2024 Spring Annual Meeting

Program Day 1　May 18 （Saturday）

Presidential Address　9:00-9:45

Large Lecture Hall　Presidential Address

Host
Shinobu NAKAGAWA（Saitama University）

Speaker
JSME President Shin-ichi FUKUDA（The University of Tokyo）

Morning Session　10:00-12:00

Room A　Panel Session: Monetary History　A Micro Data Analysis of Bank Behavior in Japan during the Meiji Era

Chair
Masanori SATO（Reitaku University）

Purpose of the panel session

 

Bank Capital and Bank Behavior of Regional Banks: A Case Study of Tama in the Prewar Period

Panelist　Daisuke HAYAKAWA（Aichi University）

Bank Capital and Profit: An Analysis of Announcement of Financial Results in the Meiji Era's "Ginko Tsushinroku" (Bankers' News Letter Records)

Panelist　 Masayoshi TSURUMI（Hosei University）

Bank Capital and Bank Behavior during the Meiji Era: An Analysis of Bank Micro Data

Panelist　Kazuki MIURA（Aichigakuin University）

Discussant　Koki IWAMA（Kindai University）

Room B　Session　Monetary Economics ①

Chair
Mariko TANAKA （Musashino University）

Credit Supply and Housing Prices: Evidence from Banking Deregulation in China

Presenter　Masaya SAKURAGAWA（Keio University）、Satoshi TOBE*（Kwansei Gakuin University）、Mengyuan ZHOU (University of Nagano)
Discussant　Lirong LI（Asia University）

Commodity Prices, Financial Frictions, and Macroprudential Policies

Presenter　Shigeto KITANO*（Kobe University）、Kenya TAKAKU（Hiroshima City University）
Discussant　Masataka EGUCHI（Komazawa University）

Room C　Session　Financial Intermediary ①

Chair
Yoshihiro ASAI (Meiji University)

Anatomy of Out-of-court Debt Workouts for SMEs

Presenter　Tomohito HONDA (Kobe University)
Discussant　Konari UCHIDA (Kyushu University)

What are zombie firm criteria capturing? A view from stock price information and forecasting power

Presenter　Jun-ichi NAKAMURA (Toyo University)
Discussant　Iichiro UESUGI (Hitotsubashi University)

Room D　Session　Exchange Rate / Currency

Chair
Kimie HARADA （Chuo University）

The Dollarization Initiative and Economic Policies of Milei's Administration: Insights from the Argentina's Convertibility Plan

Presenter　Kenji HOSONO（Mukogawa Women's University）*, Hitoshi OHSHIGE (Kanazawa Seiryo University)
Discussant　Toshiro NISHIZAWA（The University of Tokyo）

Consideration for implementing Asia Digital Common Currency (ADCC)

Presenter　Taiji INUI（ISO/TC68 related committee）*, Wataru TAKAHASHI（Osaka University of Economics ）
Discussant　Yo KIKUCHI（JBIC）

Legal Analysis on CBDCs and Ecoomic Security

Presenter　Takashi KUBOTA（Waseda University）
Discussant　Masashi NAKAJIMA（Reitaku University）

Room E　Session　Financial Literacy

Chair
Noriyoshi YANASE (Keio University)

The Impact of Digital Financial Inclusion on Labor Market

Presenter　Jianhan ZHANG (Ph.D Student, Hitotsubashi University)
Discussant　Yuji KITANO(Osaka Metropolitan University)

Financial Literacy and Resilience to Natural Disasters among Small Business Owners -An Analysis Based on a Questionnaire Survey

Presenter　Nobuyoshi YAMORI (Kobe University), Hitoe UEYAMA (Nagoya Gakuin University),Yoshihiro ASAI (Meiji University)
Discussant　Noriyoshi YANASE (Keio University)

Analysis of Stock Investment Gains of Individual Investors in Japan

Presenter　Takuya IKEBATA (Ph.D Student, Aoyama Gakuin University), Mitsuru MORITA (Aoyama Gakuin University), Akiko KAMESAKA* (Aoyama Gakuin University)
Discussant　Junko SHIMIZU (Gakushuin University)

Room F　Special Session　Financial System and Bank Examination Department, Bank of Japan

Chair
Yukie SAKURAGAWA （Atomi University）

On Financial System Report

Presenter　Naohisa HIRAKATA (Bank of Japan)

Luncheon Special Session　12:15ｰ13:15

*You can participate while having lunch. Please feel free to bring your own lunch.

Room F　Luncheon Special Session　Japan Securities Dealers Association

Chair
Yoko SHIRASU (Aoyama Gakuin University)

Results of the "Survey on Retail Investors' Attitudes Toward Securities Investment" for FY 2023　-Mainly NISA account usage-

Presenter　Takuro MIZUNO (Japan Securities Dealers Association)

Afternoon Session　13:30-15:30

Room A　Panel Session: International Monetary Economics　The Weakening of the Yen and the Japanese Economy under the Income Balance Surplus

Chair
Junko SHIMIZU (Gakushuin University)

Impact of exchange rate fluctuations in terms of balance sheet effects

Panelist　Hiroyuki ITO (Portland State University)

IMF model and income balance in Japan

Panelist　Takahiro HATTORI (The University of Tokyo)

The Impact of the Yen Depreciation on the Japanese Markets: A Practitioner's Perspective

Panelist　Nana OTSUKI (Pictet Japan)

Current account with new era deficits

Panelist　Daisuke KARAKAMA (Mizuho Bank)

Room B　Session　Monetary Economics ②

Chair
Shugo YAMAMOTO (Rikkyo University)

Optimal Monetary Policy when the Fiscal Authority is Impatient: The Role of Government Debt Maturity

Presenter　Hidekazu NIWA (Osaka University)
Discussant　Mitsuru KATAGIRI (Hosei University)

Inflation, Business Cycle, and Monetary Policy: The Role of Inflationary Pressure

Presenter　Masahiko SHIBAMOTO (Kobe University)
Discussant　Mototsugu SHINTANI（The University of Tokyo）

Effects of asset commonality among banks on interbank liquidity allocation and economic fluctuations

Presenter　Kenta TOYOFUKU (Nihon University)
Discussant　Yoshiaki OGURA (Waseda University)

Room C　Session　Corporate Finance

Chair
Hidetomo TAKAHASHI (Hosei University)

Do Japanese CFOs contribute to increasing corporate value?

Presenter　Toshiyuki KOBAYASHI (Teikyo Heisei University)
Discussant　Hokuto DAZAI (Nagoya University of Commerce & Business)

Why Do Unlisted Firms Hold Cash?

Presenter　Yuta OGANE* (Nanzan University), Eriko NAIKI (Doshisha University)
Discussant　Toshinori SASAKI (Toyo University)

Room D　Session　Financial Market Analysis

Chair
Junko KOEDA (Waseda University)

The Linkage between the USD/JPY Exchange Rate and TOPIX after the COVID-19 Pandemic－Empirical Analysis Using VAR Model and Markov Switching Model

Presenter　Kiyotaka SATOYOSHI (Toyo University) , Mika CHIBA* (Ph.D. Student, Toyo University)
Discussant　Naoko HARA (Seikei University)

Intermarket Linkages between Bonds and Equities－Side effects and Predictions on Bond Term Premiums by the Bank of Japan's ETF purchase

Presenter　Hidetaka HANADA (Nomura Research Institute, Ph.D. Student, Saitama University)
Discussant　Hibiki ICHIUE (Keio University)

The Impact of the Bank of Japan's Unconventional Monetary Policy on Value and Growth Stock Returns

Presenter　Masahiro ICHIKAWA (Sumitomo Mitsui DS Asset Management, Ph.D. Student, Hitotsubashi University）
Discussant　Kohei AONO (Ritsumeikan University)

Room E　Session　Financial History

Chair
Jun-ichi NAKAMURA (Toyo University)

Unit cost of financial intermediation in Japan, 1954－2020

Presenter　Hiroshi GUNJI (Daito Bunka University), Arito ONO* (Chuo University), Masato SHIZUME (Waseda Universiry), Hirofumi UCHIDA (Kobe University), Yukihiro YASUDA (Hitotsubashi University)
Discussant　Takeo HOSHI (The University of Tokyo)

Profitability of Japanese Regional Banks in the Interwar Period

Presenter　Yoshiaki SHIKANO (Doshisha University)
Discussant　Kenichi HIRAYAMA (Tokio Marine Asset Management Co., Ltd.)

Room F　Session　English Session hosted by JJMFE

Chair
Shin-Ichi NISHIYAMA (Kobe University）

The banking market competition and lending decision behavior in China

Presenter　Dachen SHENG* (Yamanashi Gakuin University), Heather MONTGOMERY (International Chrisitian University)
Discussant　Agata WIERZBOWSKA (Kobe University)

The effectiveness of foreign exchange interventions in Japan

Presenter　Opale GUYOT (Ph.D. Student, International Christian University), Heather MONTGOMERY* (Internationational Christian University), Dachen SHENG (Yamanashi Gakuin University)
Discussant　Kimie HARADA (Chuo University)

Invited Lecture　15:40-16:40

Large Lecture Hall Invited Lecture

Host
Shinobu NAKAGAWA（Saitama University）

Speaker　Teruhisa KURITA（Commissioner of Financial Services Agency）

General Meeting　16:50-17:50

Large Lecture Hall General Meeting

Reception　18:00-20:00

Program Day 2　May 19 （Sunday）

Morning Session　10:00-12:00

Room A　Panel Session: Central Bank　CBDC: its current status and future possibilities

Chair
Etsuro SHIOJI (Chuo University)

National Bank of Cambodia’s payment system “BAKONG” and CBDC feasibility study in Asia and Pacific Island countries

Panelist　Kazumasa MIYAZAWA (Soramitsu Co., Ltd.)

China’s Initiatives for e-CNY: Current Situation and Prospects

Presenter　Tomoyuki FUKUMOTO (Osaka University of Economics)

Explorations on Central Bank Digital Currency

Presenter　Masaki BESSHO (Bank of Japan)

Room B　Session　International Finance

Chair
Masao KUMAMOTO (Hitotsubashi University)

Asymmetric Exchange Rate Pass-Through between Unexpected Yen Appreciation and Depreciation: The Case for Japanese Machinery Exports

Presenter　Nan LIU* (Ph.D. Student, Yokohama National University), Kiyotaka SATO (Yokohama National University)
Discussant　Yushi YOSHIDA (Shiga University)

Global risk factors and their impacts on interest rates and exchange rates: evidence from ASEAN+4 economies

Presenter　Pengfei LUO*（Setsunan University）、Eiji OGAWA（Tokyo Keizai University）
Discussant　Yuri SASAKI（Meiji Gakuin University）

Global Financial Network in Asia

Presenter　Masaki YAMAGUCHI (Yamagata University)
Discussant　Fumiharu MIENO (Kyoto University)

Room C　Session　Financial Intermediary ②

Chair
Naoshi IKEDA (Nihon University)

Changes in the Number of Domestic Bank Branches

Presenter　Toshihiro SUGIYAMA* (Edogawa University), Shinobu NAKAGAWA (Saitama University)
Discussant　Ikuko SAMIKAWA (Japan Center for Economic Research)

CSR Disclosure and Governance Factors in the Japanese Banking Industry ~A Study from a Text Mining Analysis of Annual Securities Reports~.

Presenter　Yuji MORI* (Takasaki City University of Economics), Naoshi TAMANOUCHI (Ark Totan Alternative Co.,Ltd.)
Discussant　Minoru MATSUBARA (Resona Asset Management Co., Ltd.)

The Qualitative Aspects of Bank Lending

Presenter　Qing-yuan SUI (Yokohama City University)
Discussant　Jun-ichi NAKAMURA (Toyo University)

Room D　Session　Regional and SME Finance

Chair
Shintaro TOMITA (Keio University)

Intention and reality of management integration as a regional bank management ～Focusing on regional banks and second-tier regional banks～

Presenter　Toshiro HASEGAWA (Ph.D. Student, Saitama University)
Discussant　Yasushi ABE (Teikyo Heisei University)

Considerations about the Future of Regional Financial Institutions

Presenter　Toru IIZUKA (Matsumoto University)
Discussant　Hironari NOZAKI (Toyo University)

Room E　Session　Willingness to Pay

Chair
Naoko NEMOTO (Waseda University)

An Empirical Study on Consumer Surplus and Network Costs Related to Cashless Payments

Presenter　Kenya FUJIWARA* (Kobe University), Takayoshi NAKAOKA (Doshisya Universit)　
Discussant　Shuji KOBAYAKAWA (Meiji University)

Investigating Factors Affecting Institutional Investors’ Green Bond Investments: Cases for Beijing and Shenzhen

Presenter　Yoshihiro ZENNO* (The Tokyo Tanshi Co., Ltd),　Kentaka ARUGA (Saitama University)
Discussant　Tomonori YUYAMA (Senshu University)

Symposium　13:30-16:00

Large Lecture Hall Symposium　Macro Stabilization Policies in the 21st Century - Past, Present and Future -

Chair
Shinobu NAKAGAWA（Saitama University）

Purpose of the symposium

Can Japan escape from the “zero interest rate trap”?

Panelist　Masaya SAKURAGAWA（Keio University）

The problem of excessive government finances and monetary easing

Panelist　Chotaro MORITA（All Nippon Asset Management）

The end of the monetary policy era

Panelist　Kazuo MOMMA（Mizuho Research & Technologies）

The sustainability of Japanese budget

Panelist　Koji YANO（Kanagawa University, Hitotsubashi University）

Program committee

Eiji OKANO（Nagoya City University, Chairperson)
Yoshihiro ASAI (Meiji University)
Kimie HARADA （Chuo University）
Naoshi IKEDA (Nihon University)
Shigeto KITANO（Kobe University）
Junko KOEDA (Waseda University)
Masao KUMAMOTO (Hitotsubashi University)
Shinichiro MAEDA (Kyushu University)
Heather MONTGOMERY (Internationational Christian University)
Jun-ichi NAKAMURA (Toyo University)
Naoko NEMOTO（Waseda University)
Shin-Ichi NISHIYAMA (Kobe University）
Takeshi OSADA（Saitama University）
Masaya SAKURAGAWA（Keio University）
Yukie SAKURAGAWA （Atomi University）
Sovannroeun SAMRETH (Saitama University)
Masanori SATO（Reitaku University）
Etsuro SHIOJI (Chuo University)
Yoko SHIRASU (Aoyama Gakuin University)
Hidetomo TAKAHASHI (Hosei University)
Mariko TANAKA （Musashino University）
Shintaro TOMITA (Keio University)
Shugo YAMAMOTO (Rikkyo University)
Noriyoshi YANASE (Keio University)

Executive committee

Shimo-Okubo 255, Sakura-ku, Saitama-shi, 338-8570 JAPAN
Saitama University Graduate School of Humanities and Social Sciences

Shinobu NAKAGAWA（Saitama University, Chairperson）
Takeshi OSADA（Saitama University）
Sovannroeun SAMRETH (Saitama University)
Nakako ZUSHI（Saitama University）
Yuehua HUANG（Shizuoka University）
Taku KINAI（J. F. Oberlin University）
Hiroyuki MIYAMOTO（Toyohashi University of Technology）
Koji SAWADA（Kurume University）