Policy Research Institute

 

PRI Toics

Workshops and other events in March

PRI released a report of the workshop on “Productivity Improvement through Innovation”(Japanease only)

PRI held the workshop on “Productivity Improvement through Innovation” (Chair: OHASHI Hiroshi, Professor at the Faculty of Economics, The University of Tokyo) from September 2017 to January 2018.

 

Innovations are essential to overcome various challenges for the Japanese economy (population decline, financial constraints, etc.) in order to accomplish more powerful economic growth. At the workshop, participants discussed various topics for productivity improvement through innovations.

 

The workshop recommended industry, government and academia to make efforts to restore the cyclic process between value creation and value capture while boldly incorporating innovations including machine learning and big data.



March 22 (Thu):The 2nd India Workshop in FY2017

At the second workshop Mr. KODA Madoka (Chief Researcher, Japan Center for International Finance) and Mr. KOGA Masaharu (Director, PwC Japan Business Desk) made presentations on “The problem of nonperforming loans in India” and “The situation after introduction of Goods and Services Tax (GST) in India,” respectively, which were followed by a Q&A session and free discussions.

 
 The 2nd India Workshop
【India Workshop】


March 23 (Fri):The 2nd ASEAN Workshop in FY2017

At the 2nd workshop, Mr. SANO Junya (Senior Researcher, The Japan Research Institute) made a presentation titled “The progress of Belt and Road will change the economic relations between China and the countries along them,” which was followed by a Q&A session and free discussion.


 
 Mr. SANO Junya  The ASEAN Workshop
【Mr. SANO Junya】 【The ASEAN Workshop】

 

International exchanges in March

March 6 (Tue):Lecture for the members of King Prajadhipok's Institute (KPI), Thailand, who are visiting Japan.

For members of KPI visiting Japan, Chief Economist BESSHO Shun-ichiro gave a lecture titled “Fiscal policy in Japan for inequality reduction.”


 
 Photo: (left) Chief Economist BESSHO Shun-ichiro; (right) Chairman Prof. Somchai Richupan
【Photo: (left) Chief Economist BESSHO Shun-ichiro; (right) Chairman Prof. Somchai Richupan】
 
 Commemorative photo
【Commemorative photo】

March 8 (Thu):Meeting of President DOI and Mr. Fazilov, Uzbekistan ambassador to Japan

PRI President DOI visited the Uzbekistan Embassy and exchanged opinions on macroeconomy of the country and other issues with Ambassador to Japan Fazilov.

 

 Photo: (left) PRI President DOI; (right) Ambassador Fazilov
【Photo: (left) PRI President DOI; (right) Ambassador Fazilov】


March 12 (Mon): President DOI visited India (Mumbai) (presentation at a round table)(Japanease only)

PRI President DOI attended Think20 in Mumbai(*) organized by GATEWAY HOUSE, an Indian think tank, and gave a speech on “Promotion of economic growth and suppression of financial risks” as a speaker of ROUNDTABLE 4: FINANCIAL MARKETS REGULATIONS.

 

(*) Think20 in Mumbai: Held as part of ThinkTank20 for think tank members around the world to assemble to discuss global issues.

 

 Group photo
【Group photo】
 
 Speech by PRI President Doi
【Speech by PRI President Doi】


March 16 (Fri):Meeting of President Doi and Professor Phouphet of the National University of Laos

PRI President Doi met Professor Phouphet of the National University of Laos who was visiting Japan under a program of the Toshiba International Foundation. They exchanged opinions on the macroeconomy of Laos and other subjects.

 

 Photo: (left) Professor Phouphet; (right) PRI President Doi
【Photo: (left) Professor Phouphet; (right) PRI President Doi】


March 20 (Tue) to 22 (Thu): PRI Chief Economist Bessho visited Indonesia (Yogyakarta)
                                                  (made a presentation at a workshop)(Japanease only)

Chief Economist Bessho of PRI attended the ADBI-Indonesian joint workshop (Effectiveness of Universal Health Insurance in Asian Countries) and gave a lecture on “Case of Japan: Effectiveness of universal health insurance” as a speaker in Session 2: Measuring the impact of universal health insurance on fiscal sustainability.

 

Title: “Case of Japan: Effectiveness of Universal Health Insurance”(PDF:218KB)

Presenter:BESSHO Shun-ichiro (Chief Economist, PRI)


 Presentation by Chief Economist Bessho  Group photo
【Presentation by Chief Economist Bessho】 【Group photo】

 

Leading-Edge Seminar

PRI held the Leading-Edge Seminar, in which frontline researchers gave lectures on leading-edge academic research and technically sophisticated research.

The following lecture was held in March.


March 6 (Tue)           TSUYA Noriko (Professor, Department of Economics, Keio University)
Title  :

Lecturer  :
 
“Trends of birth rate and marriage – how long will the trend of birthrate decline and the tendency to stay unmarried continue? –”
TSUYA Noriko (Professor, Department of Economics, Keio University)
 

 

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 meetings were held in March.


March 8 (Thu)   NEMOTO Kei (Faculty of Global Studies, Sophia University)
Title  :

Lecturer  :
 
“Historical background of Rohingya issue”(Japanease only)(PDF:1031KB)
NEMOTO Kei (Faculty of Global Studies, Sophia University)
 
March 15 (Thu)   NISHINO Kosuke (General Manager, Industrial Studies Dept. I, Industrial Studies Div., Mitsui & Co. Global Strategic Studies Institute)
Title  :

Lecturer  :
 
“Progress of automobile fuel economy regulation in the world and the outlook for electrification”(Japanease only) (PDF:2643KB)
NISHINO Kosuke (General Manager, Industrial Studies Dept. I, Industrial Studies Div., Mitsui & Co. Global Strategic Studies Institute)
 

 

Meeting to read research papers written by visiting scholars

March 13 (Tue):Ms. San Thida (Ministry of Planning and Finance, Myanmar)

Ms. San Thida who is invited from the Ministry of Planning and Finance, Myanmar, to work as a visiting scholar at PRI, made a presentation on the subject of “How to strengthen the PFM system in Myanmar.”

 The meeting
【The meeting】

 

PRI Workshop

Before publishing a discussion paper, PRI holds a PRI Workshop to discuss its content in the institute.

The following meetings were held in March.


 
March 14 (Wed)
Title  :
Lecturer  :
 
“Rationality of Corporate Cash Holdings”
OKU Ai (Chief Economist, Research and Administration Department, PRI)
TAKAHASHI Hideyuki (Researcher, Research and Administration Department, PRI)
WATANABE Keigo (Researcher, Research and Administration Department, PRI)
 

March 20 (Tue)
Title  :
Lecturer  :
 
“Chinese life insurance market moving toward opening”
FUJITA Keiichi (Senior Researcher, International Cooperation Division, Research and Administration Department, PRI)
 

 

 The conference
【The conference】

Discussion Paper in March

Title/AuthorAbstract
“Rationality of Corporate Cash Holdings”(Japanease only)(PDF:897KB)

OKU Ai,
Chief Economist, Research and Administration Department, PRI
TAKAHASHI Hideyuki,
Researcher, Research and Administration Department, PRI
WATANABE Keigo,
Researcher, Research and Administration Department, PRI
   Cash equivalents held by Japanese companies were as much as 211 trillion yen in fiscal 2016, but their value is discounted by the market. The background may be that cash equivalents are not effectively used because they are built up with ROE remaining low. Individual companies may think that their cash holding behavior is reasonable, but it does not improve market valuation and the companies fail to properly increase their enterprise value. Means to improve enterprise value using cash they hold may include investment in people and businesses and return to shareholders if there are surplus funds. We analyzed the rate of stock price increase of companies that had acquired shares of other companies or its own shares, and found that the rate of stock price increase of “companies with room for improvement in capital efficiency” is higher compared with “other companies.” In an estimation assuming that “companies with room for improvement in capital efficiency” bought their own shares using net cash, we found that their ROE improved 1.3 points. Corporate managers are required to make more rational decisions concerning cash (equivalents) holding also with consideration of valuation by the market.
“Chinese life insurance market moving toward opening”(Japanease only)(PDF:619KB)

FUJITA Keiichi,
Senior Researcher, International Cooperation Division, Research and Administration Department, PRI
   In November 2017, the Chinese government announced a deregulation measure concerning the ratio of investment in life insurance companies, etc. by foreign investors. The government has high expectations for foreign life insurance firms in the area of supplementation of the social security system, response to diversifying consumer needs, development of corporate governance and stabilization of the financial system. Further development of the Chinese life insurance market by foreign firms will require, in addition to this relaxation of the investment limit, relaxation of the regulation of businesses when opening branches, etc. and system/operational considerations in China’s Cybersecurity law.

Publication in March

Financial Review

TitleAbstract
No.1 of 2018 (No.133 [consecutive])
Special issue “Development and Integration of Financial Markets in Asia”
Editorial responsibility:
KAWAI Masahiro, Specially Appointed Professor, Graduate School of Public Policy, the University of Tokyo
   The purpose of this special issue is to understand the current status of financial globalization in Asia including Japan, and take up and assess the challenges from multifaceted perspectives. Subjects examined include: how to overcome obstacles and challenges to financial integration in the Asian region; how to direct enormous savings in the region to long-term investment (especially infrastructure investment); how to achieve both financial integration/globalization and financial stability, and; how to advance cooperation in East Asia for financial stability.

Public Policy Review

TitleAbstract
March 2018(Vol.14,No.2)
Tax System Reform - Evidence-Based Policy Recommendations
   Looking at revenue and expenditure challenges faced by the Japanese economy and public finance, the review focuses attention on revenue, especially in the area of tax systems, in order to make “policy recommendations based on evidence.” This special issue aims to analyze policy effects in light of tax/financial systems and economic theories and based on burdens on households and enterprises found in experimental studies, and also to explore their policy implications beyond mere burden estimation.

Monthly Finance Review

NUMBERCONTENTS
No.535 (February)STATISTICS (Released by Ministry of Finance)
PUBLIC RELATIONS & PRESS RELEASE
APPENDIX
MAIN ECONOMIC INDICATORS OF JAPAN

Ministry of Finance Statistics Monthly (Japanese only)

TitleContent
No. 785 National Treasury Balance Issue(Japanease only)
(September 2017 issue)
Statistics of balance of international payments
Statistics of balance of payments by region
Foreign borrowing and lending
Other related statistics
Balance of payments of major countries
No. 789 Inward/outward Private Investment Issue(Japanease only)
(January 2018)
Balance of payments statistics Direct investment
Overview of inward/outward securities investment
Foreign bonds for residents
Yen-denominated foreign bonds
Non-resident euro-yen bonds
Inward/outward direct investment
Inward/outward securities investment
Overview of the issue market
No.790 National Properties
(February 2018 issue)
Overview of national properties
Current amount of national properties at the end of fiscal 2016
Increase/decrease of national properties in fiscal 2016
Administrative and non-administrative property analysis statistics
List of government-owned corporations
Financial management of non-administrative properties
No.791 Regional Economy
(March 2018 issue)
About “Outline of the report on the economic situation within the jurisdictions of Local Finance Bureaus across Japan”
General condition within the jurisdictions of Local Finance Bureaus
Production/ consumption/ investment
Prices/ employment / other
Business Outlook Survey/ corporation statistics
Distinctive economic indicators concerning local economy

PRI TOPICS (monthly)