2016
The IIMA conducted JICA’s Co-creation Program: Strengthening of Project Value Chain for Development Financial Institutions (DFIs) in SADC Countries
As a training course under Japan International Cooperation Agency’s ODA technical assistance, the IIMA in association with Japan International Cooperation Center conducted a course from Oct.20 to Nov.11, with 15 participants who are senior managers of the DFIs of eleven countries of the Southern African Development Community. Lectures were given by university professors, professional staff members of development/commercial banks and economists of IIMA. For the site tour destination, we chose Nagoya where many projects formerly financed by the World Bank are located. The participants rode the Shinkansen and visited Shin-Nagoya Thermal Power Plant, Aichi Canal and others. The participants also attended lectures by experts on financial inclusion and revitalization of local communities. The participants are expected to apply the lessons learned to the enhancement of the management capability of their home countries’ DFIs.
※One of the Lecture Materials (English).
The IIMA held a seminar titled “In-Depth Analysis - Chinese Economy: The Urbanization and the Economic Growth,” the second one in our Chinese economy series for this year.
On October 13, 2016, the IIMA held a seminar inviting Prof. Guoqing Li from China as a lecturer, who is Professor of Sociology, Director of Research Center for Urban Policy & Urban Culture, Institute of Urban Development an Environmental Studies at Chinese Academy of Social Sciences (CASS). The seminar started with his one hour presentation followed by thirty minute’s discussion with audiences including Japanese government officials, diplomats in Tokyo, and economic researchers, all with deep understanding on today’s China. The Chinese economy has already shifted to “New Normal,” which means the era of middle-speed GDP growth. It would be no exaggeration to say that the future prosperity of China depends on whether human-centered, new-type of urbanization be successfully implemented or not. The lecturer showed us a good view on China’s strategic development plan of whole county. Then he explained about new-type of urbanization with a key word of “Hukou(戸籍)”, and succeeded in showing us a dynamic view progressing in China.
※The Lecture Report (English).
IIMA conducted JICA’s Co-creation Program: Bond Market Development in ASEAN Countries (Ⅱ)
As a training course under Japan International Cooperation Agency’s ODA technical assistance, IIMA in association with Japan International Cooperation Center conducted a two week course from September 26 to October 7, with 12 participants from the relevant monetary authorities of four countries: Cambodia, Laos, Myanmar, and Vietnam (CLMV). This annual course is the third one since 2014 and lecturers were, aside from IIMA staff, from the Ministry of Finance, Financial Services Agency, The University of Tokyo, Asian Development Bank Institute, Japan Credit Rating Agency, Ltd, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., Bank of Tokyo Mitsubishi UFJ, Ltd. and CLSA Capital Partners (Japan) KK. There were active exchanges of opinions and ideas during the program and it is anticipated that the CLMV participants can apply the lessons learned here in their own country’s bond market development policies.
※One of the Lecture Materials (English).
IIMA implemented “Executive Program in Public Finance Management / Government Debt Management”, jointly conducted by the World Bank and JICA
From July 25 to August 5, 2016, JICA (Japan International Cooperation Agency), in association with the World Bank, held an executive program, inviting 23 senior officials from the finance ministries in 19 developing countries in Asia, Africa and the Pacific regions. The IIMA, collaborating with JICE (Japan International Cooperation Center), acted as a secretariat, and implemented the planning and management of the project.
JICA so far has conducted many training programs as part of Japan’s ODA technical assistance, but this is its first attempt that it holds an executive program with the above-mentioned themes intended for the senior officials from the finance ministries in the developing countries. Speakers and lecturers to the program included those from the World Bank, JICA and the IIMA as well as representatives from the Japanese Ministry of Finance, the Bank of Tokyo-Mitsubishi UFJ, Mitsubishi UFJ Kokusai Asset Management, and Daiwa Institute of Research. We also had a special cooperation from Kobe Institute of Urban Research which presented a perspective of fiscal management during the post- earthquake reconstruction.
One of the keywords of this course was the “ALM: Assets and Liabilities Management.” Lecturers from the World Bank and the Japanese side gave suggestions that sound and strong government debt management requires not only proficiency of highly sophisticated analytical techniques and tools of the various market risks, but also indispensable are the perspectives from the balance-sheet management which are similar to corporate management. It is expected that, learning from the studies in this program, each participant will try to implement steadily and with broader perspectives each country’s public finance management and government debt management that includes such debts as Japanese ODA loans. It is also our sincere wish that this program will constitute a valuable global network among the participants and lecturers through face-to-face communications during the course and ultimately contribute to the stability and development of the domestic and international financial situations.
※One of the Lecture Materials (English).
The IIMA held a seminar titled “In -Depth Analysis- Chinese Economy: The Challenges and Reforms in New Era,” the first one in our Chinese economy series for this year.
On July 12, 2016, the IIMA held a seminar titled above with lecturer Prof. Qiyuan XU invited from China. Prof. Xu is Director of economic development division of Institute of World Economics and Politics (IWEP) at Chinese Academy of Social Sciences (CASS). The seminar started with his one hour presentation followed by thirty minute’s discussion with audiences including Japanese government officials, economic researchers and foreign officials working in Japan, all with deep understanding on today’s China. The Chinese economy is now on the verge of slowing down, and views towards it are diverse. The lecturer started with the explanation of the official real GDP data contrasting with the Li Keqiang index, then compared today’s Chinese economy with Japanese economy in 1980’s. After that, he analyzed four changing factors: the export, globalization, demography and the fixed asset investment. Those analyses gave us a clearer view on the Chinese economy where old economies and new economies simultaneously exist. Prof. Xu concluded that although governmental stimulus is still necessary, more essential and indispensable are new drastic reforms, which are yet to be observed.
※The Lecture Report (English).
The IIMA hosted a meeting, “International Conference of Commercial Bank Economists/ ICCBE.”
From July 5 to 8, 2016, the IIMA hosted a meeting, “International Conference of Commercial Bank Economists / ICCBE.” It is a meeting of financial economists founded in 1937 in order to discuss global economic issues and is held in different cities every year by rotation.
We had many hot issues to discuss this year including Brexit, immigrant crisis in Europe, helicopter money, FinTech, and sharing economy, and the conference lasted for total 23 hours in four days. We also invited guest speakers of the central bank and a local commercial bank with whom the members had a frank exchange of views regarding low growth and a negative interest rate policy.
Ms. Ayako Yamaguchi, a senior economist of the IIMA participated in the “Shintaku Keizai Kenkyukai （Forum on Trust companies）”as a main lecturer.
Ms. Ayako Yamaguchi, a senior economist of the IIMA participated in the “Shintaku Keizai Kenkyukai （Forum on Trust companies）” as a main lecturer on the 15th June 2016. She made a presentation on “Banking sectors in some Asian countries ：an Analysis from the Flow of Funds Accounts” and exchanged views and opinions on the issue with the participating scholars.
Participation in a panel discussion on Asian Economy held in Frankfurt am Main, Germany
On May 2 and 3, 2016, Mr. Sakuma, our General Manager and Chief Economist, participated in a panel discussion on the Asian Economy held as a side event of the Asian Development Bank (ADB) annual conference in Frankfurt am Main, Germany. The theme was One Belt One Road policy initiated by China. Discussants were from the US, China, India, Kazakhstan and Japan and had a fruitful discussion on the topics including potentiality and risks of the policy and how it may affect the nations surrounding the area. Prior to the panel discussion, a news agency, Asia News Network, conducted interviews with the discussants, which can be seen under the URL:
https://www.youtube.com/watch?v=gRaAmnky6WA&index=7&list=PLZ0UixW3jipGMkTspKNoLdApBqKF1thYO
We received a visit of Taiwan academic group of the TransWorld University, Taiwan, led by Dr.Wen-Tsu Hsu, a founder of the institution.
We received a visit of Taiwan academic group of the TransWorld University, Taiwan, led by Dr.Wen-Tsu Hsu, a founder of the institution. Dr. Hsu used to be an economic advisor to Mr. Lee Teng-hui, former Chairman of the Kuomintang. We gave a brief lecture on a history of Japanese economic development and policy responses after the burst of bubbles including the recent introduction of negative interest rate by the BoJ. In particular we focused in the lecture the policy framework of SME finance in Japan. The discussion topics ranged from ageing to expanding social security expenditure, SME finance and so on, which are common issues among the East Asian regions including Japan and Taiwan. Hot discussion continued for about two hours among all participants.
The IIMA held a seminar on “The Bank of Japan, a Game Changer?：Outlook for Japan’s Economy and the Course of the Japanese Yen.”
On March 11 2016, the IIMA held a seminar on “The Bank of Japan, a Game Changer?：Outlook for Japan’s Economy and the Course of the Japanese Yen.” We invited foreign government officials, central bankers and other representatives from Australia, Brazil, China, Columbia, EU, Germany, India, Indonesia, Mexico, the Philippines, Turkey and the IMF who are based in Tokyo. Forty minutes presentation by our lead economist, Kikuko Takeda, was followed by very hot Q&A sessions that reflected a strong interest of foreigners in the current macroeconomic and market developments after the introduction of a negative interest rate policy by the BOJ in January. After the seminar, the participants enjoyed a wine party with genial but stimulus conversation.
