2026 Autumn Annual Meeting

Program Day1 October 17 (Saturday)

JSME Presidential Address 9:30-10:00

JSME Presidential Address Main Room 2B1 

Host
Nobuyasu UEMURA(Fukuoka University)

Title

TBA

Speaker JSME President Nobuyoshi YAMORI(Kobe University)

Morning Session 10:15-12:15

Panel Session: Monetary History Main Room 2B1

Title
War and the Japanese Stock Market

Chair
Kenichi HIRAYAMA(Reitaku University)

War Boom and Bust in Japan's Stock Market, 1914–1920

Presenter Kenichi HIRAYAMA(Reitaku University)

Presenter Akihiko NODA(Meiji University)
Co-author(s) Takenobu YUKI(Waseda University / Tohoku University)

Presenter Keiichi MORIMOTO(Meiji University)
Co-author(s) Kenichi HIRAYAMA(Reitaku University), Akihiko NODA(Meiji University)
Discussant Masayoshi TSURUMI(Hosei University), Kohei AONO(Hosei University)

Sessions

Financial Market Analysis ① Room① Room 231

Chair
Yoshitaka TANAKA(Fukuoka University)

Distributor Governance and Sales Volume of Mutual Fund

Presenter Kozo OMORI(Osaka University of Economics)
Co-author(s) Tomoki KITAMURA(Musashi University)
Discussant Masataka SUZUKI(Hitotsubashi University)

Spillover Analysis of Bitcoin ETF Flows and Stablecoin Issuance: Transmission to and Connectedness with Crypto and Traditional Financial Assets

Presenter Tomonori YUYAMA(Senshu University)
Discussant Ryuta SAKEMOTO(Hokkaido University)※Online Participation

Asset Swap Spreads and Relative Pricing in Japan’s OTC Market for Public and Corporate Bonds: Evidence from Bond-Level Panel Data

Presenter Toyoharu TAKAHASHI(Chuo University)
Discussant Reiko TOBE(Nishogakusha University)

Exchange Rate and Currency Room② Room 232

Chair
Tatsuya TORIKOSHI(Kurume University)

Presenter Takatoshi SASAKI(Nowcast Inc.)
Co-author(s) Kohei MAEHASHI(International Monetary Fund), Daisuke MIYAKAWA(Waseda University)
Discussant Katsushi TABATA(Aichi Univeristy)

Presenter Satoko OKUYAMA(Kanagawa University)
Co-author(s) Masaki YAMAGUCHI(Yamagata University)
Discussant Meifen CHU(Kyusyu University)

Presenter Opale GUYOT(Ph.D. Student, International Christian University)
Discussant Yoichi OTSUBO Kobe University)

Regional and SME Finance / Governance Room③ Room 222

Chair
Naoto NITTAMACHI(Fukuoka University)

Spatial panel data analysis of the location of financial institutions in Osaka Prefecture

Presenter Shohei ISHIBASHI(Osaka Sangyo University)
Co-author(s) Akinobu MURAKAMI(Hannan University)
Discussant Naoto NITTAMACHI(Fukuoka University)

Executive compensation and competition in the Japanese banking and financial sectors

Presenter Yuji MORI(Takasaki City University of Economics)
Co-author(s) Kozo HARIMAYA(Ritsumeikan University)
Discussant Yushi SHINADA(Matsuyama University)

Presenter Sena TAKEGUCHI(Ph.D. Student, Kobe University)
Co-author(s) Masahiko SHIBAMOTO(Kobe University)
Discussant Iichiro UESUGI(Hitotsubashi University)

Personal Finance Room④ Room 22B

Chair
Hiroyuki AMAN(Kwansei Gakuin University)

Cognitive Decline and Financial Decision-Making among Older Adults: Evidence from the Japanese Study of Aging and Retirement (JSTAR)

Presenter Jianhan ZHANG(Hitotsubashi University)
Discussant Fumihiko SUGA(Kyushu University)

Presenter Chikafumi NAKAMURA(Chuo University)
Discussant Chisako YAMANE(Prefectural University of Hiroshima)

Presenter Wei HE(Ph.D. Student, Saitama University)
Discussant Hiroyuki MIYAMOTO(Toyohashi University of Technology)

Monetary Policy ① Room⑤ Room 26A

Chair
Satoshi HOSHINO(St. Andrew's University)

Households' Inflation Expectations Formation: the Role of Perceived Inflation and Inflation Experiences

Presenter Eri SATAKE(Bank of Japan)
Co-author(s) Sohei KAIHATSU(Bank of Japan), Takuji KONDO(Bank of Japan), Kosuke TAKATOMI(Bank of Japan)
Discussant Naoto SOMA(Yokohama National University)

Presenter Qiaoxi LI(Ph.D. Student, Kobe University)
Discussant Kunihiro HANABUSA(Kansai University)

Presenter Yoshiaki WESTENIUS(Shinshu University)
Discussant Satoshi HOSHINO(St. Andrew's University)

English Session hosted by JJMFE① Room⑥ Room 26L

Chair
Shin-Ichi NISHIYAMA(Kobe University)

Presenter Shunsuke HORI(Keio University)
Co-author(s) Tomohiro HIRANO(The University of London), Shuping SHI(Macquarie University)
Discussant Takayuki TSURUGA(Nagoya University)

Presenter Ruopu HU(Kobe University)
Co-author(s) Ding LIU(Chongqing University)
Discussant Hirokuni IIBOSHI(Nihon University)

Presenter Zichong YUE(Ph.D. Student, University of Osaka)
Co-author(s) Takayuki TSURUGA(Nagoya University)
Discussant Hibiki ICHIUE(Keio University)

Lunch 12:15-13:10

Invited Lecture I 13:10-14:10 Main Room 2B1

Chair
Shigenori SHIRATSUKA(Keio University)

Title

Financial and Economic Conditions in Kyushu-Okinawa region

Presenter Motohiro HATANAKA(Bank of Japan)

Afternoon Session 14:20-16:20

Panel Session: Central Banking Main Room 2B1

Title 

Chiar
Masahiko SHIBAMOTO(Kobe University)

TBA

Panelist Ryuzo MIYAO(Konan University)

TBA

Panelist Takahide KIUCHI(Nomura Research Institute, Ltd.)

TBA

Panelist Yoko TAKEDA(Mitsubishi Research Institute, Inc.)

Sessions

Monetary Macroeconomics Room① Room 231

Chair
Tomoyuki FUKUMOTO(Osaka University of Economics)

Presenter Yohei YAMAMOTO(Hitotsubashi University)
Co-author(s) Kaoru HOSONO(Gakushuin University)
Discussant Yoshihiko HOGEN(Bank of Japan)

Presenter Kengo NUTAHARA(Senshu University)
Co-author(s) Daichi SHIRAI(Tohoku Gakuin University)
Discussant Kenichi TAMEGAWA(Yamagata University)

Presenter Masataka EGUCHI(Nagoya City University)
Co-author(s) Eiji OKANO(Nagoya City University), Roberto BILLI(Sveriges Riksbank)
Discussant Yasuo HIROSE(Keio University)

Financial Intermediary Room②  Room 232

Chair
Kozo HARIMAYA(Ritsumeikan University)

Psychological motivation for debt liability and microfinance

Presenter Shinichi MATSUDA (Meijo University)
Discussant Narunto NISHIGAKI(Meijo University)

The herd behavior in bank over-the-counter deposit rates and their pass-through to market interest rates in Japan : 2005-2025

Presenter Toshihiro SUGIYAMA(Nihon University)
Co-author(s) Shinobu NAKAGAWA(Saitama University)
Discussant Ikuko SAMIKAWA(Hosei University)

Bank-dependence and Firms' Performance

Presenter Qing-yuan SUI(Yokohama City University)
Co-author(s) Wen-rong HAN(Yokohama City University)
Discussant Kozo HARIMAYA(Ritsumeikan University)

Securities Room③ Room 222

Chair
Shin-ichiro MAEDA(Kyushu University)

Floating Interest Infrastructure Bond and Maintenance of Infrastructure

Presenter Naoyuki YOSHINO(Keio University)
Co-author(s) Makaki NAKAHIGASHI(Niigata University)
Discussant Junmin WAN(Fukuoka University)

Presenter Koichiro MORIYA(Ph.D. Student, Keio University)
Discussant Akihiko NODA(Meiji University)

Presenter Zhizhao ZUO(Ph.D. Student, Hitotsubashi University)
Discussant Tomonori YUYAMA(Senshu University)

International Monetary Economics Room④ Room 22B

Chair
Mariko TANAKA(Meiji University)

Presenter Uraku YOSHIMOTO(Yokohama National University)
Discussant Yosuke KIMURA(Institute of Science Tokyo)

Presenter Yushi YOSHIDA(Shiga University)
Co-author(s) Qin ZHANG(Shiga University), Nan LIU(Yokohama National University), Kiyotaka SATO(Yokohama National University)
Discussant Naoko HARA(Seikei University)

Presenter Takao FUJII(Kobe City University of Foreign Studies)
Co-author(s) Taro ESAKA(Kobe City University of Foreign Studies)
Discussant Kimie HARADA(Chuo University)

Zombie companies / Governance Room⑤ Room 26A

Chair
Itsuko SHIMABUKURO(Okinawa International University)

Presenter Michiru SAWADA(Nihon University)
Co-author(s) Masami IMAI(Wesleyan University), Koji SAKAI(Kyoto Sangyo University)
Discussant Jun-ichi NAKAMURA(Toyo University)

Presenter Yongcuo ZHAXI(Ph.D. Student, Hitotsubashi University)
Discussant Ryosuke FUJITANI(Hitotsubashi University)

Governance and Challenges of Infrastructure Operation through Public-Private Partnerships

Presenter Shigeki WAKABAYASHI(Hiroshima University of Economics)
Discussant Ryota ASAHI(Fukuoka University)

Japan and Korea Society of Monetary Economics Room⑥ Room 26L

Chair
Yuri SASAKI(Meiji Gakuin University)

Presenter Hyoung-Goo KANG(Hanyang University)
Co-author(s) Jaewoo CHO(Hansung University)
Discussant Kentaro IWATSUBO (Kobe University)

Presenter Hong Kee SUL(Chung-Ang University)
Co-author(s) Hyun Soo DOH(Hanyang University), Donghyun KIM(Chung-Ang University)
Discussant Yutaka SOEJIMA (SBI Financial and Economic Research Institute)

Presenter Keeyoung RHEE(Sungkyunkwan University)
Co-author(s) Dongkyu CHANG(City University of Hong Kong), Aaron Yoon(University of Hong Kong)
Discussant Yuki MASUJIMA (Deloitte Tohmatsu Financial Advisory LLC)

The JSME Prize Lecture 16:30ー17:30 Main Room 2B1

Financial System and Bank Examination Department

Host
Takayuki TSURUGA(Nagoya University)

Title

TBA

Speaker Iichiro UESUGI(Hitotsubashi University)

General Meeting 17:40-18:20

Main Room 2B1

Reception 18:30-20:30

Sky Lounge (Floor 16, Humanities and Social Sciences Center)

Program Day2 October 18 (Sunday)

Invited Lecture Ⅱ 9:00-10:00 International Conference Room

Host
Nobuyoshi YAMORI(Kobe University)

Title

TBA

Speaker Yutaka ITO(Commissioner of the Financial Services Agency)

Morning Session 10:15-12:15

Special Session 11:15-12:15 Main Room 2B1

Host
Kei-Ichiro NISHIO(Osaka Metropolitan University)

Title

Overview of the JSDA Survey Result of the Retail Investors' Attitudes

Speaker Koushirou SEKIGUCHi(Japan Securities Dealers Association)

Sessions

Monetary Policy ② Room①  Room 231

Chair
Shigenori SHIRATSUKA(Keio University)

Presenter Etsuro SHIOJI(Chuo University)
Co-author(s) Hiroshi FUJIKI(Chuo University)
Discussant Kiyotaka NAKASHIMA(Nakashima Economic Research Institute)

Presenter Yasuharu IWATA(Dokkyo University)
Co-author(s) Hirokuni IIBOSHI(Nihon University), Takayuki TSURUGA(Nagoya University)
Discussant Naoto SOMA(Yokohama National University)

Presenter Shigenori SHIRATSUKA(Keio University)
Co-author(s) Hiroyuki OI(Bank of Japan), Shunichi YONEYAMA(Bank of Japan)
Discussant Nao SUDO(Bank of Japan)

Financial Market Analysis ② Room② Room 232

Chair
Hiroshi MORIYASU(Seinan Gakuin University)

Macroeconomic uncertainty and long-run beta: Evidence from the Japanese stock market

Presenter Jianchang LYU(Ph.D. Student, Hitotsubashi University)
Discussant Kiyotaka SATOYOSHI(Toyo University)

Presenter Junnosuke SHINO(Waseda University)
Co-author(s) Kazuhiro HIRAKI(International Monetary Fund)
Discussant Koji TAKAHASHI(Seikei University)

Presenter Yoichi OTSUBO(Kobe University)
Discussant Masahiro YAMADA(Tokyo University of Science)

Financial History / Stablecoins Room③ Room 222

Chair
Koji TAKAYAMA(Seinan Gakuin University)

The Issuance and Purposes of Hansatsu: Reconsidering Their Role in Japan’s Monetary System

Presenter Yasushi HAYASHI(Rissho University)
Discussant Yoshiaki SHIKANO(Doshisha University)

From Stablecoins to Tokenised Deposits: A Future Monetary and Payment System Anchored by Wholesale CBDC

Presenter Yutaka SOEJIMA(SBI Financial and Economic Research Institute)
Discussant Shinya SHIMODA(Kyushu Sangyo University)

Particularities of the Lyon Branch of the Bank of France in the modern period (1848-1913): From the viewpoint of the relations with private credit institutions

Presenter Yuta TAKEDA(Sapporo University)
Discussant Kazuhiko YAGO(Waseda University)

Geopolitics / COVID-19 / Climate risk Room④ Room 22B

Chair
Akio NISHIDA(Seinan Gakuin University)

Presenter Tasuku SATO(Policy Research Institute, Ministry of Finance)
Co-author(s) Kenichi UEDA(The University of Tokyo)
Discussant Iichiro UESUGI(Hitotsubashi University)

Presenter Masayo SHIKIMI(Nagasaki University)
Discussant Yasuhiro ARIKAWA(Waseda University)

Presenter Yuki MASUJIMA(Deloitte Tomatsu LLC)
Discussant Junko SHIMIZU(Gakushuin University)

Finance in Foreign Countries Room⑤  Room 26A

Chair
Junmin WAN(Fukuoka University)

Presenter Jun SAITO(Institute of Developing Economies)
Discussant Tatsuya TORIKOSHI(Kurume University)

Economic Policy Uncertainty and Stock Price Crash Risk in China: An Empirical Study of Institutional Investor Herding Behavior as a Mediating Factor

Presenter Lanxin YAN(Ph.D. Student, Nagasaki University)
Discussant Katsuyuki KUBO(Waseda University)

Presenter Junmin WAN(Fukuoka University)
Co-author(s) Yang ZOU(Beijing Language and Culture University)
Discussant Konari UCHIDA(Waseda University)

English Session hosted by JJMFE② Room⑥ Room 26L

Chair
Shin-Ichi NISHIYAMA(Kobe University)

Presenter Kazuhiko OHASHI(Hitotsubashi University / Institute of Science Tokyo)
Co-author(s) Hsiu WU(MS&AD Systems Co. Ltd.), Yohei YAMAMOTO(Hitotsubashi University / Institute of Science Tokyo)
Discussant Kaiji MOTEGI(Kobe University)

Presenter ShengYi LO(National Sun Yat-sen University)
Co-author(s) Ming-Hung WU(Beijing Normal University), Pei-Shih Weng(National Sun Yat-sen University)
Discussant Shin-Ichi NISHIYAMA(Kobe University)

Presenter Pei-Shih WENG(National Sun Yat-sen University)
Co-author(s) ShengYi LO(National Sun Yat-sen University), Masayo SHIKIMI(Nagasaki University)
Discussant Hideaki MIYAJIMA(Waseda University)

Lunch 12:15-14:00

Afternoon Session 14:00-16:30

Symposium Main Room 2B1

Title
Challenges and Future for Revitalizing Japan's Securities Market

Chair
Tatsuro KAKESHITA(Fukuoka University)

Keynote Speech Title From Savings to Investment: Recent Progress and a Vision for Japan's Financial and Capital Markets Toward 2040

Speaker Motonobu MATSUO(Vice-Chairman, Japan Securities Dealers Association)

Panel Report Title TBA

Panelist Takafumi SAITO(Financial Services Agency)

Panel Report Title Debt Choice by Japanese Firms since the 1980s: The Long-Term Stagnation of Corporate Bond Financing and Its Background

Panelist Tatsuya UJITA(Nomura Asset Management Co. Ltd. / Ph.D. Student, Waseda University)

Panel Report Title The Role of Institutional Investors in the Investment Chain: Engagement and Activism

Panelist Yumiko MIWA(Meiji University)

Financial Seminar for Young Researchers Room⑤ Room 26A

Chair
Iichiro UESUGI(Hitotsubashi University)

Presenter Zihang LI(Ph.D. Student, Kobe University)
Discussant Arito ONO(Chuo University)

The Impact of Regional Banks’ Deposit Structure on Lending Behavior

Presenter Yuki KAJIMOTO(Ph.D. Student, Kobe University)
Discussant Koji SAKAI(Kyoto Sangyo University)

Presenter KYI KYI THAR(Ph.D. Student, Okayama University)
Discussant Jun IWASAKI(Teikyo University)