2025 Autumn Annual Meeting

Program Day 1 Nobvember 15 （Saturday）

President's Lecture 9:00 - 10:00

President's Lecture　Room Ａ Auditorium

Host
Shin-ichi KITASAKA (Doshisha University)

Title

Long-Run Effects of Unconventional Monetary Policy

Speaker　Shin-ichi FUKUDA (University of Tokyo)

Morning Session 10:15 - 12:15

Panel Session: Monetary History　Room Ａ Auditorium

Title
Regional Financial Hierarchies in Tokyo and Osaka: Evidence from the Directory of Commerce and Industry

Chiar
Masanori SATO (Reitaku University)

Regional Finance in Prewar Tokyo: Which banks did small businesses in Tokyo do business with?

Panelist　Masanori SATO（Reitaku University）

Banking Hierarchies and the Place of Osaka-Headquartered Banks in the Prewar and Sino-Japanese War Era

Panelist　Toru IMAJOH（Hannan University）

Regional Finance in Mid-1970s Mitaka, Tokyo: Focusing on Small Business - Bank Relationships

Panelist　Daisuke ARAI（Komazawa University）

 

Discussant　Jun TAMAKI（Nikkei Inc.）

Sessions

English Session hosted by JJMFE 1　Room B　本11

Chair
Shin-Ichi NISHIYAMA (Kobe University)

External Information Environment and Non-GAAP Reporting: Insights from Options Markets

Presenter　Pei-Shih WENG (National Sun Yat-sen University)
　Co-author　Sheng-Yi LO (National Sun Yat-sen University), Yi-Wei CHUANG (National Kaohsiung University of Science and Technology)
Discussant　Chengcheng QU (Ritsumeikan Asia Pacific University)

Dividend Payments and the Use of Non-GAAP Earnings

Presenter　Sheng-Yi LO (National Sun Yat-sen University)
　Co-author　Ming-Hung WU (Beijing Normal University)
Discussant　Masayasu KANNO (Nihon University)

Lottery Preferences and Index Option Returns

Presenter　Pin-Chieh TSAI (Feng Chia University)
　Co-author　Yiwei CHUANG (National Kaohsiung University of Science and Technology),
Ming Hung WU (Beijing Normal University), Chang-Wen LIU (National Sun Yat-sen University)
Discussant　Shin-Ichi NISHIYAMA (Kobe University)

International Monetary Economics　Room C　本12

Chair
Junko SHIMIZU（Gakushuin Univerisity）

Effects of Capital Flow Management Measures in India

Presenter　Shigeto KITANO（Kobe University）
　Co-author　Yang ZHOU（Nagoya City University）
Discussant　Miki HAMADA（IDE-JETRO）

Prospects and Challenges of Local Currency-Denominated Transactions: An Analysis of De-Dollarization Trends in Asia

Presenter　Katsuyuki TOMIZAWA（Ph.D. Student, Gakushuin University, ADBI）
　Co-author　Junko SHIMIZU（Gakushuin Univerisity）
Discussant　Yosuke TSUYUGUCHI (Teikyo University)

Economic Uncertainty and Extreme Capital Flow Movement

Presenter　Yang ZHOU（Nagoya City University）
　Co-author　So UMEZAKI（IDE-JETRO）
Discussant　Masayo SHIKIMI（Nagasaki University）

Macroeconomics 1　Room D　本21

Chair
Takashi SENDA (Yasuda Women's University)

Skewed Interest Rate Expectations and Effects of Central Banks’ Market Operations: Empirical Findings Using Granular Transaction Data

Presenter　Takatoshi SASAKI (Bank of Japan)
　Co-author　Kohei MAEHASHI (International Monetary Fund), Daisuke MIYAKAWA (Waseda University), Taihei SONE (Bank of Japan)
Discussant　Masahiko SHIBAMOTO (Kobe University)

Sails or Gales? A Supplementary Estimate of the Price Increases by the Bank of Japan’s Large-scale Monetary Easing

Presenter　Ryo KATO (Asia University)
　Co-author　Ryo HASUMI (Musashi University)
Discussant　Takashi KOZU (The Securities Analysts Association of Japan)

The Role of Cyclical Inflation: Evidence from Japan

Presenter　Takuya SAKAGUCHI (Ph.D. Student, Kobe University)
　Co-author　Masahiko SHIBAMOTO (Kobe University)
Discussant　Kunihiro HANABUSA (Kansai University)

Corporate Finance 1　Room E　本22

Chair
Mariko TANAKA (Musashino University)

Appropriate Size of Reconstruction Project: Evidence from the Great East Japan Earthquake

Presenter　Satoshi KOIBUCHI (Chuo University)
Discussant　Tao GU（Daito Bunka University）

Have Bank–Firm Relationships in Japan Changed? Evidence from the Past Half Century

Presenter　Daisuke TSURUTA (Nihon University)
　Co-author　Shinichi HIROTA (Waseda University)
Discussant　Hirofumi UCHIDA (Kobe University)

Too Many to Fail in Covid-19 Crisis

Presenter　Kenichi UEDA (University of Tokyo)
　Co-author　Chenxu FU (AMRO)
Discussant　Iichiro UESUGI (Hitotsubashi University)

Climate Change　Room F　新101

Chair
Itsuko SHIMABUKURO（Okinawa International University）

Climate-related disclosure and stock price crash risk: evidence from Japanese firms

Presenter　Donglai NING（Hitotsubashi University）
　Co-author　Yukihiro YASUDA（Hitotsubashi University）
Discussant　Katsuyuki KUBO（Waseda University）

Negative Stock Market Reactions to Climate Disclosure Framework Endorsements

Presenter　Hibiki ICHIUE（Keio University)
Discussant　Tomonori YUYAMA(Senshu University)

Climate Change Management Actions and Capital Costs

Presenter　Tomonori YUYAMA(Senshu University)
　Co-author　Jonghoon KIM(Senshu University),Yuuki OTA(Senshu University）
Discussant　Junnosuke SHINO（Waseda University）

Special Session 11:00-12:00　Room G　新201

Chair
Tasuro KAKESHITA (Fukuoka University)

Overview of the JSDA Survey Result of the Retail Investors' Attitudes toward Securities Investment

Presenter　Kiyomi FUJII(Japan Securities Dealers Association)

Lunch 12:15-13:00

Afternoon Session 13:00-15:00

Special Session 13:00-15:00　Room Ａ Auditorium

Title
Research Group on the Financial System Report "Toward the Development of a Financial System with Global Competitiveness"

Chair
Shin-ichi FUKUDA(University of Tokyo)

Growth Strategies for Financial Institutions after the Lifting of the Zero Interest Rate Policy

Panelist　Etsuro SHIOJI (Chuo University)

Japanese Banks under Basel III

Panelist　Yuri SASAKI (Meiji Gakuin University)

The Role of Financial Institutions in a Digital Society

Panelist　Takeshi OSADA (Saitama University)

Foreign Currency Funding Capacity of Japanese Banks

Panelist　Mariko TANAKA (Musashino University)

Proposal

Discussant　Yoshinori SHIMIZU (Hitotsubashi University)

JSME-KMFA Session 13:00-15:00　Room B　本11

Chair
Shin-Ichi NISHIYAMA (Kobe University)

Macro-Financial Impact of Stablecoin’s Demand for Treasuries

Presenter　Sang Rae KIM (Kyung Hee University)
Discussant　Yoshikazu YAMAOKI (SBI Financial and Economic Research Institute) 

Soft Lending Standards, Hard Consequences: How Housing Booms Undermine Productive Investment

Presenter　Youngjin YUN (Hanyang University)
　Co-author　Sangyup CHOI (Yonsei University), Youngju KIM (Bank of Korea)
Discussant　Kaoru HOSONO (Gakushuin University)

Deciphering CIP Deviation: Who Moves It and Why It Matters?

Presenter　Jihyun KIM (Bank of Korea)
　Co-author　Min KIM (Bank of Korea)
Discussant　Sanae OHNO (Musashi University)

Sessions

Monetary History 1　Room C　本12

Chair
Akira EHIRO (Konan University)

The Japanese Stock Market and Emergency Financial Measures in 1946

Presenter　Kenichi HIRAYAMA (Reitaku University / Tokio Marine Asset Management)
　Co-author　Keiichi MORIMOTO(Meiji University), Akihiko NODA(Meiji University)
Discussant　Kotaro MIWA (Kyushu University)

Screening and Monitoring Activities by Japanese Regional Banks in the Interwar Period

Presenter　Yoshiaki SHIKANO (Doshisha University)
Discussant　Yuichi ABIKO (Kindai University)

Credit behavior of regional banks in the interwar period - The case of the Dai-jyukyu bank

Presenter　Keisuke MISAWA (Suwa University of Science)
Discussant　Toru IMAJOH (Hannan University)

Macroeconomics 2　Room D　本21

Chair
Kengo NUTAHARA (Senshu University)

Money Velocity and Macroeconomic Fluctuations

Presenter　Jun-Hyung KO (Aoyama Gakuin University)
　Co-author　Takuji FUEKI (Hitotsubashi University), Hiroshi MORITA (Institute of Science Tokyo)
Discussant　Kengo NUTAHARA (Senshu University)

Exchange rate fluctuations and firm performance: Evidence from the historic depreciation period of the Japanese yen

Presenter　Mizuki GOTO (Kanto Gakuin University)
　Co-author　Satoshi KOIBUCHI (Chuo University)
Discussant　Miho TAKIZAWA (Gakushuin University)

Economic Growth and the Long-Run Evolution of Financial Market Efficiency in Japan

Presenter　Keiichi MORIMOTO (Meiji University)
　Co-author　Kenichi HIRAYAMA(Reitaku University), Akihiko NODA (Meiji University)
Discussant　Kengo NUTAHARA (Senshu University)

Financial Intermediary　Room E　本22

Chair
Kozo HARIMAYA (Ritsumeikan University)

Production Synchronization through Bank Lending Channel

Presenter　Koutaroh MINAMI (Ph.D. Student, Hitotsubashi University)
　Co-author　Tamotsu ONOZAKI (Rissho University), Yoshitaka SAIKI (Hitotsubashi University)
Discussant　Kazuo YAMADA (Kyoto University)

A Role of Accessibility in Loan Pricing: A Structural Approach

Presenter　Mitsuru KATAGIRI (Waseda University)
　Co-author　Naoki Wakamori (Keio University)
Discussant　Yusuke IMANI (Nagasaki University )

The Pass-through of the Bank Posted Interest Rates during the Current Phase of Policy Rate Hikes in Japan

Presenter　Toshihiro SUGIYAMA (Nihon University)
Discussant　Kozo HARIMAYA (Ritsumeikan University)

Interest Rate and Exchange　Room F　新101

Chair
Tatsuya MORISAWA (University of Marketing and Distribution Science)

Good Carry Trades and Market Dynamics

Presenter　Ryuta SAKEMOTO (Hokkaido University)
　Co-author　Yaushiro IWANAGA (Tamagawa University)
Discussant　Taro ESAKA (Kobe City University of Foreign Studies)

Predicting Bond Risk Premium: Global Term Structure Factors

Presenter　Takeshi KOBAYASHI (Nagoya University of Commerce & Business)
Discussant　Ryuta SAKEMOTO (Hokkaido University)

Drivers of Currency Movement under Uncertainty: Time Variant Impacts of Geopolitical Risk

Presenter　Yuki MASUJIMA (Deloitte Tohmatsu Financial Advisory LLC)
Discussant　Kentaro KAWASAKI (Toyo University)

Financial Market 1　Room G　新201

Chair
Hiroshi MORIYASU (Seinan Gakuin University）

Finite-Sample Properties of Model Specification Tests under Latent Dependence Structures in Multivariate Linear Regression: Theory and Application to Financial Markets

Presenter　Koichiro MORIYA (Ph.D. Student,Keio University)
　Co-author　Akihiko NODA (Meiji University)
Discussant　Yohei YAMAMOTO (Hitotsubashi University)

The Value of Manufacturing Cost Disclosure: Lessons from Japan for FASB's Expense Disaggregation Mandate

Presenter　Kiyonori IWATA (Tokyo Keizai University)
　Co-author　Keita IWASAWA (Tokyo University of Science), Junko JINUSHI (Sophia University)
Discussant　Katsuhiko MURAMIYA (The University of Osaka)

Pricing around Stock Splits in Japan

Presenter　Masashi TOSHINO (Seikei University)
Discussant　Hiroshi MORIYASU (Seinan Gakuin University）

Invited LectureⅠ 15:15-16:15　Room Ａ Auditorium

Host
Shin-ichi FUKUDA (University of Tokyo)

Title

The Role and Recent Activities of DICJ

Speaker　Hidenori MITSUI(Governor, DICJ)

Invited Lecture Ⅱ 16:30ｰ17:30　Room Ａ Auditorium

Host
Shigenori SHIRATSUKA (Keio University)

Title

Financial and Economic Outlook for Nagasaki Prefecture

Speaker　Makoto ITO (Bank of Japan)

General Meeting 17:40－18:20　Room Ａ Auditorium

Reception 18:30－20:30

Program Day 2 Nobvember 16 （Sunday）

The JSME　Prize Lecture 9:00 - 10:00

The JSME　Prize Lecture　Room Ａ Auditorium

Host
Masaya　SAKURAGAWA（Keio University）

Title

The role of economics in designing financial system

Speaker　Hirofumi UCHIDA（Kobe University)

Morning Session 10:15 - 12:15

Panel Session: Central Banking　Room Ａ Auditorium

Title
Quantitative Tightening

Chair
Shigenori SHIRATSUKA (Keio University)

Central bank’s operations during normalizing their balance sheets and money markets

Panelist　Izuru KATO (Tokyo Tanshi)

The Bank of Japan's Quantitative Tightening and Its Implications for Public Debt Management

Panelist　Ikuko FUEDA-SAMIKAWA (Japan Center for Economic Research)

Reverse Spread Risks and the BOJ’s ETF Holdings: Contributions to Financial Soundness and Exit Strategies

Panelist　Kimie HARADA (Chuo University)

Sessions

English Session hosted by JJMFE 2　Room B　本11

Chair
Shin-Ichi NISHIYAMA (Kobe University)

Review of Systemic Risk in the Emerging Market

Presenter　Natsagdorj Narantuya (Ph.D. Student, Saitama University)
Discussant　Heather MONTGOMERY (International Christian University)

Regime Shifts in U.S. Trend Inflation: Pre-Volcker to Post-Great Moderation

Presenter　Ruopu HU (Ph.D. Student, Kobe University)
　Co-author　Junior MAIH (Norges Bank), Shin-Ichi NISHIYAMA (Kobe University)
Discussant　Taisuke NAKATA (The University of Tokyo)

Intraday Impacts of Foreign Exchange Interventions: Evidence from High-Frequency Data in Japan

Presenter　Heather MONTGOMERY (International Christian University)
　Co-author　Opale GUYOT (Ph.D. Student, International Christian University)
Discussant　Takeshi HOSHIKAWA (Kindai University)

Monetary History 2　Room C　本12

Chair
Takashi HYODO(Yamaguchi University)

Zaibatsu and Stock Market Inefficiency under the Wartime Economic Controls in Japan, 1937–1943

Presenter　Akihiko NODA(Meiji University)
　Co-author　Takenobu YUKI(Tohoku University)
Discussant　Masato SHIZUME(Waseda University)

A Study of Stablecoin in Historical Perspective

Presenter　Taku KINAI(J. F. Oberlin University)
Discussant　Masato SHIZUME(Waseda University)

New Developments in Finance　Room D　本21

Chair
Shingo IOKIBE (Doshisha University)

CBDC as a Form of Currency

Presenter　Masashi NAKAJIMA(Reitaku University)
Discussant　Takahiko WATANABE(Senshu University)

Indicators of Real Estate Bubbles and the Important Role of Bank Examination

Presenter　Naoyuki YOSHINO(Keio University)
　Co-author　Junichi TAGA(Financial Services Agency),Makoto IWABUCHI(Financial Services Agency),Farhad TAGHIZADEH-HESARY(Tokai University)
Discussant　Hirofumi UEDA(Doshisha University)

Proposal for Utilizing of Trade Platform Data in TBML and Economic Security Measures - Consideration of Building a New Common Platform

Presenter　Masataka HANAKI(Kindai University)
　Co-author　Zen KAWADA(NTT DATA Japan Corporation),Hironao SHINODA(NTT DATA Japan Corporation),Miho MORI(NTT DATA Japan Corporation)
Discussant　Masashi NAKAJIMA(Reitaku University)

Corporate Finance 2　Room E　本22

Chair
Masafumi KOZUKA(Setsunan University)

Effects of industrial policy devices for capital investments: Lessons from Japan’s cases

Presenter　Mariko HATASE(Hitotsubashi University)
　Co-author　Yoichi MATSUBAYASHI(Kobe University)
Discussant　Kenji TANAKA(Teikyo University)

Long-Term Orientation of SMEs and Entrepreneurial Initiatives: An Empirical Analysis with Causal Forest

Presenter　Sena TAKEGUCHI(Kobe University)
Discussant　Kozo HARIMAYA(Ritsumeikan University)

The Shadow Banking Activities and Fixed Investment of Listed SMEs in China

Presenter　YANG ZIHE(Kobe University)
Discussant　Masafumi KOZUKA(Setsunan University)

Financial Market 2　Room F　新101

Chair
Kentaro IWATSUBO (Kobe University)

Why Do Female Traders Outperform? Evidence from the Japanese Retail FX Market

Presenter　Taiyo YOSHIMI（Chuo University）
Discussant　Kentaro IWATSUBO（Kobe University）

Relationship between FX Investor Characteristics, Trading Style and Investment Performance

Presenter　Kentaro IWATSUBO（Kobe University）
Discussant　Taiyo YOSHIMI（Chuo University）

SHAP and Its Alternatives in Machine Learning: Application to Financial Data

Presenter　Junnosuke　SHINO（Waseda University）
　Co-author　Kazuhiro HIRAKI (IMF) ,Shinichi ISHIHARA (Independent Researcher)
Discussant　Takumi KONGO（Fukuoka University）

Personal Finance and Financial Literacy Education　Room G　新201

Chair
Hitoe UEYAMA（Nagoya Gakuin Unversity）

Geographic and Socioeconomic Disparities in Education Loan Access in Japan: A Multi-Dimensional Review

Presenter　Atsuji OHARA（University of Nagasaki）
Discussant　Hiroyuki AMAN（Kwansei Gakuin University）

Does Financial Education Promote Retail Investors’ Participation in Derivatives Markets? Evidence from Japan

Presenter　Nozomi ANDO（Showa Women's University）
Discussant　Yoko SHIRASU（Aoyama Gakuin University）

Financial Education, Age, and Gender: A Mixed-Effects Study of Financial Literacy in Japan

Presenter　Chikafumi NAKAMURA（Chuo University）
Discussant　Hiroyuki MIYAMOTO（Toyohashi University of Technology）

Lunch 12:15-13:00

Afternoon Session 13:00-15:30

Symposium　Room Ａ Auditorium

Title
Impact and issues of restructuring regional banks on the regional economy

Chair
Naoyuki YOSHINO(Keio University)

Keynote Speech

Strategies of The Juhachi-Shinwa Bank for Supporting the Sustainable Growth of a Prefecture Facing Structural Challenges

Speaker　Nobuhiko YAMAKAWA(President,The Juhachi-Shinwa Bank)

intermission 13:45-14:00
Recent Developments in Regional Bank Supervision

Panelist　Koji ONO(Financial Services Agency）

The Role of Regional Banks in Changing Local Landscape:Perspectives from Economics and Social Finance

Panelist　Hirofumi UCHIDA(Kobe University）

The Significance of Regional Bank Restructuring from the Perspective of SMEs

Panelist　Yukihiro YASUDA（Hitotsubashi University)