Examining Heisei Japan, Vol. III

Examining Heisei Japan, Vol. III


Supervised by Kitaoka Shinichi
Edited by Komine Takao

JIIA series
Japan Publishing Industry Foundation for Culture

Business & Economics

Over the Heisei era the Japanese economy was confronted with a multitude of uncharted challenges: the collapse of the economic bubble and nonperforming loan problem, the Asian currency crisis and consequent failure of major Japanese banks, population decline and low birthrates . . . Policy responses were by necessity experimental, often implemented without a clear idea of their outcome, and their effects persist even today. What can Japan’s experience tell us about the creation and growth of asset bubbles? How can socioeconomic shifts influence real populations, and what might this mean? This volume, the third in the Examining Heisei Japan series, gathers together representative essays, contemporary analyses, and corresponding recommendations on economic issues which remain as relevant as ever in our current climate of renewed global economic uncertainty.

Examining Heisei Japan series
This series, carried out in collaboration with the Japan Institute of International Affairs (JIIA), looks back at Japan's Heisei period (1989–2019) and the many changes and challenges that occured in the fields of diplomacy and security (vol. I), politics (vol. II), economy (vol. III), and society and culture (vol. IV). For more information on our book series with JIIA click here.

KITAOKA Shinichi (Supervisor)
Kitaoka Shinichi is professor emeritus of the University of Tokyo and Rikkyo University and special advisor to the president of the Japan International Cooperation Agency (JICA). He received his doctorate in modern Japanese politics and diplomacy from the University of Tokyo and subsequently taught at Rikkyo University and his alma mater. He has held posts as Japan’s ambassador extraordinary and plenipotentiary to the United Nations and president of the International University of Japan. He held the post of JICA president from 2015 to 2022. Amongst other English publications, he is the author of Political History of Modern Japan: Foreign Relations and Domestic Politics (London: Routledge, 2018) and From Party Politics to Militarism in Japan, 1924–1941 (Boulder, CO: Lynne Rienner, 2021), and was supervising editor for A Western Pacific Union: Japan’s New Geopolitical Strategy (Tokyo: JPIC, 2023).

KOMINE Takao (Editor)
Komine Takao graduated from the University of Tokyo (BA in economics). He entered the Economic Planning Agency and served as director of the Economic Research Institute and as director general of the Research Bureau. In 2001, he was appointed director general of the National and Regional Planning Bureau, Ministry of Land, Infrastructure and Transport. At Hosei University, he became a professor in the Graduate School of Social Science in 2003 and a professor in the Graduate School of Regional Policy Design in 2008. Since March 2017 he has been a professor in the Faculty of Regional Development, Taisho University and since 2010 he has been a senior research fellow at the Japan Center for Economic Research. In 2015, he joined NPI as a senior research counselor.

FUEDA-SAMIKAWA Ikuko is principal economist in the Economic Research Department and Financial Research Group deputy director at the Japan Center for Economic Research.

FUKAO Kyōji is professor at Hitotsubashi University’s Institute of Economic Research (IER) and research director of the Center for Economic Institutions at the IER.

FUKAO Mitsuhiro is professor in the Faculty of Business and Commerce at Keio University.

IHORI Toshihiro is special professor of economics at the National Gradual Institute for Policy Studies and professor emeritus of the University of Tokyo.

IKEO Kazuhito (1953–2021) was professor in the Faculty of Economics at Keio University, Tokyo.

ITOH Motoshige is professor of international economics at the Graduate School of Economics, University of Tokyo.

IWATA Kazumasa is president of Japan Center for Economic Research (JCER) and former deputy governor for the Bank of Japan.

IWATA Kikuo is professor of economics at Gakushūin University and emeritus professor in the Faculty of Economics at Sophia University.

JINNO Naohiko is emeritus professor at the University of Tokyo.

KABE Shigesaburō is senior economist at the Japan Center for Economic Research with a specialization in Asian economics, population studies, and human resources development.

KIMURA Fukunari is professor in the Faculty of Economics, Keio University and chief economist at the Economic Research Institute for ASEAN and East Asia (ERIA), Jakarta, Indonesia.

KIYOTA Kōzō is professor of Economics at the Keio Economic Observatory, Keio University.

KŌSAI Yutaka was a professor at Toyo Eiwa Women's University and a recipient of both the Suntory Prize for Social Sciences and Humanities and the Ohira Masayoshi Memorial Prize.

KURODA Haruhiko is former president of the Asian Development Bank and has been governor of the Bank of Japan since March 2013.

MASUDA Hiroya is adjunct professor at the Graduate School of Public Policy, University of Tokyo.

MATSUBARA Satoru is professor of economics at Tōyō University.

MURATA Keiko is professor in the Faculty of Economics at Rissho University.

NISHIZAKI Kenji is associate director general of the Bank of Japan’s Financial System and Bank Examination Department.

NOGUCHI Yukio is a visiting professor at Stanford University and an emeritus professor at Hitotsubashi University.

OGURO Kazumasa is associate professor of economics at Hosei University.

OKINA Kunio is a visiting professor at Hosei University’s Graduate School of Regional Policy Design.

SAITŌ Jun is research fellow at the Research Institute for Policy Studies at Tsuda University and has worked as a senior economist in various domestic and international institutions.

SEKINE Toshitaka is professor at Hitotsubashi University’s Asian Public Policy Program.

SHIRAKAWA Masaaki is distinguished guest professor at Aoyama-Gakuin University and former governor of the Bank of Japan (2008–2013).

SOLÍS, Mireya is director of the Center for East Asia Policy Studies, Philip Knight chair in Japan Studies, and senior fellow in the Foreign Policy Program at the Brookings Institution.

TACHIBANAKI Toshiaki is professor emeritus at Kyoto University and a prolific author/editor with over 100 publications to his name.

TAKENAKA Heizō is professor emeritus at Keio University and a former minister for internal affairs and communications (2001–2006).

TSURU Kōtarō is professor at the Graduate School of Business and Commerce, Keio University.

UEDA Kazuo is professor in the Department of Business Studies, Faculty of Business, Kyoritsu Women’s University.

UENO Yōichi is chief forecaster at the Japan Center for Economic Research and holds postgraduate degrees from Hitotsubashi and the University of Wisconsin-Madison.

URATA Shūjirō is professor emeritus at Waseda University with a specialization in international economics.

WATANABE Kōta is engaged in research at the Canon Institute for Global Studies and the Graduate School of Economics at the University of Tokyo.

WATANABE Tsutomu is professor of economics and dean of the Graduate School of Economics, University of Tokyo.

YAMASHITA Kazuhito is research director of the Canon Institute for Global Studies and senior fellow at the Research Institute of Economy, Trade and Industry.

YANAGISAWA Hakuo served as a member of the House of Representatives from 1980 to 2009 and was the former minister of health, labour, and welfare (2006–2007) and president of Josai International University.

YASHIRO Naohiro is a specially appointed professor with the Faculty of Global Business at Showa Women’s University and a visiting professor with the College of Liberal Arts at International Christian University.

YOSHIKAWA Hiroshi is professor emeritus at the University of Tokyo and former president of Rissho University.

JIIA series
Business & Economics

Japan Publishing Industry Foundation for Culture

¥4,800 + tax
ISBN 9784866582276
257 mm x 182 mm / 364 pp. / March 2023

ISBN 9784866582283 (ePub)
ISBN 9784866582290 (PDF)

Foreword / Preface // Part I: The Heisei Economy / 1. A Retrospective View of the Heisei Economy / 2. Japan’s Lost Decade: What Have We Learned and Where Are We Heading? / 3. Explaining Japan’s Unproductive Two Decades // Part II: The Formation and Collapse of the Bubble / 1. Closing the Books on the Bubble Years / 2. Lessons of Japan’s Bubble Economy / 3. The Reality of Financial Reform: The Burden of Bad Loans // Part III: Deflation and Monetary Policy / 1. Deflation / 1. Do Expectations Raise Prices? / 2. Chronic Deflation in Japan / 3. Comment on “Chronic Deflation in Japan” / 4. Why Has Japan Failed to Escape from Deflation / 5. Encouraging Moderate Inflation / 6. The Bank of Japan’s Efforts toward Overcoming Deflation / 7. Overcoming Deflation: The Bank of Japan’s Challenge / 2. The Big Bang and the Financial Crisis / 1. The Japanese Big Bang and the Financial Crisis / 2. Financial Regulation in the Wake of the Banking Crisis / 3. Financial Crisis and the Lost Decade / 4. Following Up on Japan’s Financial Big Bang // Part IV: Koizumi's Reforms / 1. Koizumi’s Miracle Cabinet / 2. Privatize the Postal Services // Part V: Abenomics / 1. Abenomics at a Watershed / 2. Quantitative and Qualitative Monetary Easing Effects and Associated Risks / 3. What Do Growth Strategies Need? Sweeping Away Anxiety Regarding the Future / 4. Agenda for the BOJ Governor in His Second Term // Part VI: The International Economy / 1. Japan Should Move Quickly to Participate in the TPP Negotiations / 2. Abenomics and Japan’s Trade Policy in a New Era / 3. Is US-Japan Trade Friction Avoidable? Blaming Trade Partners for Deficits Is Pointless / 4. Challenges after the TPP-11 Agreement / Part VII: Other Policy Issues / 1. Inequality and Poverty in Japan / 1. The Rising Tide of Poverty in Japan / 2. Labor-Market Reform / 1. Reforming Japanese Labor Markets / 2. A Farewell to Japanese Employment Practices / 3. Fiscal Reconstruction / 1. Promoting Growth and Restoring Fiscal Health Simultaneously / 2. Stalled Fiscal Consolidation: Government Must Act Soon on Policy Normalization / 3. The Nation Needs to Conduct Fiscal Policy Reforms that Correct the Inequity between the Generations / 4. Rural Japan / 1. The Death of Regional Cities: A Horrendous Simulation / 5. Population / 1. Declining Population and Sustained Economic Growth: Can They Coexist? / 2. Long-term Forecast of the Demographic Transition in Japan and Asia // Chronology of the Heisei Era / About the Supervisor, Editor, and Authors

"I highly recommend this volume to those interested in reviewing the past three decades of economic policy and trying to visualize where things are headed over the next couple of decades — both in Japan and abroad."

Robert D. Eldridge
Japan Forward

『論文集 平成日本を振り返る 第三巻 経済(オリジナル編集版)』

日本の各分野における第一人者が平成年間に執筆した英文論稿を編纂する『論文集 平成日本を振り返る』シリーズ。経済学者の小峰隆夫が責任編集を務める第3巻では、『経済』をテーマに平成日本を総括する。バブル崩壊に伴うデフレ問題、金融危機、人口減少や出生率の低下など、多くの課題に直面した平成日本の経済に対し、気鋭の経済学者たちはどのような分析を行い、どのような政策を提言してきたのか。計38名による論稿や演説を発表当時の形で収録。平成年間の日本経済について幅広い視野から振り返る。

著:池尾和人、伊藤元重、井堀利宏、岩田一政、岩田規久男、植田和男、上野陽一、浦田秀次郎、翁 邦雄、小黒一正、可部 繁三郎、木村福成、清田耕造、黒田東彦、香西 泰、齋藤 潤、 左三川 (笛田) 郁子、白川方明、神野直彦、関根敏隆、竹中平蔵、橘木俊詔、鶴 光太郎、西崎健司、野口悠紀雄、深尾京司、深尾光洋、増田寛也、松原 聡、ミレヤ・ソリース、村田啓子、八代尚宏、柳沢伯夫、山下一仁、吉川 洋、渡辺広太、渡辺 努


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