Policy Research Institute


PRI Toics

(Provisional Translation)

International exchanges in September

September 18 (Tue) to 22 (Sat):Visit to China (Beijing and Nanchang, Jiangxi)
            (The first working meeting of the Joint Research with DRC and visit to Nanchang, Jiangxi)

The Policy Research Institute (PRI) and the Department of Macroeconomic Research of the Development Research Center of the State Council (DRC) have been conducting joint research on “Macroeconomic consequence of changes in demographics and fiscal sustainability “as a research exchange since April this year. This time, PRI President MINAMI and other staff of PRI attended the working meeting (interim debrief session) held in Beijing. They together with people of DRC visited Nanchang, Jiangxi, for inspection of nursing care facilities for the aged and an opinion exchange with Jiangxi government officials and representatives of enterprises.


  • September 19, 2018 (Wed) Beijing, China
  • September 20 (Thu) to 21 (Fri), 2018 Nanchang, Jiangxi, China

Picture(President MINAMI)
(President MINAMI moderating the working meeting)
Picture(Group Photo after the working meeting)
(Group Photo after the working meeting)
Picture(Working meeting in Beijing)
(Working meeting in Beijing)
Picture(Opinion exchange in Nanchang, Jiangxi)
(Opinion exchange in Nanchang, Jiangxi)


Lunch Meeting

We invite people with diverse knowledge in and outside the organization to hear a broad range of leading-edge information so that we can obtain useful information across a broad spectrum contributing to the ministry's policy planning.

The following lecture was held in September.

Picture(Ms.TAKEDA Yoko )
September 11 (Tue)  
Title :

Lecturer :
“Economic conditions in Japan and abroad – what does Japan need for sustainable growth?”
TAKEDA Yoko (General Manager, Research Center for Policy and Economy, Mitsubishi Research Institute)


Discussion Paper in September

Average maturity in England and its background – analysis of government bonds in terms of both supply and demand(Japanease only)(PDF:1025KB)

NAKATSUI Go, Former Deputy Director, Debt Management Policy Division, Financial Bureau /Visiting Scholar, PRI

MURATA Daisuke, Special Researcher, Debt Management Policy Division, Financial Bureau / Visiting Scholar, PRI

Issuance of government bonds is based on the tradeoff relationship of cost and risk. Namely, if you increase the percentage of long-term government bonds, you can reduce the risk of an interest rate rise at the time of conversion but you must pay higher cost (term premium) compared with bonds with shorter terms. For this reason, debt management needs to consider term distribution while paying attention to the tradeoff between procurement cost and conversion risk. In England, however, the percentage of super-long-term government bonds is high and the average maturity is also conspicuously high compared with other countries. Why is England issuing a large amount of super-long-term bonds and are they stably financed? We will examine the background from the two aspects of supply (government bond issuance policy of the debt management authority) and demand for long-term bonds in the market.

Rationality of Corporate Cash Holdings(PDF:261KB)

OKU Ai, Chief Economist, Research and Administration Department, PRI

HASHIMOTO Hayato, Former Senior Economist, Research and Administration Department, PRI

WATANABE Keigo, Researcher, Research and Administration Department, PRI

Cash held by Japanese enterprises is increasing, reaching about 222 trillion yen in FY2017. However, the cash piled up by Japanese enterprises is discounted in the market. This may be because the market considers that they cannot use the cash effectively due to their low ROE. In other words, the cash that Japanese companies are piling up believing this is rational is not improving their enterprise value.

In order to enhance enterprise value, it is effective to expand investment including investment in people in addition to stock buy-back. Enterprise managers need to work to enhance enterprise value considering the market evaluations.

Publication in September

Public Policy Review

September 2018(Vol.14,No.5) Development and Integration of Financial Markets in Asia The purpose of this special issue is to understand the current status of financial globalization in Asia including Japan and discuss and evaluate its challenges from multifaceted perspectives. We will examine problems such as: how to overcome obstacles and challenges for financial integration in Asia; how to direct enormous savings in Asia to long-term investments (especially infrastructure investments); how to achieve both financial integration/globalization and financial stability; and how to advance East Asia cooperation for financial stability.

Monthly Finance Review

No.541(August)STATISTICS (Released by Ministry of Finance)


PRI TOPICS (monthly)