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Greetings from the President

  The Policy Research Institute (PRI) was first established as the Institute of Fiscal and Monetary Policy in May 1985. It was renamed upon the reorganization of the Ministry of Finance (MOF) in 2000. The PRI is a think tank of MOF. It not only conducts research and studies on finance and economics but also engages in exchanges with overseas research institutions, provides intellectual support and technical assistance to developing countries, conducts statistical surveys on business activities by corporations, compiles History of Fiscal and Monetary Policies of Japan, and provides training to MOF officials.


  Structural changes, called tectonic shifts, are occurring in the environment surrounding Japan, such as the COVID-19 pandemic, Russia’s invasion of Ukraine, and climate change issues. At the same time, Japan is facing a number of domestic and international challenges, including the soaring prices of imported resources, a declining population, a falling birth rate with an aging population, a stagnant potential growth rate, and frequent and severe natural disasters. It is necessary to overcome this difficult situation. Furthermore, we must transform the structure of our economy and society into one that is more resilient and sustainable in the face of change while solving problems and achieving economic growth by making efforts to solve these social issues as a source of value-added creation. It is also necessary to plan and formulate fiscal and economic policies that accurately respond to policy issues by considering the global situation while promoting fiscal soundness and supporting the stability of people’s lives and sustainable economic development. To that end, research and study from a broad perspective on domestic and international economic conditions and policy instruments are essential.


(Research and studies)

   The PRI conducts research and studies on the medium and long-term issues of public finance and the economy and issues related to financial and capital markets, as well as international economic situations, including surveys on individual countries reflecting the interests of relevant policymakers. The results of the research and studies are published in the Financial Review, the PRI’s flagship periodical journal, as well as in other study group reports, various papers, including discussion papers, and on the PRI website. In addition, as part of the PRI’s efforts to utilize administrative data, we are also engaged in research utilizing customs’ import and export declaration data.


(Research exchanges and technical assistance)

  The PRI proactively leverages its fiscal and economic knowledge to engage in research exchanges and to provide technical assistance (TA).
  Regarding research exchange, the PRI holds workshops and other events with foreign research institutes and international organizations in China, India, and ASEAN countries and accepts researchers.
Concerning intellectual support, the PRI provides technical cooperation in response to requests from partner countries to support human resource development in Uzbekistan and other emerging Asian countries. We also conduct seminars and other activities to provide knowledge and experience on Japan’s finances and economy to foreign countries, including Asian countries.


(Statistical surveys)

  The PRI conducts a series of two statistical surveys on a regular basis: one on the Financial Statements Statistics of Corporations, which aims to capture the current status of the business activities of approximately 33,000 corporations; and the other, the Business Outlook Survey, which aims to quantify the business sentiment and outlook across approximately 14,400 corporations. These government statistics attract the attention of the press, market participants, experts, etc., and when they are released, they attract a large number of hits to the PRI website.


(Compilation of History of Fiscal and Monetary Policies of Japan)

  The PRI has published History of Fiscal and Monetary Policies of Japan, which compiles the administrative records of the Ministry of Finance as a historical reference. This is intended to aid the current and future financial policy planning and administration as well as academic research. To date, we have published 117 volumes in seven series, which began with the Meiji History of Fiscal and Monetary Policies of Japan, continuing up to the Heisei History of Fiscal and Monetary Policies of Japan: FY1989 through FY2000. In FY2020, we started to compile the series for the latter half of the Heisei era (i.e., FY2001 through FY2018).


(Training of MOF officials)

  Mobilizing our accumulated knowledge based on research activities, the PRI offers comprehensive training courses to help MOF officials acquire specialized knowledge and skills. In FY2021, 342 training courses were provided to 13,189 participating officials. In terms of training management, the PRI is working to enhance and strengthen the content in response to changes in public administration, as well as to implement online and on-demand training programs to prevent the spread of the COVID-19 pandemic.


  The PRI is proud of diversified staff members, including government officials and publicly recruited researchers with specialized knowledge. To add value further, the PRI conducts joint research with universities and private research institutions. With intellectual expertise accumulated through various activities mentioned above, the PRI, in cooperation with each department, will proactively continue and strengthen its research and studies, international research exchange, and assistance for capacity building and human resource development. We appreciate your continued support of the PRI.

July 2022

EJIMA Kazuhiko,
Policy Research Institute,
Ministry of Finance, Japan


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Ministry of Finance, Policy Research Institute.