of Finance Revisited: Evidence from the Japan Development Bank in the 1970s

• Presenter
• Development Bank of Japan
• Katsuhisa UCHIYAMA

• Development Bank of Japan
• Yuko HOSODA

• Discussant
• Rissho University
• Kazumi Asako

Room D（Building 5, Room 525）
Session:Currency and Finance in Various Countries

• Chair
• Hitotsubashi University
• Masao Kumamoto

（1）Current Status and Issues to be Considered for Recording Crypto Assets in Macroeconomic Statistics, Focusing on Balance of Payments Statistics

• Presenter
• Chuo University
• Hidetoshi Takeda

• Seijo University
• Yasuo Goto

• Discussant
• Institute for International Monetary Affairs
• Mitsuru Yaguchi

（2）Bank Lending Channel and International Capital Flows into a Banking Sector in a Dollarized Economy

• Presenter
• JICA Research Institute
• Daiju Aiba

• Discussant
• Gakushuin University
• Kaoru Hosono

（3）The Market Competitiveness of Cambodian Commercial Banks: The Estimation of Boone Indicator during The 2007 2017 Period

• Presenter
• Hitotsubashi University
• Hidenobu Okuda

• Hitotsubashi University
• Ye Yichun

• Hitotsubashi University
• Keisuke Taked

• Discussant
• Tokyo University of Foreign Studies
• Kazue Demachi

5.＜ 13:30 - 15:30 ＞

Room E（Building 5, Room 511）
Panel Session: The Future of Money

• Chair
• Future
• Hiromi Yamaoka

（1）Potential of Money in Future from the viewpoints of information and data processing

• Presenter
• University of Tokyo
• Noriyuki Yanagawa

（2）Initiatives of a Mega Bank to explore the future of money designing J Coin Pay

• Presenter
• Muzuho Financial Group / Blue Lab
• Hidenobu Mukai

（3）Driving the world's money forward new financial services to solve societal challenges

• Presenter
• Money Forward
• Toshio Taki

• Discussant
• Seijo University
• Mahito Uchida

6.＜ 15:40 - 16:40 ＞　Invited Lecture

Room F （Building 5, Room 511）

• Chair
• Kobe University
• Nobuyoshi Yamori

• Speaker
• Commissioner, the Financial Services Agency
• Endo Toshihide

Theme：Current conditions and issues of financial system policy

7.＜ 16:50 - 17:40 ＞　General Meeting

Room E （Building 5, Room 511）

8.＜ 18:00 - 20:00 ＞　Reception

Café Pensee in Building 5 1st floor.

9.＜ 10:00 - 12:00 ＞

Room A（Building 5, Room 521）
Session:Monetary Policy and Macroeconomics Ⅱ

• Chair
• Doshisha University
• Shin-ichi Kitasaka

（1）Time-varying bank capital requirements with capital distribution constraints: A DSGE approach

• Presenter
• Nagoya University
• Yoshiaki Sato

• Discussant
• Senshu University
• Kengo Nutahara

（2）Failed processing monetary policy in the finance safety net of the undevelopment period

• Presenter
• Matsumoto University
• Iizuka Toru

• Discussant
• Kobe University
• Kenya Fujiwara

（3）Impact of ETF Purchase Policy by the Japanese Central Bank

• Presenter
• Seikei University
• Masashi Toshino

• Discussant
• Chuo University
• Kimie Harada

Room B（Building 5, Room 522）
Session:Financial Intermediary Institutions Ⅱ

• Chair
• Doshisha University
• Hirofumi Ueda

（1）Empirical Research on the Ability to Contribute to the Client's Business Performance of the Bank Using Customer Financial Data.

• Presenter
• Kyoto University Researcher
• Kiyotsu Yoshihara

• Discussant
• Prefectural University of Hiroshima
• Keiko Murakami

（2）Recent Changes in Households’ Assets and Their Effect on Financial Institutions’ Finance

• Presenter
• Nomura Institute of Capital Markets Research
• Sachiko Miyamoto

• Discussant
• Chuo University
• Toyoharu Takahashi

（3）Lost Decades and Balance Sheet Conditions of Banks and Firms in the Japanese Economy

• Presenter
• Okayama Shoka University
• Satoshi Hoshino

• Discussant
• Tokyo Metropolitan University
• Hirokuni Iiboshi

Room C（Building 5, Room 523）
Session:Session: Regional Finance

• Chair
• Kansei Gakuin University
• Hideo Okamura

（1）Evolution of Real Estate Prices and Agglomeration Theory and Evidence from the Tokyo Metropolitan Area

• Presenter
• Keio University
• Yukari Fukuda

• Discussant
• Develop ment Bank of Japan Inc.
• Jun-ichi Nakamura

（2）What drove regional banks into foreign bond investments?

• Presenter
• Yamagata University
• Masaki Yamaguchi

• Discussant
• Tohoku Gakuin University
• Masashi Igakura

（3）Search for Yield under Prolonged Monetary Easing and Aging

• Presenter
• Waseda Universiy
• Yoshiaki Ogura

• Discussant
• Konan University
• Kiyotaka Nakashima

10.＜ 10:00 - 12:00 ＞

Room E（Building 5, Room 511）
Panel Session:International Capital Flows and Financial System in Emerging Countries

• Chair
• Osaka University of Economics
• Wataru Takahashi

（1）The Effect of Advanced Countries' Monetary Policy on International Capital Flows in Emerging Countries

• Presenter
• Hitotsubashi University
• Masahiko Takeda

（2）Financial System in China

• Presenter
• Bank of Japan
• Tomoyuki Fukumoto

（3）Financial System in ASEAN

• Presenter
• Japan Research Institute
• Satoshi Shimizu

12.＜ 13:30 - 16:00 ＞

Room E（Building 5, Room 511）
Symposium: Reorganization of banking and regional common interest; An attempt for a new approach from a historical perspective

• Chair
• Waseda University
• Masato Shizume

（1）Development of relationship banking in Japan

• Presenter
• Hosei University
• Masayoshi Tsurumi

（2）Modernity of the wartime bank integration by the Bank of Japan; One prefecture one banking principle revisited

• Presenter
• Reitaku University
• Masanori Sato

（3）Cooperative banks and community; A Reconsideration of the debate on "Community Bank" in the 1970s

• Presenter
• Meijo University
• Daisuke Arai

• Discussant
• Kobe University
• Hirofumi Uchida

• Konan University
• Yoshiro Tsutsui