Center onJapanese
Economy andBusiness
ANNUAL R E PORT
2 02 2 – 2 02 3
(JULY 2 0 2 2 –JUN E 2 0 2 3 )CJEB Annual Report 2022–2023 | 1

Table of Contents
Letter from the Director

2

CJEB Team

4

Leadership and Staff

4

Core Faculty7		

A Special Evening Event with Mr. Kenzo

Seven Reflections on Japan’s

Tsujimoto and Ms. Natsuko Tsujimoto of

Economy, Monetary Policy, and the

Kenzo Estate (Canceled)

27

Bank of Japan

28

Japanese Creativity in the Great Tech

Lectures 	

Why Has Japan Become So “Cheap”? 28

10

Business Strategy for the Future

Current Research Highlights

10

A New Era for the Sake Industry inFaculty Engagement

12

Research Paper Series

13		

				
CJEB Programs

14

Program on Public Pension andSovereign Funds

14

Program on Japan’s Role in the
Evolving Global Economic System

the Changing Geopolitics in the

15

CJEB Contributions to Columbia
17

30

The Current Status of JapaneseCompanies as They Aim for Carbon
Neutrality and the Role of Finance

30

Higher Education
Symposia

30

Part 2ESG Investing – Standard Setting andPension Funds

26

Monetary System

31

Impact on Businesses, Supply Chains,
32

The Japanese Economy: Strategies
32

Measuring Risk and Return in Japanthrough Upheaval and Uncertainty:
A 30-Year Overview

33

IGPI’s Challenges to Transform“Corporate Japan”

33

Lunchtime Event: Mercari U.S.

33

Selling Japanese Food in the World:

The Future of the International
26

402023 Annual Visiting Scholar

43		

Population26

2022–2023 Visiting Scholar Activities 39

International Advisory Board

31

to Cope with a Shrinking and Aging

Why Has Japan Become So Cheap?

38

42

and Investment26

2022–2023 Visiting Scholars

Reception

Japan’s New Economic Security Policy:

23

38

Professional Fellows

Business to Policy to Social Vision

Sustainable Cities, and Reforming

Faculty Advisory Committee

41

Toward a Data-Driven Society: From

The Need for Innovation: Digitalization,

38

Research Associates

19

21

Resources

How Uber Eats Japan Went from an

Conferences

Economy Network

				

40

Leader with Top Brand Recognition

Fifth Annual Conference of the Japan

37

Business Field Trips

19

19

in Leadership

Building a New Business in Japan:

EventsConference

Program Workshop: Visions and2023 Visiting Scholar Reunion

The Story of Bokksu: Bootstrapping a				 Unknown Startup Business to a Market

ESRI International Roundtable and36

Reflections from Japanese Women

30$100M Valuation in 5 Years

The Japan Project Meeting with Joint

36

Japanese Management Leadership

Celebrating Former Governor
18

Speechwriting

29

Japanese Snack Subscription to

Columbia University and CJEB

36

Unconventional Monetary Policy			Haruhiko Kuroda’s Week at

VR and the Metaverse

Women’s Leadership Workshop

Lunchtime Seminars

16

36
36

29

Is Japan Ready for a Buyout Boom?

35

Design Thinking

Indo-Pacific

29

				
Business School Courses

Japan’s New Security Strategy andCurrent Challenges

Japanese Management
Leadership Program

28

Success and Understanding Its

14

of Asians’ Bamboo CeilingWorkshops

Meiji 2.0: Explaining Japan’s

Corporate Governance and Stewardship
Program

28

Japan and Beyond: The Case of AwardWinning Dassai and Asahi Shuzo

34

The Neglected Minority: The Science				 Sumitomo Corporation and Its
Research and Faculty Engagement

Race: Beneficiary or Victim?

34

Gyoza and Beyond34

			Promoting Exchange of Ideas

44

CJEB in the News

44

Enhancing the MBA Experience

44

Enhancing the Columbia Experience46

Fellowship and Scholarship Programs

47

Library and Data Resources

48

Discussion Groups

49

Japan Economic Seminar

49

U.S.-Japan Discussion Group49		

Financial Support

50

Sponsorship Program51

Center on Japanese Economy and Business
The preeminent academic center in the United States on Japanese businessand economics
Established at Columbia Business School in 1986 under the direction of its founder,
Professor Hugh Patrick, and led currently by its director, Professor David Weinstein,
the Center on Japanese Economy and Business (CJEB) promotes knowledge andunderstanding of Japanese business and economics in an international context. CJEB is a
research organization widely recognized for its vigorous research activities, international
symposia, conferences, and lectures, held in person in New York City and Tokyo, andonline, which provide prominent speakers from the public and private sectors a forum forcollaboration and reflection on Japan, the United States, and the global economy.
Under the leadership of Professors David Weinstein and Takatoshi Ito, CJEB’s associate
director of research, CJEB supports research projects and library and data-driven
research initiatives. Other core faculty members are Japan specialists drawn from
Columbia’s Business School, School of International and Public Affairs, Department of
Economics, and Department of Political Science. While CJEB is an independent andnonpartisan research center that takes an objective stance on political or economic
policies, we encourage our researchers and scholars to hold their own individual
perspectives. Funding and resources are provided by corporate sponsors, foundations,individuals, Columbia Business School, and Columbia University.
Since its founding, CJEB has developed, grown, and evolved in order to carry out its
mission effectively in a changing Japan and a changing world. In this way, CJEB has beenable to build and maintain its status as the preeminent academic center on Japanesebusiness and economics anywhere outside Japan.
Further information about CJEB can be found on the Center’s website:
https://business.columbia.edu/cjeb.
CJEB Annual Report 2022–2023 | 1

Letter from the Director
Dear Friends,
It is with great pleasure that I present the 2022–2023
Annual Report for Columbia Business School’s Center onJapanese Economy and Business (CJEB), reflecting thephenomenal accomplishments achieved by the Center overthe past academic year. As the global landscape continues
David E. Weinstein
Director

to evolve, with obstacles in some arenas and progress inothers, CJEB remains poised to promote knowledge andunderstanding of the Japanese economy and businesssystems in American, Asian, and global contexts. In orderto provide access to current research, opportunities for

Corporation, for “Sumitomo Corporation and Its Business
Strategy for the Future” on November 9; and Takashi
Muraoka, managing partner of Industrial Growth Platform,
Inc. (IGPI) for “IGPI’s Challenges to Transform ‘Corporate
Japan’” on February 14. We also hosted new connections
such as Hiroshi Sakurai, chairman of Asahi Shuzo Co.,
Ltd., for “A New Era for the Sake Industry in Japan and
Beyond: The Case of Award-Winning Dassai and Asahi
Shuzo” on February 7; and Kyoko Matsushita, CEO of WPP
in Japan, for “Japanese Creativity in the Great Tech Race:
Beneficiary or Victim?” on April 11.

connection, and forums for specialists to speak to our

CJEB had the privilege of hosting Haruhiko Kuroda, former

constituents on prevalent issues, we’ve leveraged long-term

governor of the Bank of Japan (BOJ), for a series of events

friendships and established new networks, expanding ourduring the week of April 17, a little over a week after hereach and underscoring the importance of continued U.S.-

finished his 10-year tenure as governor of the BOJ—the

Japan and international discourse on economic matters.

longest in the central bank’s history. In addition to private

This is certainly a remarkable time for the Japanese, U.S.,
and global economies. An aging and declining population
remains a challenge not only for Japan but for many
democracies. Rising geopolitical tension in the AsiaPacific and China’s evolving role in the world order has
complicated projections for the region. And the RussiaUkraine war has lasted longer than many anticipated, witheconomic impacts that have rippled to Japan and beyond.
Thinking more positively, we’ve also seen the continued
abatement of COVID-19.
In the past academic year, the Center held a wide arrayof engaging, timely, and edifying events. We presented
a combination of virtual and in-person programs, whichenabled us to host dozens of thought leaders in a format
that suited them best, covering topics ranging from thestatus of the yen to the science of the “Bamboo Ceiling”
to digitalization, smart city development, and higher
education reform. We were also able to present several
events in person once more for the first time since 2019,
most notably our annual Tokyo conference. Information on
our events can be found starting on page 19.
CJEB sponsored over 25 conferences, symposia, lectures,
seminars, and workshops during the past academic year.
The Center featured long-time friends, including Yasushi
Kinoshita, chairman of the Development Bank of Japan
Inc., for “The Current Status of Japanese Companies as
They Aim for Carbon Neutrality and the Role of Finance”
on October 11; Masayuki Hyodo, representative director,
president, and chief executive officer of Sumitomo

2 | CJEB Annual Report 2022–2023

meetings, he spoke at two public events: “The Futureof the International Monetary System” on April 17 and“Unconventional Monetary Policy” on April 19. The April
17 event also featured a dialogue with Alan S. Blinder, theGordon S. Rentschler Memorial Professor of Economics
and Public Affairs at Princeton University and vicechairman of the Board of Governors of the Federal Reserve
System (1994–1996). A selection of photos celebrating
Former Governor Kuroda’s time at CJEB can be found on
page 18.
We concluded our event season with our long-awaitedannual Tokyo conference, titled “The Need for Innovation:
Digitalization, Sustainable Cities, and Reforming Higher
Education,” held on May 29. We welcomed a host ofesteemed speakers, including our two keynotes: His
Excellency KONO Taro, minister for digital transformation,
minister for digital reform, minister for consumer affairs
and food safety, and minister in charge of civil service
reform of the Government of Japan; and Mary C. Boyce,
provost and professor of mechanical engineering at
Columbia University. The conference was a fantastic way
to conclude our 2022–2023 events season, and we invite
you to watch the recording of this and other past events on
our website.
CJEB continued research initiatives this past academic
year through our four programs, (1) the Program on
Public Pension and Sovereign Funds (PPPSF), directed byProfessor Takatoshi Ito; (2) the Corporate Governance andStewardship Program; (3) the Program on Japan’s Role inthe Evolving Global Economic System; and (4) the Japanese

our scholars from different backgrounds within Japan’sManagement Leadership Program (JMLP). The webinar,

corporate, academic, and government sectors. New“ESG Investing – Standard Setting and Pension Funds,”

challenges appeared as a result of COVID-19 andwas held on April 7 as part of the Series on Public Pension

Columbia University’s evolving policies in response to it,

and Sovereign Funds and featured Tomoko Amaya, vice

but with a program that is once again entirely in person at

minister for international affairs at the Financial Services

Columbia’s Manhattanville campus, we are proud to provide

Agency of the Government of Japan; Pedro Antonio Guazo

excellent support with access to cutting-edge educational

Alonso, representative of the secretary-general for thefacilities and opportunities for enrichment to our Visiting

investment of the assets of United Nations Joint Staff

Scholars. We offered workshops, speech training, individual

Pension Fund; Jingdong Hua ’03SIPA, vice-chair of thecoaching sessions, and unique experiences to address

International Sustainability Standards Board; and Suyi Kim,

special interests in digital initiatives and upskilling. As

senior managing director and global head of private equityof Spring 2023, CJEB is incredibly honored to countat Canada Pension Plan Investment Board. Several talks

more than 270 Visiting Scholars accepted since ourwere held in coordination with our Corporate Governanceestablishment in 1986. Understandably, we had fewer

and Stewardship Program, including “Measuring Risk andparticipants in our program because of the COVID-19

Return in Japan through Upheaval and Uncertainty: A

pandemic, but with increased applicants since 2020,

30-Year Overview” on December 8 with Oki Matsumoto,we expect almost a full cohort in the coming academic

chairman of the board and CEO of Monex Group, Inc. CJEB

year. At this turning point when we return to our previous

presented various events as part of our program on Japan’s

numbers in attendance, we look forward to growth as we

Role in the Evolving Global Economic System, including

constantly adapt our Visiting Scholars Program to enhance

Professor Ito’s annual lecture, “Why Has Japan Become So

our Scholars’ experiences at Columbia. Information on this‘Cheap’?,” on October 5. The event was so successful thatyear’s Visiting Scholars Program can be found starting on

we held the follow-up webinar “Why Has Japan Become

page 38.

So Cheap? Part 2” on November 17 with Professor Ito
and Tsutomu Watanabe, professor of economics at theGraduate School of Economics of The University of Tokyo.
CJEB presented numerous workshops and seminars aspart of the JMLP, led by Yumiko Shimabukuro, faculty at
the School of International and Public Affairs, and Ryoko
Ogino, CJEB’s managing director. One such event was
the workshop “Visions and Reflections from Japanese
Women in Leadership,” held on May 30 in Tokyo. With akeynote, reflective conversations, interactive activities,
and presentations, the workshop enabled participants
to consider the status and future of women’s careeradvancement in Japan. Ayumi Wada, corporate vicepresident and general executive in charge of the Legal &The Center continues to thrive and embrace new growth
opportunities, broadening engagement, advancing
research, and presenting inspiring programming. I thank
CJEB’s five-member administrative team, led by Ryoko
Ogino, for all that they do to keep the Center in motion. Our
staff is essential to CJEB, and they surpass expectations
with their dedication, hard work, and excellence.
CJEB is grateful to the Business School and the University,and especially to the corporate sponsors, foundations, andindividuals that provide the funding that facilitates the work
we do in pursuit of our mission. I look forward to furthering
the Center’s necessary and valuable work as we continue
to support our constituents and the Columbia community.

Compliance Division of Toshiba Corporation and former
chairwoman and CEO of Toshiba America, Inc., gave akeynote titled “Oaks May Fall When Reeds Stand the Storm”;

With warm regards,

and Columbia Business School’s Executive Education
Department presented on current trends in human capitalmanagement and women’s leadership initiatives in theDavid E. Weinstein

United States, Asia, and Europe. More information on these

June 30, 2023

programs can be found starting on page 14.
The Visiting Scholars Program has continued to offer
the same level of high-quality content and support to

CJEB Annual Report 2022–2023 | 3

CJEB TEAM

Leadership and Staff
David E. Weinstein

Hugh Patrick is

Takatoshi Ito isis the Carl S. Shoupthe founder ofthe director ofProfessor of the

CJEB and R. D.

the Program on

Japanese Economy at

Calkins Professor

Public Pension andColumbia University.

of International

Sovereign Funds

He is also the director

Business Emeritus atand associateof the Center on

Columbia Businessdirector of research

Japanese Economy

School. He joined

at CJEB. He is also

and Business (CJEB),

the Columbia faculty

a professor at theco-director of Columbia’s APEC Studyin 1984 after some years as professor of

School of International and Public AffairsCenter, co-director of the Japan Project at

economics and director of the Economic(SIPA) at Columbia University. He has taught

the National Bureau of Economic Research

Growth Center at Yale University. He

extensively both in the United States and(NBER), and a member of the Center forcompleted his BA at Yale University (1951),

Japan since finishing his PhD in economics

Economic Policy Research and the Federal

obtained MA degrees in Japanese studies

at Harvard University in 1979. He taught as

Economic Statistics Advisory Committee.

(1955) and economics (1957), and earned

assistant and tenured associate professor

Previously, Professor Weinstein was chaira PhD in economics at the University of(1979–88) at the University of Minnesota, asof the Department of Economics and aMichigan (1960). He has been a visiting

associate and full professor at Hitotsubashi

senior economist as well as a consultant at

professor at Hitotsubashi University, theUniversity (1988–2002), and as professor

the Federal Reserve Bank of New York, theUniversity of Tokyo, and the University ofat the Graduate School of Economics atFederal Reserve Bank of San Francisco, andBombay. Professor Patrick has been awarded

University of Tokyo (2004–2014) before

the Federal Reserve Board of Governors.

Guggenheim and Fulbright fellowships andassuming his current position in 2015. He

Prior to joining the Columbia faculty,

the Ohira Prize. His professional writings

held visiting professor positions at Harvard

Professor Weinstein held professorships

include 16 books and some 60 articles andUniversity, Stanford University, Columbia

at the University of Michigan and Harvard

essays. His most recent books are How

Business School, and the National Graduate

University. He also served on the Council

Finance Is Shaping the Economies of China,

Institute for Policy Studies and was the Tunof Economic Advisors. His teaching andJapan, and Korea (Columbia University Press,

Ismail Ali Chair Professor at the University of

research interests include international2013), coedited with Yung Chul Park; andMalaya. He has held distinguished academic

economics, corporate finance, and the

Reviving Japan’s Economy: Problems andand research appointments such as president

Japanese economy. Professor Weinstein

Prescriptions (MIT Press, 2005), coauthoredof the Japanese Economic Association inearned his PhD and MA in economics fromand coedited with Takatoshi Ito and David E.

2004, fellow of the Econometric Society

the University of Michigan and his BA at

Weinstein. Professor Patrick served as one

since 1992, research associate at the

Yale University. He is the recipient of manyof four American members of the binational

National Bureau of Economic Research since

grants and awards, including five National

Japan–United States Economic Relations

1985, and faculty fellow at the Centre for

Science Foundation grants, an Institute forGroup appointed by President Carter andEconomic Policy Research since 2006. He

New Economic Thinking grant, a Bank ofPrime Minister Ohira from 1979 to 1981. He

was editor-in-chief of the Journal of theInternational Settlements Fellowship, and a

has been a member of the Council on Foreign

Japanese and International Economies

Google Research Award.

Relations since 1974. He was a member ofand is co-editor of the Asian Economic

the Board of Directors of the Japan Society

Policy Review. In an unusual move for a

for seven three-year terms. In November

Japanese academic, Ito was also appointed

1994, the Japanese Government awarded

to positions in the official sector, as senior

him the Order of the Sacred Treasure, Goldadvisor in the Research Department at theand Silver Star (Kunnitō Zuihōshō). He wasInternational Monetary Fund (1994–97)

awarded an honorary doctorate of Social

and as deputy vice minister for international

Sciences by Hong Kong’s Lingnan University

affairs at the Ministry of Finance, Japan

in 2000 and the Eagle on the World award(1999–2001). He served as a member ofby the Japanese Chamber of Commerce and

the Prime Minister’s Council on Economic

Industry of New York in 2010.

and Fiscal Policy (2006–2008). In 2013,

4 | CJEB Annual Report 2022–2023

Ito chaired a committee to reform the asset

Alicia Ogawa was the

Ryoko Ogino is the

management benchmark of Government

project director for

managing director at

Pension Investment Fund (GPIF) with a total

Japanese Corporate

CJEB. She oversees

asset value of 130 trillion yen (in 2013).

Governance andall programming

In 2021, Ito chaired a committee to makeStewardship at CJEB

and administrative

asset management guidelines for a newly

until June 2023.

matters atcreated National University Fund with a total

For 13 years, she

the Center, byasset value of 10 trillion yen. He frequently

was an assistantdeveloping, planning,

adjunct professor

and executing thethe Financial Times, Project Syndicate, andat SIPA, where she ran seminars on ESGCJEB program and events calendar with

Nihon Keizai Shinbun. He is the author of

and impact investing topics. Previously, she

CJEB’s academic director and managing

many books including The Japanese Economy

was managing director at Lehman Brothers,

CJEB’s Visiting Scholars Program. She(MIT Press, 1992; and the second edition,

where she was responsible for managing thefosters relationships with the Center’sin 2020, with Takeo Hoshi); The Politicalfirm’s global equity research product. Prior

current and potential sponsors and manages

Economy of the Japanese Monetary Policy

to joining Lehman Brothers, she spent 15

and designs other fundraising strategies.

(1997) and Financial Policy and Central

years in Tokyo, where she was a top-rated

Ryoko co-created the Center’s JapaneseBanking in Japan (2000) (both with T. Cargillbank analyst and director of research forManagement Leadership Program withand M. Hutchison, MIT Press); Managing

Nikko Salomon Smith Barney, later absorbed

SIPA Professor Yumiko Shimabukuro to

Currency Risk: How Japanese Firms Choose

by Citibank. She is currently a member of theoffer leadership research seminars, global

Invoicing Currency (Elgar, 2018, with Satoshi

board of directors of the Maureen and Mike

communication in leadership training, andKoibuchi, Kiyotaka Sato and Junko Shimizu);

Mansfield Foundation, a member of the board

an innovation and diversity workshop series.

and ESG Investing (in Japanese, Nikkei Pub.,of directors of Pure Earth, and a member

The program also addresses women’s careerwith Keiko Honda); more than 130 academicof the President’s Circle of the All Stars

advancement. As of April 2023, she has a(refereed) journal articles, including in

Project, a development program for innerproject under Columbia University Press to

Econometrica, American Economic Review,city young people. Ogawa has been inducted

write a book on Japanese women’s leadership

and Journal of Monetary Economics; andinto the Academy of Women Achievers. She

and career development with Professor

chapters in books on international finance,

is a member of the Corporate Governance

Shimabukuro. Prior to joining the Businessmonetary policy, and the Japanese economy.

Society and the European Corporate

School in September 2010, she held

His research interests include capital flows

Governance Institute. She graduated frompositions at Shiseido Americas Corporationand currency crises, microstructures ofBarnard College and earned a master’sand Sony Corporation of America in productthe foreign exchange rates, and inflation

degree in international affairs at SIPA.

development, international marketing, andcontributes op-ed columns and articles totargeting. He was awarded the National

corporate communications. She holds a

Medal with Purple Ribbon in June 2011 fordegree (magna cum laude) in human relations

his excellent academic achievement.

in multinational organizational settings fromthe State University of New York, Buffalo.
Ryoko also holds a master of science inhuman capital management from Columbia
University.

CJEB Annual Report 2022–2023 | 5

Officers
Emiko Mizumura

Japan Representative,Tokyo

Assistant Director for

Terumi Ota

Programs
BA, American andEnglish Literature
Otsuma University

Columbia University
Ryo Shibata

Tsukuba University

BA Candidate, Applied Mathematics

Student Casuals

Knowledge Strategy

Isabel Andreatta

Columbia University

BA Candidate, East Asian Studies
and Computer Science
Columbia University

Musumeci
Assistant Director

Alyssa Chang

BA, Law

BA Candidate, Economics-Statistics

Okayama University

Barnard College

MA, Diplomacy
and International

Grace Chee

Relations

BA Candidate, Economics

Seton Hall University

Columbia University

Julio “JP” Perez

Yoichi Hirata ’23

Senior Program

MBA

Manager

Columbia Business School

BA, East Asian
Languages andCultures
Columbia University

Sarah Santana
Senior Program
Manager
BA, Linguistics andJapaneseGeorgetown
University

CJEB staff with Jackson G. Lu after his event

6 | CJEB Annual Report 2022–2023

BA Candidate

BA

MS, Information andShoko Nakamoto-

Haruki Imanoand Statistics
Columbia University
Tomoko Suzaki
MBA Candidate
Columbia Business School
Rinka Tonsho
BA Candidate, Political Scienceand Human Rights
Barnard College
Haru Yamanaka
BA, Economics
Columbia University

Core Faculty
CJEB’s seven core faculty members provideof the Board of Directors of the Japan Society

In addition to writing more than 100 scholarly

the Center’s intellectual foundation andand of the Japan Center for International

articles in economics and finance, Professor

are drawn from Columbia University’s

Exchange; he serves as consultant andHubbard is the author of three popular

Business School, Law School, Department ofadviser to numerous public and private

textbooks, as well as co-author of The Aid

Economics, Department of Political Science,organizations in the United States and Japan.

Trap: Hard Truths About Ending Poverty;

and School of International and Public
Affairs. In addition to David Weinstein, HughPatrick, and Takatoshi Ito, CJEB’s core faculty
members are as follows:

Professor Curtis is a recipient of numerous
prizes and honors, including the Masayoshi
Ohira Memorial Prize, the Chunichi Shimbun
Special Achievement Award, the JapanFoundation Award, the Marshal Green Award

Gerald L. Curtis is
Burgess Professor
Emeritus of Political
Science at Columbia
University andformer director of the
Weatherhead Eastof the Japan-America Society of Washington,
and the Eagle on the World award from theJapanese Chamber of Commerce in New
York. He is a recipient of the Order of theColumbia University in 1969 and was on the
Columbia University faculty from 1969 until
December 2015. He is a professor emeritus,
a senior research scholar at the Weatherhead
East Asian Institute, director of Columbia’s
Japan Research Program, and chairman of
the Maureen and Mike Mansfield Foundation.
He is the author of numerous books andLondon; the College de France, Paris; theLee Kwan Yew School of Public Policy,

Wall Street Journal, the New York Times, theFinancial Times, the Washington Post, Nikkei,
and the Daily Yomiuri, as well as on televisionand radio.
as deputy assistant secretary for tax policy
at the U.S. Treasury Department from 1991
to 1993. From February 2001 until March

Glenn Hubbard
is dean emeritus,
director of the Jerome
A. Chazen Institutefor Global Business,and Russell L. Carson
Professor of Financeand Economics atColumbia Business
1988, he served as dean from 2004 to 2019.

International Affairs, Chatham House,

commentaries appear in Business Week, thegovernment.

Japanese on Japanese politics, government,

appointments at the Royal Institute ofSteps to a Better Health Care System. His

highest honors awarded by the Japanese

School. A Columbia faculty member since

relations. Professor Curtis has heldand Healthy, Wealthy, and Wise: Five

In government, Professor Hubbard served

articles published in both English andforeign policy, and United States–Japan

from Ancient Rome to Modern America;

Rising Sun, Gold and Silver Star, one of the

Asian Institute. He
received his PhD from

Balance: The Economics of Great Powers

2003, he was chairman of the U.S. Council of
Economic Advisers under President George
W. Bush. While serving as CEA chairman, healso chaired the economic policy committeeof the OECD. In the corporate sector, he ischairman of the board of MetLife, a directorof BlackRock Fixed Income Funds, and on theboard of TotalEnergies. Professor Hubbard iscochair of the Committee on Capital Markets
Regulation; he is a past director of ADP, past
chair of the Economic Club of New York,and a past co-chair of the Study Group on

Professor Hubbard received his BA and

Corporate Boards.

BS degrees summa cum laude from theProfessor Hubbard and his family live in New

University of Central Florida, where hereceived the National Society of Professional

York.

Engineers Award. He also holds AM and
PhD degrees in economics from Harvard

Merit E. Janow is

University. After graduating from Harvard,

an internationally

Professor Hubbard began his teachingrecognized expert incareer at Northwestern University, moving

international trade

to Columbia in 1988. He has been a visiting

and investment.

professor at Harvard’s Kennedy School of

She has extensive

Government and Harvard Business School as

experience in

Professor Curtis currently is councillor to thewell as the University of Chicago. Professor

business, academia,

US-Japan Council, chairman of the Maureen

Hubbard also held the John M. Olin Fellowshipand Mike Mansfield Foundation, and member

at the National Bureau of Economic Research.

Singapore—and in Tokyo at Keio, Tokyo,
and Waseda Universities; the ResearchInstitute for Economy, Trade and Industry;
the Graduate Research Institute for Policy
Studies; and the International Institute for
Economic Studies.

and government andhas had a lifelong involvement with JapanCJEB Annual Report 2022–2023 | 7

and the Asia-Pacific region. Professor Janow

Early in her career, Professor Janow was a1997 to 2000. In 2008, he was asked by theserved as dean of the faculty of Columbia

corporate lawyer specializing in cross-border

French president Nicolas Sarkozy to chair the

University’s School of International andmergers and acquisitions with Skadden, Arps,

Commission on the Measurement of Economic

Public Affairs (SIPA) from July 2013 throughSlate, Meagher & Flom in New York. She grew

Performance and Social Progress, which

December 2021. As dean, she strengthened

up in Tokyo, Japan, and speaks Japanese. She

released its final report in September 2009

the school by growing the faculty andhas a JD from Columbia Law School, where(published as Mismeasuring Our Lives). He now

launching new programs and initiatives, forshe was a Stone Scholar, and a BA in Asian

chairs a High-Level Expert Group at the OECD

example in technology and public policy—

studies with honors from the University ofthat is attempting to advance these ideas.

with a focus on cybersecurity and the digital

Michigan.

In 2009, he was appointed by the presidentof the United Nations General Assembly toeconomy—entrepreneurship and policy, andcentral banking and financial policy, among
other areas. For the past 27 years, she has
been a professor at both SIPA and Columbia
Law School. Professor Janow has had three
periods of government service. In December
2003, while at Columbia University, she waselected as one of the seven members of theWorld Trade Organization’s (WTO) Appellate
Body. In the course of her four years ofservice, she reviewed more than 30 appeals.
From 1997 to 2000, Professor Janow
served as the executive director of the firstinternational antitrust advisory committee tothe attorney general and assistant attorney
general for antitrust of the U.S. JusticeDepartment. From 1989 to 1993, prior toJoseph E. Stiglitz
was born in Gary,
Indiana, in 1943. A
graduate of Amherst
College, he received
his PhD from MIT in
1967; became a full
professor at Yale in
1970; and in 1979
was awarded the John Bates Clark Award,
given biennially by the American Economic
Association to the economist under 40 who
has made the most significant contribution
to the field. He has taught at Princeton,
Stanford, and MIT and was the Drummondbe chair of the Commission of Experts on
Reform of the International Financial andMonetary System, which also released its
report in September 2010 (published as
The Stiglitz Report). Since the crisis, he has
played an important role in the creation of theInstitute for New Economic Thinking (INET),
which seeks to reform the discipline so it isbetter equipped to find solutions for the greatchallenges of the 21st century.
Professor Stiglitz serves on numerous
boards, including the Regenerative Crisis
Response Committee, and on the Economic
Advisory Board of the Brennan Center for
Justice.

Professor and a fellow of All Souls College,

He helped create a new branch of economics,

Oxford. He is now University Professor at“The Economics of Information,” exploring theColumbia University in New York, where he

consequences of information asymmetries

is also the founder and co-president of theand pioneering such pivotal concepts as

University’s Initiative for Policy Dialogue. He

adverse selection and moral hazard, whichis also the chief economist of the Roosevelt

have now become standard tools not only of

Institute. In 2001, he was awarded thetheorists but also of policy analysts. He has

Nobel Prize in economics for his analyses ofmade major contributions to macroeconomics

markets with asymmetric information, and heand monetary theory, to development

was a lead author of the 1995 Report of theeconomics and trade theory, to public andIntergovernmental Panel on Climate Change,

corporate finance, to the theories of industrial

which shared the 2007 Nobel Peace Prize.

organization and rural organization, and to

In 2011, Time named Stiglitz one of the 100

the theories of welfare economics and of

Nasdaq Stock Market for nearly a decade.

most influential people in the world.

income and wealth distribution. In the 1980s,

ProfessorJanow also serves on the board ofProfessor Stiglitz was a member of thenonprofit organizations such as the National

Council of Economic Advisers from 1993

Committee on U.S.-China Relations. She

to 1995, during the Clinton administration,

His work has helped explain thewas an inaugural member of the internationaland served as CEA chairman from 1995 tocircumstances in which markets do notadvisory council of China’s sovereign fund,1997. He then became chief economist andwork well and how selective government

the China Investment Corporation (CIC).

senior vice president of the World Bank, fromintervention can improve their performance.

joining Columbia, Professor Janow served as
deputy assistant USTR for Japan and China
in the Executive Office of the President.
In that capacity she was responsible fordeveloping, coordinating, and implementing
U.S. trade policies and leading sectoral tradenegotiations with Japan and China. Professor
Janow has also had extensive corporate andnonprofit board experience. She currently
serves as chair of Mastercard and chair ofJapan Society and serves on several boards
within the American Funds/Capital groupand Aptiv. She was previously chair of the

8 | CJEB Annual Report 2022–2023

he helped revive interest in the economics of
R&D.

In the last decade and a half, he has written

Penguin/Allen Lane in 2015; Rewriting thea series of highly popular books that have

Rules of the American Economy: An Agenda

had an enormous influence in shaping global

for Growth and Shared Prosperity, publisheddebates. His book Globalization and Its

by W. W. Norton in 2015; The Euro: How a

Discontents (2002) has been translated into

Common Currency Threatens the Future

35 languages, besides at least two piratedof Europe, published by W. W. Norton andeditions. The nonpirated editions have soldPenguin/Allen Lane in 2016; Globalization

more than one million copies worldwide. In

and Its Discontents Revisited: Anti-that book he laid bare the way globalization

Globalization in the Era of Trump, published

had been managed, especially by theby W. W. Norton and Penguin/Allen Lane ininternational financial institutions. In two

2017; People, Power, and Profits: Progressive

later sequels, he presented alternatives: Fair

Capitalism for an Age of Discontent,

Trade for All (2005, with Andrew Charlton)

published by W. W. Norton and Penguin/Allenand Making Globalization Work (2006). In

Lane in 2019; For Good Measure: An Agenda

The Roaring Nineties (2003), he explainedfor Moving Beyond GDP and Measuring What

how financial market deregulation and otherCounts: The Global Movement for Well-Being,

actions of the 1990s were sowing the seeds

both with Jean-Paul Fitoussi and Martineof the next crisis. Concurrently, Towards

Durand, published by The New Press in 2019;a New Paradigm in Monetary Economics

and Rewriting the Rules of the European(2003, with Bruce Greenwald) explained

Economy: An Agenda for Growth and Shared

the fallacies of current monetary policies,

Prosperity, published by W.W. Norton in

identified the risk of excessive financial

2020.

interdependence, and highlighted the central
role of credit availability. Freefall: America,
Free Markets, and the Sinking of the World
Economy (2010) traced in more detail theorigins of the Great Recession, outlined a setof policies that would lead to robust recovery,
and correctly predicted that if these policies
were not pursued it was likely that we would
enter an extended period of malaise. The
Three Trillion Dollar War: The True Cost of
the Iraq Conflict (2008, with Linda Bilmesof Harvard University) helped reshape thedebate on those wars by highlighting theenormous costs of those conflicts. His mostrecent books are The Price of Inequality:
How Today’s Divided Society Endangers
Our Future, published by W.W. Norton andPenguin/Allen Lane in 2012; Creating a
Learning Society: A New Approach to Growth,
Development, and Social Progress, with
Bruce Greenwald, published by Columbia
University Press in 2014; The Great Divide:
Unequal Societies and What We Can Do
About Them, published by W. W. Norton andProfessor Stiglitz’s work has been widely
recognized. Among his awards are morethan 40 honorary doctorates, including from
Cambridge and Oxford Universities. In 2010,
he was awarded the prestigious Loeb Prizefor his contributions to journalism. Among the
prizes awarded to his books have been theEuropean Literary Prize, the Bruno KreiskyPrize for Political Books, and the Robert F.
Kennedy Book Award. He is a fellow of the
National Academy of Sciences, the American
Academy of Arts and Sciences, the American
Philosophical Society, and the EconometricSociety, and a corresponding fellow of theRoyal Society and the British Academy.
He has been decorated by several
governments, including Colombia, Ecuador,and Korea, and most recently became amember of France’s Legion of Honor (rankof Officer). In 2018 Professor Stiglitz wasawarded the Sydney Peace Prize, and he wasjust recently awarded the 35th Catalonia
International Prize.

CJEB Annual Report 2022–2023 | 9

R E S E A RC H A N D FAC U LT Y E N G AG E M E N T

Current Research Highlights

Left to right: David E. Weinstein, Gerald L. Curtis

One of CJEB’s highest priorities is promoting

found that e-commerce lowered relative

the 1880s, while this did not happen in otherresearch related to the Japanese economy,

inflation rates for goods sold intensively

non-European, non-English speaking regions

businesses, management systems, andonline. They showed that e-commerceof the world. The authors have digitized vastfinancial markets. Typically, the Center’s core

lowered variety-adjusted prices on averageamounts of trade, patent, and technicalfaculty members obtain funding individually

by 0.9 percent between 1996 and 2014,

writings from the period in order to apply

through competitive outside grants, as welland more in cities with highly educatednatural-language processing of the texts

as additional financial and administrative

populations, who were more likely to shop

used by Meiji entrepreneurs to understandsupport from the Center in order to facilitate

online.

Western technology. Moreover, they scraped

their research.

Professor Weinstein published several
papers examining the costs of the tradeDavid E. Weinstein leads the Center’s
research activities and has several projects
underway. Professor Weinstein’s research andteaching focus on international economics,
macroeconomics, corporate finance, theJapanese economy, and industrial policy. In
addition to his role as CJEB’s director, he is
the co-director of the NBER Japan Project
and a member of the Federal Economic
Statistics Advisory Committee. Professor
Weinstein was also the chair of Columbia
University’s Department of Economics.
Professor Weinstein’s research on how theentry of Japanese e-retailers has affectedconsumer prices and welfare in Japan isforthcoming in the Review of Economics
and Statistics. His work, co-authored with
Yoon Jo and Misaki Matsumura, who were
PhD students at Columbia, examines theimpact of retail e-commerce on Japanesepricing behavior and welfare. CJEB financially
supported Dr. Matsumura throughout her
Columbia career. Using Japanese data, they

10 | CJEB Annual Report 2022–2023

war, which were widely cited in media in the
United States, Europe, and Japan. He has
released a new paper (with Mary Amiti of theFederal Reserve Bank of New York (FRBNY);

the holdings of Japanese and other major
libraries to show how unique it was thatJapan had access to Western technology inits own language. This research has unveiled
the unique technological investments thatmade Japan an industrial power.

Sanghoon Kong at Columbia; and Matthew

Professor Weinstein is also working with

Gomez, also at Columbia), which found that

Mary Amiti at the FRBNY, Anil Kashyap of thethe U.S.-China trade war has had significant

University of Chicago, and Anna Kovner also

negative effects on U.S. stock prices,at the FRBNY that uses confidential bankproductivity, investment, and welfare, andsupervisory data for the United States tocontinues to investigate these issues more

understand the costs for firms from switchingbroadly. His work suggests that the tradefinancial institutions. The data contains

war has had much larger negative impacts on

detailed loan information on the universe of

the U.S. economy than has been previously

loans exceeding one million dollars made by

documented.

major financial institutions.

He is also completing a project with Reka

Finally, Professor Weinstein is also working

Juhasz (at the University of British Columbia)

with Mary Amiti at the FRBNY, and Oleg

and Shogo Sakabe (a CJEB-sponsored PhD

Itskhoki at the University of California, Los

student) that brings advanced techniques

Angeles, on a project aimed at understanding

from computer science to reexamine thethe causes of the large fluctuations in global

unique sources of Japanese growth in the

inflation. Making use of a novel dataset

Meiji period. The project aims to understandcontaining monthly data on disaggregated

why Japan was able to learn Western

export quantities and prices between

technology and achieve exceptionally highcountries at a monthly frequency—and amanufacturing productivity growth rates in

newly created dataset that enables linking

Left to right: Takatoshi Ito, Merit E. Janow

trade, input-output linkages, and consumer

economy. Professor Ito also maintains a

investigates various reform plans in regulated

prices for Japan, the United States, andteaching and research position as visiting

industries, from agriculture and education toEurope—the authors are examining the role

professor during the summer at the National

medical and health care. He combines theory

played by monetary policy, energy prices, andGraduate Institute for Policy Studies inand empirical research and derives policy

global value chains.

Tokyo. His research focuses on three broad

implications.

Professor Weinstein’s research is often
cited and discussed in the media, and he is afrequent commentator on Japan.

themes: international finance, the Japanese
economy, and the Asian financial markets.
He has carried out a series of research
projects on the dynamics of the exchange
rates in various time spans and frequencies.

Gerald L. Curtis has for many years divided

He has done macroeconomic analysis of

his time between Tokyo and New York, a

the yen/dollar exchange rates after the rate

pattern that was disrupted by the pandemic

floated in 1973. Currently, he is examining

but that he has now resumed. He has devoted

the microstructure of the foreign exchange

his efforts over this past academic year tomarkets using a tick-by-tick dataset, whichtransforming the long-established Toyota

contains all firm quotes and deals in a

Research Program at the Weatherhead East

computerized order-matching engine. He is

Asian Institute into a larger Japan Researchresearching how particular institutions andProgram (JRP) that promotes understanding

rules in the market influence pricing and dealof the historic changes ongoing in Japaneseactivities.

foreign policy and U.S.-Japan relations

His work on the Japanese economy includes

through support for research, seminars, andpublic events. The new JRP continues toenjoy generous support from Toyota, now
joined by support from other companies andfoundations.

both macro and microeconomic aspectsof the economy. On monetary policy, he
was a proponent of inflation targeting inJapan, long before the Bank of Japan finallyadopted it in 2013. He is investigatingtransmission channels and the effects of

Takatoshi Ito contributes to the Center’s
research activities and has several individual
ongoing research projects. Professor Ito’s
research and teaching focus on international
finance, foreign exchange market
microstructure, Asian financial markets,
inflation targeting, and the Japanesequantitative easing adopted by the four
major central banks. On fiscal policy, he
has been analyzing the debt sustainabilityof Japanese government debts. He has
been conducting a simulation analysis of amenu of fiscal consolidation with varying
degrees and speeds. On growth strategy, heHe served as chair of the study group onreforming public pension funds in Japan.
A report from his group, recommending
portfolio rebalancing away from Japanese
government bonds and toward more risk
assets, has been very influential in thesubsequent change of the Government Public
Investment Fund.
Professor Ito’s involvement in Southeast andEast Asian economies dates from the timeof the Asian currency crisis in 1997–98. He
has done research on, as well as given policy
advice related to, economic and financial
issues in Southeast Asia, in particularThailand, Indonesia, Korea, and Myanmar. He
continues to visit these countries to engage
in academic and policy discussions. He has
been doing research, as well as teaching,on inflation targeting and exchange rate
regime and financial and capital markets
development in the Asian emerging market
economies.
In 2021, Professor Ito chaired a working
group on the asset management of the socalled University Fund. The final report wasissued in August 2021, “Basic Approach toInvestment Policy of University Endowment
Fund toward Building World-class Research

CJEB Annual Report 2022–2023 | 11

Faculty Engagement
Universities.” (https://www8.cao.go.jp/cstp/
tyousakai/sekai/basic_approach.pdf)

Merit E. Janow undertakes research oninternational trade, finance and investment,
the digital economy, and the intersectionof those areas in Japan and China. Overthe past four years, she has spoken tointernational corporate, academic, andLeft to right: Yumiko Shimabukuro, Patricia C. Mosser

policy audiences on topics including financial
regulatory reform in the United States,
developments in international trade andinvestment, and comparing Chinese andJapanese industrial policies and policies
around high tech and digital, and corporate
governance issues. During her time as deanof the School of International and Public
Affairs (SIPA), between 2013 and 2022,
she also initiated a number of new initiatives
around the intersection of technology andpolicy, notably focusing on cybersecurity,internet governance, and digital economy;a major China/Asia initiative; new initiatives
on central banking and financial policy; andglobal urban policy.

CJEB actively supports Columbia University

Story of Bokksu: Bootstrapping a Japanesefaculty members who are not formally

Snack Subscription to $100M Valuation

associated with the Center by promoting

in 5 Years” (p. 30). The moderator was R.A.

dialogue between the business, professional,

Farrokhnia, executive director (Dean’s Office)academic, and cultural communities inof Advanced Projects and Applied Research in

the United States and Japan. CJEB funds

Fintech at Columbia Business School (CBS).

Japan-related research and explores ways toincorporate the study of the Japanese economy
and business systems into faculty research andteaching. We foster collaboration and use our
extensive network of Japanese professional
contacts to arrange for speakers from theprivate, academic, and government sectors
to give lectures to the Columbia community.
CJEB faculty have access through CJEB tovarious Japan-related databases for use in theirresearch. Additionally, where appropriate, CJEB
can fund and arrange faculty trips to Japan.
Numerous Columbia faculty members
participated in CJEB virtual and in-person
programs held during the 2022–2023
academic year.
CJEB presented the workshop “Design
Thinking” on October 14, 2022, as part of its
Japanese Management Leadership Program(JMLP) (p. 36). The exclusive workshop was
led in part by Yumiko Shimabukuro, faculty at
the School of International and Public Affairs(SIPA) at Columbia University and co-founderof the JMLP. The Center featured Jason Adam
Buckweitz, executive director of the Columbia
Institute for Tele-Information, as the instructor
for the workshop “VR and the Metaverse” on
October 20, 2022 (p. 36).
On October 27, 2022, the Center held “The12 | CJEB Annual Report 2022–2023

CJEB hosted a lunchtime seminar on
November 3, 2022, as part of CJEB’s JMLP
(p. 31). Yumiko Shimabukuro moderated theseminar, titled “Building a New Business inJapan: How Uber Eats Japan Went from an
Unknown Startup Business to a Market Leader
with Top Brand Recognition.”
On November 4 and 11, 2022, CJEB
hosted a private two-session workshop on
speechwriting led by James Holtje, adjunctprofessor of international and public affairs at
SIPA (p. 36). Yumiko Shimabukuro moderated
a CJEB event held on February 23, 2023,
titled “Selling Japanese Food in the World:
Gyoza and Beyond” (p. 34).
The Center held the Japan Economic Seminarin person for the first time since 2019 on
February 24, 2023 (p. 49). Pietro Tebaldi,
assistant professor at the Department of
Economics at Columbia University was a
discussant for the paper “A Field Experiment
on Antitrust Compliance”; and Conor Walsh,assistant professor of business in the
Economics Division at CBS, was a discussantfor the paper “Automation and Comparative
Advantage.”
On March 6, 2023, CJEB was an outreachpartner for “Japan’s New Security Strategy
and the Changing Geopolitics in the Indo-Left to right: Mary C. Boyce, Andrés Jaque, Miquel Urquiola

Pacific,” organized by the Weatherhead Eastof the Bank of Japan (March 2013–April

for Talent, Education, Discovery, and Innovation

Asian Institute (WEAI) at Columbia University2023), and dialogue with Alan S. Blinder, theLaunches a New Tradition of Impact” by Mary(p. 29). Gerald L. Curtis, Burgess Professor

Gordon S. Rentschler Memorial Professor of

C. Boyce, provost and professor of mechanicalEmeritus of Political Science and director of

Economics and Public Affairs at Princeton

engineering at Columbia University. Other

WEAI’s Japan Research Program, moderated

University and vice chairman of the Board

conference participants included Gerald L.

the event. The live webinar “ESG Investingof Governors of the Federal Reserve System

Curtis; Merit E. Janow, dean emerita of SIPA

– Standard Setting and Pension Funds” was(1994–1996), included opening remarks

and professor of practice in international

held on April 7, 2023, as part of CJEB’s

by Patricia C. Mosser, director of the MPA

economic law and international affairs at

Series on Public Pension and Sovereign Funds

Program in Economic Policy Management,

Columbia University; Andrés Jaque, dean of(p. 26). Keiko Honda, adjunct professor atsenior research scholar, and director of thethe Graduate School of Architecture, Planning

SIPA, moderated the virtual event. Yumiko

Initiative for Central Banking and Financial

and Preservation at Columbia University; andShimabukuro co-led a “Women’s Leadership

Policy at SIPA.

Miguel Urquiola, dean of Social Science andWorkshop” on April 14, 2023, as part of
the JMLP’s women’s career advancement

CJEB held its annual Tokyo conference, titledprofessor of economics at Columbia University.

“The Need for Innovation: Digitalization,

On May 30, 2023, CJEB held “Visions

Sustainable Cities, and Reforming Higher

and Reflections from Japanese Women in

The Center cosponsored “The Future of the

Education,” in person for the first time

Leadership” in Tokyo (p. 37). The workshop,

International Monetary System” on April

since 2019 on May 29, 2023 (p. 23). The

which was part of CJEB’s JMLP, was led in

17, 2023 (p. 26). The event, which featured

conference featured the keynote “The 21stpart by Yumiko Shimabukuro.

remarks by Haruhiko Kuroda, former governor

Century University: An Enduring Foundation

initiative (p. 36).

Research Paper Series
CJEB fosters dissemination of research

accept interesting, topical papers not slated

on Japan’s economy and business withinfor eventual publication in our Occasional

Columbia and in the broader academic,

Paper (OP) Series. Papers in both seriesbusiness, professional, and public policy

are available for free download throughcommunities. While much of the research

our website at https://business.columbia.

produced by scholars affiliated with the

edu/cjeb/research-publications/research-Center ultimately appears in scholarly books

papers-archive, which links to the Columbia

and professional journals, early drafts of the

University Libraries’ Academic Commons

work and research results can be found in

website.

CJEB’s Working Paper (WP) Series. We also

Why Has Japan Become So “Cheap”?
CJEB Annual Report 2022–2023 | 13

C J E B P RO G R A M S

Program on Public Pension and Sovereign Funds
With imposed stress on public pension

Japan and other emerging market economies,(CPP Investments). The virtual event wassystems across advanced economies

with the intention of setting up or reforming

moderated by Keiko Honda, adjunct professor

because of the growth in aging populations,

its own funds.

at the School of International and Public

many countries have created or reformed
public pension funds to finance future
shortfalls in pension contributions. Under theguidance of Professor Takatoshi Ito, CJEB
established the Program on Public Pension
and Sovereign Funds (PPPSF) in order toexamine and conduct extensive researchon how public pension funds and sovereign
wealth funds should be structured, bothin portfolio and governance. The program
evaluates public pension fund reforms acrossJapan and other global economies, withan aim toward deriving lessons for Japanto enhance its Government Pension and
Investment Fund (GPIF). Similarly, the GPIF
can serve as a model for structuring otherpublic and quasi-public pension funds inThis year, CJEB held the webinar “ESG
Investing – Standard Setting and Pension

Affairs at Columbia University, and featured
opening remarks from Professor Ito.

Funds” as part of its Series on Public Pension
and Sovereign Funds (p. 26). The webinar,
held on April 7, 2023, featured panelists
Tomoko Amaya, vice minister for international
affairs of the Financial Services Agency of theGovernment of Japan; Pedro Antonio Guazo
Alonso, representative of the secretarygeneral for the investment of the assets
at the United Nations Joint Staff Pension
Fund; Jingdong Hua ’03SIPA, vice-chair of
the International Sustainability Standards
Board (ISSB); and Suyi Kim, senior managing
director and global head of private equity of
the Canada Pension Plan Investment Board

ESG Investing – Standard Setting and Pension Funds

Corporate Governance and Stewardship Program
As a major policy to promote structuralof the most innovative Japanese companies

Risk and Return in Japan through Upheaval

reforms, former Prime Minister Abe

and how it has contributed to their status as

and Uncertainty: A 30-Year Overview”

introduced the Corporate Governanceleading competitors in the global market. The

on December 8, 2022, featuring Oki

Code and the Stewardship Code during

program’s mission is to inspire best practices

Matsumoto, chairman of the board and CEO

his administration in order to encourageamong other firms in Japan as they considerof Monex Group, Inc. (p. 33).

Japanese firms to innovate and invest,

new approaches to governance.

and for shareholders to actively monitor
and promote those efforts. The Corporate
Governance Code is designed to increasetransparency and accountability in Japanese
corporate management, and the Stewardship
Code is designed to encourage investors
to engage in active discussion with theirinvested companies, in order to guide andaccelerate the evolution of Japan’s corporate
culture. Through a series of public programs
and papers, this program initially focuseson an analysis of the governance structure

14 | CJEB Annual Report 2022–2023

In 2022–2023, CJEB held three in-person
events for its Corporate Governance andStewardship Program: “Is Japan Readyfor a Buyout Boom?” on October 3, 2022,
featuring Timothy Foley, co-founder of
Edwall Management, LP (p. 30); “Japan’s
New Economic Security Policy: Impact on
Businesses, Supply Chains, and Investment”
on November 21, 2022, featuring Tomoshige
Nambu, special advisor to the Ministryof Economy, Trade and Industry of theGovernment of Japan (p. 32); and “Measuring

Measuring Risk and Return in Japan throughUpheaval and Uncertainty: A 30-Year Overview

Program on Japan’s Role in the Evolving
Global Economic System
CJEB established the program Japan’s Role

for Trans-Pacific Partnership (CPTPP), with 11

During the 2022–2023 academic year,

in the Evolving Global Economic Systemmembers at present. A bilateral U.S.-JapanCJEB held the following in-person and virtualin Fall 2019. With the rise of protectionism

Trade Agreement was achieved in 2019.

events for its Program on Japan’s Role inand challenges to economic stability, Japan
continues to have a significant role on the
global stage as a leader in international
trade and monetary policy. This program’s
initiatives cover two major areas.
1. Japan’s wide-ranging economic, business,and trading relationships, bilaterally with theUnited States, regionally and with the Asianand EU economies in particular, and globally.

2. The key role central banks play in global
finance and economics and how it isinfluenced by the monetary policies of central
banks.
This area of research examines the uniquedomestic and international impacts ofmonetary policy, especially policies enacted
by the Bank of Japan, the Federal Reserve,
and the European Central Bank. These central

This topic is of great importance now asbanks utilize essential policies to address

protectionist trends are becoming stronger

inflation, economic growth, financial stability,

in the United States and Europe. After theand crisis management. Central bank digital

United States withdrew from the Trans-

currencies (CBDCs) are also an important

Pacific Partnership agreement, Japan

topic of research. The People’s Bank of China

constructively and actively assumed a major

is taking the lead in CBDCs, and they may

leadership role in what is now termed the

become an international reserve currency

Comprehensive and Progressive Agreement

rivaling the U.S. dollar.

the Evolving Global Economic System: “WhyHas Japan Become So ’Cheap’?” (p. 28), “The
Current Status of Japanese Companies as
They Aim for Carbon Neutrality and the Roleof Finance” (p. 30), “Toward a Data-Driven
Society: From Business to Policy to Social
Vision” (p. 31), “Why Has Japan Become So
Cheap? Part 2” (p. 26), “Seven Reflections
on Japan’s Economy, Monetary Policy, andthe Bank of Japan” (p. 34), “The Future of
the International Monetary System” (p. 26),
“Unconventional Monetary Policy” (p. 29),and “The Need for Innovation: Digitalization,
Sustainable Cities, and Reforming Higher
Education” (p. 23).

The Need for Innovation: Digitalization, Sustainable Cities, and Reforming Higher Education

CJEB Annual Report 2022–2023 | 15

Japanese Management Leadership Program
As the world undergoes profoundat work. Led by prominent design andspecial in-person workshop on speech writing

technological and economic transformation,

entrepreneurship experts, participants learn

and speech delivery with James Holtje,

Japanese executives and emerging leaders

how to embrace and enhance diversity in the

adjunct professor of international and public

in corporate, nonprofit, and governmental

workforce while maintaining the traditional

affairs at SIPA, on November 4 and 11, 2022

organizations must stay up to date withvalues and culture that are important to their(p. 36). Professor Shimabukuro and Ms. Ogino

the latest research and methodologies toorganizations in Japan.

held an interview session with three female

hone their leadership skills. The JapaneseManagement Leadership Program (JMLP)
supports this ongoing skill investment byoffering customized leaders-in-learning
workshops and research seminars for our
Visiting Scholars and the broader CJEB
network members in New York and Japanthroughout the year. Our leaders-in-learning
initiatives have four major components:(1) Leadership Research Seminar

The CJEB women’s career advancement
initiative fosters discussion on how toempower women in the workplace andprovides novel career path development
workshops. This initiative seeks to turn the

The JMLP is co-founded by Professor Yumiko
Shimabukuro of the School of Internationaland Public Affairs (SIPA) at Columbia

David Weinstein and CJEB Founder Professor
Hugh Patrick serve as the founding academic
directors of the program, providing advisory

The leadership research seminar series

support and guidance.

provides a platform for academics andThrough this program, CJEB has continued

organizational management, diversity, andthe changing industry landscape. The seminaris designed to foster intellectual diversity inresearch called “rising above inequality.”
CEO of WPP in Japan, joined us for the

director of CJEB. CJEB Director Professor

findings on the study of leadership,for Professor Shimabukuro and Ms. Ogino’s
On April 11, 2023, Kyoko Matsushita,

Training

practitioners to share their latest research

initiative (p. 44). This interview session was

Japanese economy and society as a whole.  

University and Ryoko Ogino, managing(4) Women’s Career Advancementof the JMLP’s women’s career advancement“gender” challenge into tangible assets for the(2) Global Communication in Leadership(3) Innovation and Diversity Workshop Series

CBS students on December 6, 2022, as partto provide the University’s students with
exclusive opportunities for education andcareer development, with additional special
support for Japanese women.

lunchtime seminar “Japanese Creativity
in the Great Tech Race: Beneficiary orVictim?” (p. 34). Professor Shimabukuro
and Ms. Ogino gathered a group of students
from Columbia University for a Women’s
Leadership Workshop on April 14, 2023,
as part of the JMLP’s women’s careeradvancement initiative (p. 36). Jackson G. Lu
PhD ’18, Sloan School Career Development
Associate Professor at MIT Sloan School ofManagement, spoke at the Center’s lunchtime
seminar “The Neglected Minority: The Scienceof Asians’ Bamboo Ceiling” on April 25, 2023
(p. 35). On May 30, 2023, CJEB organized
the workshop “Visions and Reflections fromOn October 14, 2022, CJEB Visiting

Japanese Women in Leadership” in Tokyo (p.

Scholars and select Columbia University37). The programming included the keynote

students were invited to attend the private“Oaks May Fall When Reeds Stand the Storm”

workshop “Design Thinking” (p. 36). Thisby Ayumi Wada, corporate vice president andworkshop was led by Professor Shimabukuro

general executive in charge of the Legal &and Taylor Light, program manager ofCompliance Division of Toshiba Corporation

Innovation Grants and Product Impact at

and former chairwoman and CEO of Toshiba

Atlassian; former design fellow of Columbia

America, Inc.; reflective conversations;

University Entrepreneurship, Innovation andinteractive activities; and presentations. As of

Design; and former design strategy fellow

April 2023, Professor Shimabukuro and Ms.

of MIT D-Lab. On November 3, 2022, CJEBOgino received a publishing contract fromheld a lunchtime seminar titled “Building a

Columbia University Press to write a book

New Business in Japan: How Uber Eats Japanon Japanese women’s leadership and career

The innovation and diversity series brings

Went from an Unknown Startup Business todevelopment, which has been a core researchexperiential learning to the next level by

a Market Leader with Top Brand Recognition”

agenda for this program and for the program’s

utilizing human-centered design and creative

featuring Yukiko Muto ’12, former president

two co-founders.

collaborative methods to drive innovationof Uber Eats Japan (p. 31). CJEB presented aways that help identify areas of opportunity
for leadership development.   
Our global communication in leadershipcurriculum empowers participants
with science and research-based tools
and techniques to become impactfulcommunicators in a variety of global
settings. A team of world-renowned
instructors with a strong understandingof Japanese organizational and culturalcontexts help participants cultivate essential
skills.

16 | CJEB Annual Report 2022–2023

C J E B C O N T R I B U T I O N S TO C O LU M B I A B U S I N E S S S C H O O L C O U R S E S

CJEB Contributions to Columbia Business School
Courses
CJEB uses its wide network and diverse

The PPIL was inspired by the profoundwhich systematically investigates theconnections to provide Columbia University

research and life’s work of the late Katherinescience behind a phenomenon known as thestudents with unique opportunities forPhillips. A beloved member of the Business“Bamboo Ceiling,” in which Asians appear

education, networking, and research. This

School community since 2011, Professor

disproportionately underrepresented inyear the Center collaborated with the Phillips

Phillips was a highly dedicated teacher,leadership positions. This talk addressed

Pathway for Inclusive Leadership (PPIL).

mentor, and collaborator who worked

the following essential inclusive leadershiptirelessly to create an inclusive community

skills: “creating an inclusive environment”

among faculty, staff, and students.

and “addressing systemic inequity” and was

The PPIL is the first of its kind. Designed
by Mariah Celestine ’20 and Camiraalso part of CJEB’s Japanese Management

Livers-Powell ’20 in collaboration with the

CJEB is proud to partner with the PPIL

Diversity, Equity, and Inclusion (DEI) team,to plan and execute events that cater tothe PPIL is a co-curricular program aimed at

the aspirations of the program. As part ofBased on the great success of the PPIL andequipping Columbia Business School (CBS)CJEB’s contribution this year, the Center

excellent feedback on CJEB’s PPIL event

students across all academic programs withwas honored to organize a PPIL-approved

this past year, the Center looks forward to

the essential skills for managing diversity

event on April 25, 2023, titled “Thecollaborating on future programming in thethrough a combination of assessments,

Neglected Minority: The Science of Asians’

coming years in order to honor the memory ofworkshops, and programmatic endeavors

Bamboo Ceiling” (p. 35). Jackson G. Lu PhD

Professor Phillips and help create a stronger

throughout their educational journey at the’18, Sloan School Career Development

and more inclusive community at CBS and in

School.

Associate Professor at MIT Sloan School

the world.

Leadership Program.

of Management, presented his research,

Left to right: Jackson G. Lu; The Neglected Minority: The Science of Asians’ Bamboo Ceiling

CJEB Annual Report 2022–2023 | 17

C E L E B R AT I N G F O R M E R G O V E R N O R H A R U H I KO K U RO D A

Celebrating Former Governor Haruhiko Kuroda’s
Week at Columbia University and CJEBFormer Governor Haruhiko Kuroda led the
Bank of Japan (BOJ) from March 2013 toApril 2023, achieving the longest tenure asgovernor since the BOJ’s establishment in
1882. He has had an illustrious career in the
public and private sectors, including serving
as the president of the Asian Development
Bank, special adviser to the Cabinet offormer Prime Minister Junichiro Koizumi, viceminister of finance for international affairs,
and professor at Hitotsubashi University.
Former Governor Kuroda has been a friendof the Center for nearly two decades andkindly agreed to spend a week at Columbia
and CJEB, engaging in various events andactivities a little over a week after finishing
his tenure. We revisit Former Governor
Kuroda’s week at the Center through acollection of photos.

Left to right: Hugh Patrick, David E. Weinstein, Haruhiko Kuroda, Takatoshi Ito

Haruhiko Kuroda with attendees of “Unconventional Monetary Policy”

Left to right: Haruhiko Kuroda, Jacob J. Lew

Left to right: Takatoshi Ito, Haruhiko Kuroda, Alan S. Blinder

Unconventional Monetary Policy

18 | CJEB Annual Report 2022–2023

E V E N TS

Each year, CJEB organizes and hosts numerous major conferences, symposia, lectures, seminars, and workshops thatfeature distinguished speakers. These programs provide an important educational platform for students, academics,
members of the private sector, and policymakers from Japan and the United States. The 2022–2023 events are listed
below and split into the following sections: Conferences, Symposia, Lectures, Lunchtime Seminars, and Workshops. All
professional titles listed for participants are accurate for the time of the event. In addition to the descriptions below, videos
and reports can be found on CJEB’s website: https://business.columbia.edu/cjeb.

Conferences

The Japan Project Meeting with Joint ESRI International Roundtable andConference

The Japan ProjectMeeting with Joint ESRIInternational Roundtable
and Conference
The Japan Project meeting is held annually by

Cameron LaPoint

jointly with the Japan Project meeting

Access to Formal Childcare for Toddlers

every year. This year’s ESRI Internationaland Parental Employment and Earnings

Roundtable and Conference was titled “PostCOVID Economy and Society.”
Please see below for the agendas of both

Advanced Research in Finance (CARF) at the
University of Tokyo, and the Australia-Japan
Research Centre (AJRC) at the Crawford

Ayako Kondo, University of Tokyo

Conference.

Discussant: Katherine Meckel, University ofCalifornia, San Diego, and NBER

The Japan Project Meeting

Chair: Tsutomu Watanabe, University of Tokyo

December 13–14, 2022; Asian Development

Shinichi Uchida, Bank of Japan

School of Public Policy at the Australian

Bank Institute, Tokyo, Japan

National University (ANU). Professor David

Opening Remarks

Weinstein organized this two-day academic
conference with Professors Shiro Armstrongof ANU, Charles Horioka of Kobe University,
Takeo Hoshi of the University of Tokyo, andSeungju Baek, Deputy Dean, AsianDevelopment Bank Institute
Chair: Charles Yuji Horioka, Kobe University

Tsutomu Watanabe of the University of Tokyo.

and NBER

The organizers are grateful to the Asian

Why Women Work the Way They Do in

Development Bank Institute for its generous
assistance and support. It was wonderful to
finally host this conference, which had been

Japan: Roles of Fiscal Policies
Authors:

postponed due to the COVID-19 pandemic.

Sagiri Kitao, University of Tokyo

The ESRI International Conference,

Minamo Mikoshiba, University of Tokyo

sponsored by the Economic and Social

Discussant: Linh T. Tô, Boston University

Research Institute (ESRI) of the Cabinet

Taiyo Fukai, University of Tsukuba

the Japan Project Meeting and the ESRICJEB in partnership with the National Bureau
of Economic Research (NBER), the Center for

Authors:

Lunch Talk:

Eric Rosengren, Former President of theFederal Reserve
Yardstick Competition-Driven Political
CyclesAuthors:
Hitoshi Shigeoka, Simon Fraser University
and NBER
Yasutora Watanabe, University of Tokyo
Discussant: Emir Kamenica, University of
ChicagoChair: Takeo Hoshi, University of Tokyo

Office of the Government of Japan, is held

CJEB Annual Report 2022–2023 | 19

The Consequences of Hometown Regiment
Authors:
Kentaro Asai, Paris School of Economics
Ryo Kambayashi, Hitotsubashi University
Discussant: Junichi Yamasaki, Kobe
University
Misallocation under the Shadow of Death
Authors:
Daisuke Miyakawa, Hitotsubashi University
Koki Oikawa, Waseda University
Kozo Ueda, Waseda University
Discussant: Eric Rosengren, Massachusetts
Institute of Technology
Measuring Discrimination in Spatial

ESRI International
Roundtable: Post-COVID
Economy and Society

Maurice Obstfeld, University of California,

December 14, 2022; Akasaka Intercity

Summary by Co-chairs: Alan Auerbach, Takeo

Conference Center, Tokyo, Japan (Hybrid)

Berkeley
Hélène Rey, London Business School
David E. Weinstein, Director, CJEB
Hoshi, and Anil Kashyap

Opening Speech

Closing

Minoru Masujima, ESRI

Minoru Masujima

Discussion Session I: Trust to theGovernment and Information Provision
Chair: Takeo Hoshi, University of Tokyo
Short presentations / comment by:Andrew Atkeson, University of California, Los
Angeles

ESRI International
Conference: Post-COVID
Economy and Society
December 14, 2022; Akasaka Intercity

Tomoko Hayashi, ESRI

Conference Center, Tokyo, Japan (Hybrid)

Race

Miwa Nakajo, Tsuda University

Opening Speech

Authors:

Taisuke Nakata, University of Tokyo

Minoru Masujima, ESRI

Yasuhiro Sato, University of Tokyo

Tsutomu Watanabe, University of Tokyo

Welcome Speech

Atsushi Yamagishi, Princeton University

Luigi Zingales, University of Chicago

Shigeyuki Goto, Minister of State for

Discussant: John P. Tang, University of

Discussion Session II: Responding toEquilibrium: 100 Years of Japan’s Invisible

Economic and Fiscal Policy

Melbourne

Employment Shocks

Keynote Speech

Chair: David E. Weinstein, Director, CJEB

Chair: Alan Auerbach, University of California,

Jared Bernstein, U.S. Council of Economic

Berkeley

Advisers

Geography and Products

Short presentations / comment by:First Session: Work from Home

Author: Yoko Shibuya, Duke University

Janice Eberly, Northwestern University

Chairperson: Tomoko Hayashi, ESRI

Discussant: Chad Syverson, University of

Edward Glaeser, Harvard University

Presenter: Edward Glaeser, Harvard

Chicago and NBER

Toshihiro Okubo, Keio University

Place-Based Policies and the Geography ofBetsey Stevenson, University of Michigan

Firm Size and Complementarity between

Corporate Investment
Authors:
Cameron LaPoint, Yale University
Shogo Sakabe, Columbia University
Discussant: Edward L. Glaeser, Harvard
University and NBER

Chad Syverson, University of Chicago
Miho Takizawa, Gakushuin University
Discussion Session III: Impact of thePandemic on the International Economy
Chair: Anil Kashyap, University of Chicago
Short presentations /comment by:
Takatoshi Ito, Director, Program on Public
Pension and Sovereign Funds (PPPSF), CJEB
Junko Koeda, Waseda University

20 | CJEB Annual Report 2022–2023

University
Discussant: Toshihiro Okubo, Keio University
Second Session: Risks in the Financial
SystemChairperson: Anil Kashyap, University of
ChicagoPresenter: Hélène Rey, London Business
SchoolDiscussant: Takatoshi Ito, Director, PPPSF

Fifth Annual Conference of the Japan Economy Network

Left to right: Ulrich Volz, Takatoshi Ito

Pierre L. Siklos, Wilfrid Laurier University andUniversity

Fifth Annual Conferenceof the Japan Economy
Network

Presenter: Junko Koeda, Waseda University

March 23 and 24, 2023; Faculty House,

Looking at Gross Domestic Income: An

Discussant: Alan Auerbach, University ofColumbia University

Alternative View of Japan’s Economy

California, Berkeley

The Japan Economy Network is hosted by

Toshitaka Sekine, Hitotsubashi University

Fourth Session: Productivity

the Department of Economics of SOAS

Discussant: Enrique Alberola, Banco deThird Session: Post-Pandemic Fiscal
Policies
Chairperson: Charles Yuji Horioka, Kobe

Chairperson: Minoru Masujima
Presenter: Miho Takizawa, Gakushuin
University
Discussant: Chad Syverson, University of

University of London. The Fifth Annual
Conference of the Japan Economy Network
was hosted and sponsored by CJEB. The twoday conference included numerous sessions
and a keynote by Columbia University

Balsillie School of International Affairs
Discussant: Andrew Filardo, Hoover
Institution, Stanford University

EspañaAn Analysis of Japan’s Urban-Rural Issues:
Proposal to Mitigate Disparities and Promote
SMEs in Rural Regions

ChicagoProfessor Takatoshi Ito.

Hideki Nagai, Finance Research Center, FSA

Panel Discussion

Welcome Remarks

Naoyuki Yoshino, Keio University, andChairperson: Alan Auerbach

Ulrich Volz, SOAS University of London

Discussants:

Takatoshi Ito, Director, PPPSF

Andrew Atkeson, University of California, Los

Session 1: Japan’s Economic Growth

Angeles

Perspectives

Takeo Hoshi, University of Tokyo

Chair: Jan Toporowski, SOAS University ofAnil Kashyap
Taisuke Nakata, University of Tokyo
Closing Speech
Minoru Masujima

LondonMonetary, Fiscal, and Demographic
Interactions in Japan: Impact and a
Comparative Assessment

Financial Research Center, Financial Services
AgencyDiscussant: Hiroyuki Imai, University of
Minnesota, Twin Cities
Session 2: Institutional Investors andCorporate Behaviour
Chair: Martin Malone, Alphabook
Institutional Ownership and Corporate Valuein Japan
Govinda Finn, University of Kobe

CJEB Annual Report 2022–2023 | 21

Discussant: Kazuo Yamada, Kyoto University

Shogo Sakabe, Columbia University

Varsha Varghese, SOAS University of London

Does Monitoring of Asset Owners Accelerate

Discussant: Harald Conrad

Discussant: Jusen Asuka, Tohoku University

Foreign Investors, Rebalancing Trades,

Keynote speech by Takatoshi ItoEngagement? Analysis of Antitakeover
Provisions of Japanese Listed Companies

and Increases in U.S.-Japan Stock Market

Masumi Sai, Hitotsubashi University

Correlations

Yasutomo Tsukioka, Kwansei Gakuin

Hiroyuki Imai

University

Jong-Min Kim, University of Minnesota,

Session 7: Climate Change and Net Zero
Chair: Shu Fukuya
The Infrastructure for Carbon Pricing in Japan

Kazuo Yamada

MorrisNobuyuki Kinoshita

Discussant: Govinda Finn

Discussant: Khawaja Mamun

Discussant: Naoyuki Yoshino

Understanding the State and Direction of

Session 5: Japan’s Development

Climate Risk Exposure of the Bank of Japan’s

HR as an Occupation Through Institutional

Cooperation

Theory – The Case of Japan
Harald Conrad, Heinrich-Heine-University,
Düsseldorf

Chair: Naoyuki Yoshino
How Japan Uses Development Finance
Strategically: An Analysis of Japan Bank for

Quantitative and Qualitative Monetary Easing
Programme
Jusen Asuka
Hugues Chenet, IÉSEG School ofInternational Cooperation

Management

Zongyuan Zoe Liu, Council on Foreign

Simon Dikau, LSE

Discussant: Tanweer Akram, Citibank

Relations

Hugh Miller, OECD

Session 3: Yen Swaps, Carry Trades, and

Shu Fukuya, SAIS, Johns Hopkins University

Ulrich Volz

Discussant: Ulrich Volz

Discussant: Monica DiLeo, University of

Session 6: ESG and Environmental

Queensland

Sustainability

Stumbling Blocks on Japan’s Net Zero

Chair: Ulrich Volz

Transition Pathway: The Role of Critical

Hendrik Meyer-Ohle, National University ofSingapore

Central Bank Policy
Chair: Toshitaka Sekine
An Inquiry Concerning Japanese Yen Swap
YieldsTanweer Akram

Impacts of Municipal Mergers on Pollution

Khawaja Mamun, Sacred Heart University

Control: Evidence of River Pollution in Japan

Discussant: Jan Toporowski

Kazuki Motohashi, Tufts University

Decomposing the Rate of Inflation: Price-

Michiyoshi Toya, METI

Setting and Monetary Policy
Lilian Muchimba, University of Portsmouth
Mimoza Shabani, University of East London
Alexis Stenfors, University of Portsmouth
Jan Toporowski
Discussant: Toshitaka Sekine
Session 4: Stock Markets and Pension
Systems
Chair: Harald Conrad
Coming in at a Trickle: The Optimal Frequencyof Public Benefit Payments
Cameron LaPoint, Yale School of Management
22 | CJEB Annual Report 2022–2023

Discussant: Ulrich Volz
Optimal Portfolio Allocation in Green

Minerals in Japan’s Renewable Energy
Transition and Macroeconomy
Simon Dikau
Hugh Miller
Romain Svartzman, Banque de France
Discussant: Shu Fukuya

Investment and Diversified ESG Evaluation by

Session 8: Public Debt Sustainability

Rating Agencies

Chair: Simon Dikau

Naoyuki Yoshino

Unconventional Monetary Policy and Debt

Tomonori Yuyama, Financial Research Center,

Sustainability in Japan

Financial Services Agency

Enrique Alberola

Discussant: Nobuyuki Kinoshita, Tokyo

Gong Cheng, BIS

Financial Exchange
Would Adopting the “Yanagi Model” byCompanies be Japan’s Path to Building an
ESG-friendly Economy?
Asheer Rahman, Mark Labs

Andrea Consiglio, University of Palermo
Stavros A. Zenios, University of Cyprus and
BRUEGEL
Discussant: Martin Malone

Left to right: Mary C. Boyce, H.E. KONO TaroIs Banks’ Home Bias Good or Bad for Public
Debt Sustainability? Implication for Japan’s
Public Debt Sustainability
Tamon Asonuma, IMF
Said Bakhache, IMF
Heiko Hesse, IMF
Discussant: Pierre L. Siklos

The Need for Innovation:
Digitalization, Sustainable
Cities, and Reforming
Higher Educationand minister in charge of civil service reformMay 29, 2023; Otemachi Financial City

To view the videos of the conference, please

Conference Center, Tokyo, Japan

Dark Matter of Japanese Government Bonds

CJEB presented its annual Tokyo conference

Kousuke Aoki, Tokyo University

in person for the first time since 2019,

Takuju Fueki, Kagawa University
Toshitaka Sekine
Discussant: Enrico Pulieri, SOAS Universityof London
Session 9: Special Panel Discussion on
Monetary Policy Challenges
Chair: Andrew Filardo
Takatoshi Ito
Paolo Pesenti, Federal Reserve Bank of New
York
Aichi Amemiya, Nomura

featuring government, business, andacademic leaders from Japan and the Unitedof the Government of Japan, also presented
a keynote speech, in which he discussed
priority issues for Japan in the digitalspace, both domestic and international, andreflected on recent G7 meetings.
visit CJEB’s video playlist at https://youtube.
com/playlist?list=PL13773C82CD878F68.
Please note that the videos include theoriginal audio in the languages the speakers
used on the day of the conference.

States.

Welcoming Remarks

Mary C. Boyce, provost and professor

David E. Weinstein, Director, CJEB

of mechanical engineering at Columbia

Keynote Speech: The 21st-Century

University, delivered a keynote address on

University: An Enduring Foundation

how universities’ missions are expanding infor Talent, Education, Discovery, andthe 21st century, noting that they are building

Innovation Launches a New Tradition of

on their traditional research and education

Impactfunctions by playing increasingly central
roles in addressing major challenges facing
society, serving as a source of innovation,

Mary C. Boyce, Provost; Professor of
Mechanical Engineering, Columbia University

development, and solutions, and as a driver ofPanel I: Higher Education for Innovation

public good.

Rasmus Rüffer, European Central Bank

Panelists:

His Excellency KONO Taro, minister for digital

Toshitaka Sekine

transformation, minister for digital reform,

Mary C. Boyceminister for consumer affairs and food safety,

Teruo Fujii, President, The University of TokyoCJEB Annual Report 2022–2023 | 23

Left to right: Hiroo Mori, Yumiko Noda, Andrés Jaque, David E. WeinsteinMiguel Urquiola, Dean of Social Science;

Gerald L. Curtis, Burgess Professor Emeritus

Professor of Economics, Columbia Universityof Political Science, Columbia University

Moderator: Takatoshi Ito, Director, PPPSF

Moderator and Panelist: Merit E. Janow, Dean

Panel II: Smart and Sustainable Cities
Panelists:

Emerita, School of International and Public
Affairs; Professor of Practice in International
Economic Law and International Affairs,

Andrés Jaque, Dean, Graduate School ofColumbia University

Architecture, Planning and Preservation,

Closing Remarks

Columbia University
Hiroo Mori, Director; Executive ViceDavid E. Weinstein

President, Mori Building Co., Ltd.
Yumiko Noda, Chairman & Representative
Director, Veolia Japan K.K.
Moderator: David E. Weinstein
Keynote Speech: Digital Transformation in
Japan: Navigating Key Challenges
His Excellency KONO Taro, Minister for Digital
Transformation; Minister for Digital Reform;
Minister for Consumer Affairs and Food
Safety; Minister in charge of Civil Service
Reform, Government of Japan
Panel III
Panelists:
His Excellency KONO TaroLeft to right: Miguel Urquiola, Teruo Fujii, Mary C. Boyce, Takatoshi Ito

24 | CJEB Annual Report 2022–2023

Highlights from CJEB at Tokyo in May 2023

CJEB Tokyo conference speakers dinner

CJEB Visiting Scholars reunion

CJEB Visiting Scholars reunion

Ayumi Wada

Left to right: Ryoko Ogino, Ayumi WadaCJEB Annual Report 2022–2023 | 25

Symposia

Left to right: Takatoshi Ito, Tsutomu Watanabe, Tomoko Amaya, Pedro Antonio Guazo Alonso, Jingdong Hua, Suyi Kim

Why Has Japan Become
So Cheap? Part 2

ESG Investing – Standard
Setting and Pension Funds

November 17, 2022; Live Webinar

April 7, 2023; Live Webinar

Takatoshi Ito, Director, PPPSF

Tomoko Amaya, Vice Minister for Internationalby 2020 (GSIA). According to Ms. Honda’s

Affairs, Financial Services Agency,

survey of 35 asset owners/asset managers

Government of Japan

whose aggregate asset management is U.S.

Tsutomu Watanabe, Professor of Economics,
Graduate School of Economics, The
University of Tokyo
Professor Ito and Professor Watanabe
discussed how “cheap” goods and services
are in Japan; the possible reasons for

Pedro Antonio Guazo Alonso, Representativeof the Secretary-General for the Investmentof the Assets, United Nations Joint Staff
Pension FundJapan becoming cheap: the exchange rate,

Jingdong Hua ’03SIPA, Vice-Chair,deflation, and productivity; and the impacts

International Sustainability Standards Boardof “cheap Japan” on economic and political(ISSB)

development in the country. Professor Ito’s
research interests include capital flows
and currency crises, microstructures ofthe foreign exchange rates, and inflation
targeting; and Professor Watanabe’s main
research area is monetary policy and

ESG investing surpassed U.S. $35 trillion$24 trillion, there are two major challenges inengaging ESG investing: the “lack of a clear
definition of ESG investing may trigger ESGwashing or confusion” and a “lack of accurate
and comparable ESG data.” As for ESG
data disclosure standard-setting, there wasmajor progress in 2021 and 2022. Under
the leadership of the International Financial
ISSB was set up and integrated SASB, I.R.,

Investment Board (CPP Investments)

and CDSB. The ISSB is in the process ofModerator: Keiko Honda, Adjunct Professor,
School of International and Public Affairs,
Opening Remarks: Takatoshi Ito, Director,

Professor Ito’s annual lecture on the Japanese

PPPSF
CJEB held this special live webinar as part ofits Series on Public Pension and Sovereign
Funds. Pension fund and regulator experts
discussed their expectations regarding
ESG data disclosure standard-setting, as
well as how the International Sustainability
Standards Board (ISSB) is progressing. The
E.U. and the U.S. Department of Labor—as

26 | CJEB Annual Report 2022–2023

private pensions. The assets managed under

Reporting Standards (IFRS) Foundation, thea continuation of topics covered duringvisit https://youtu.be/GTgHNaqC1Uw.

investing is not against the fiduciary duty of

Head of Private Equity, Canada Pension Plan

Columbia University

the recording of the webinar event, please

Labour and Welfare—have stated that ESG

Suyi Kim, Senior Managing Director & Global

inflation dynamics. This virtual event was

economy on October 5, 2022 (p. 28). To view

well as the Japanese Ministry of Health,finalizing the ESG Data Standard by the endof June 2023. The virtual event was held
under the Chatham House Rule.

The Future of theInternational Monetary
SystemApril 17, 2023; International Affairs Building,Columbia University
Remarks by: Haruhiko Kuroda, Former
Governor of the Bank of Japan (March 2013–
April 2023)

Left to right: Haruhiko Kuroda, Alan S. Blinder

And dialogue with: Alan S. Blinder, theFormer Governor Kuroda’s visit to Columbia

Gordon S. Rentschler Memorial Professor of

University the week of April 17 was the first

Economics and Public Affairs at Princeton

time he openly spoke on his experiences

University, and Vice Chairman of the Board

conducting unconventional monetary policy

of Governors of the Federal Reserve Systemfor 10 years, overcoming deflation, and(1994–1996)

coming very close to achieving the 2 percent

Moderator: Takatoshi Ito, Director, PPPSF
Opening Remarks: Patricia C. Mosser,
Director, MPA Program in Economic Policy
Management; Senior Research Scholar;
Director, Initiative for Central Banking and
Financial Policy, School of International andPublic Affairs (SIPA), Columbia University
Cosponsors:
Center on Global Economy and Governance;
Initiative for Central Banking and Financial
Policy; MPA in Economic Policy Management,

inflation target. He also discussed the futureof the international monetary system, as
he was previously responsible for Japan’sinternational financial policies when he wasVice Minister of Finance for International
Affairs and when he was leading the AsianDevelopment Bank. Former Governor Kuroda
also spoke at a CJEB event on April 19,

A Special Evening Event
with Mr. Kenzo Tsujimotoand Ms. Natsuko Tsujimotoof Kenzo Estate (Canceled)
April 27, 2023; Columbia Business School
Kenzo Tsujimoto, Founder and CEO, Kenzo
EstateNatsuko Tsujimoto, COO, Kenzo Estate
Moderator: David E. Weinstein, Director,
CJEB

2023 (p. 29). To view the recording of theevent with Former Governor Kuroda andProfessor Blinder, please visit https://youtu.
be/fENvaDDsyWQ.

SIPA

Left to right: Takatoshi Ito, Haruhiko Kuroda, Alan S. Blinder
CJEB Annual Report 2022–2023 | 27

Lectures

Left to right: Takatoshi Ito, Masayuki Hyodo, Hiroshi Sakurai

Why Has Japan Become So“Cheap”?
October 5, 2022; Geffen Hall, Columbia
Business School

Sumitomo Corporation and
Its Business Strategy for
the Future
November 9, 2022; Kravis Hall, Columbia

Takatoshi Ito, Director, PPPSF

Business School

Moderator: David E. Weinstein, Director,

Masayuki Hyodo, Representative Director,

CJEB

President, and Chief Executive Officer,

Professor Ito gave his annual lecture on

Sumitomo Corporation

the state of the Japanese economy. He

Moderator: David E. Weinstein, Director,

focused on why the yen has depreciated so

CJEB

much this year and discussed why Japan’s
inflation rate remains so low in comparison
with the United States and Europe. He also
explained his view that the only way forJapan to get out of being a “cheap country”
would be to raise productivity and wages,
highlighting specific examples. Professor Ito
held a follow-up webinar discussing theseissues with University of Tokyo Professor
Tsutomu Watanabe on November 17,
2022 (p. 26). To view the recording of theOctober 5 event, please visit https://youtu.
be/7ZKwKOKUNyw?si=JizmDEMBAn5gXRp.

Mr. Hyodo was appointed president and CEOof Sumitomo Corporation in April 2018.

February 7, 2023; Kravis Hall, Columbia
Business School
Hiroshi Sakurai, Chairman, Asahi Shuzo Co.,Ltd.
Moderator: David E. Weinstein, Director,
CJEB

He started his career in the Power Project

Mr. Sakurai shared the difficulties ofDepartment and has more than 30 years ofcontinuing a family business and how theexperience in the global power infrastructurecompany overcame geographic challenges

industry. During the event, he discussed

and shifted from a red ocean market to a blue

Sumitomo’s over 430-year history andocean market. He delved into Asahi Shuzo’s

corporate philosophy, changes or transitions

ability to co-exist with farmers to create profit

in the roles and functions of Sumitomo

together and emphasized the company’s

Corporation Group as a trading company,

constant pursuit of high-quality products,

and challenges and responses in the trading

stressing the necessity and importanceand investment business. He also explainedof Japanese time-honored, artisanal, andhow Sumitomo Corporation Group enhanced

meticulous processes when making sake. Mr.

its sustainability management through its

Sakurai also discussed the future of Dassai inbusiness and social strategy around the

NY and DASSAI BLUE. To view the recording

world. This seminar was off the record andof the event, please visit https://youtu.be/attendance was only for individuals with aneFFEloNV2CE.

active Columbia University ID. To view therecording of the event, please visit https://
youtu.be/lU4kM8mIPIs.

28 | CJEB Annual Report 2022–2023

A New Era for the Sake
Industry in Japan and
Beyond: The Case of AwardWinning Dassai and Asahi
Shuzo

Left to right: Sheila A. Smith, Haruhiko Kuroda, David E. Weinstein

Japan’s New Security
Strategy and the Changing
Geopolitics in the IndoPacific
March 6, 2023; International Affairs Building,view the recording of the event, please visit
https://youtu.be/Y3zpUNIVqrI.

Unconventional Monetary
PolicyColumbia University

April 19, 2023; Geffen Hall, Columbia

Sheila A. Smith, John E. Merow Senior Fellow

Business School

for Asia-Pacific Studies, Council on Foreign

Haruhiko Kuroda, Former Governor, Bank ofRelationsJapan

Moderator: Gerald L. Curtis, Burgess

Moderator: Takatoshi Ito, Director, PPPSF

Professor Emeritus of Political Science;
Director, Japan Research Program,
Weatherhead East Asian Institute (WEAI),

Welcome Remarks: David E. Weinstein,
Director, CJEB

Meiji 2.0: Explaining
Japan’s Success andUnderstanding Its Current
Challenges
May 22, 2023; Sophia University, JapanDavid E. Weinstein, Director, CJEB
Cosponsor: Sophia University’s Professional
Studies
Professor Weinstein gave a talk focusing on
why Japan had succeeded in becoming oneof the only developing countries to achievea high level of per capita income. The talkUnconventional monetary policies have been

explored what Japanese policies had helped

employed by many central banks after theJapan grow and what policies explain Japan’s

global financial crisis. The Bank of Japan may

current stagnation. Particular attention

Outreach Partners: CJEB; APEC Studybe unique in the sense that it had started

was paid to the role played by investments

Center, Columbia University

quantitative easing in 2001 and introducedin education, basic research, technology

Major changes that have occurred in thea negative interest rate policy and yieldtransfer, and globalization and how thesecurve control in 2016. In his speech and theforces have led to both Japan’s tremendous

subsequent discussion, Former Governor

successes and its biggest current challenges.

Kuroda described how various unconventional

This event was open to Sophia University

monetary policies were utilized by the Bank

students and professors and its Professionalof Japan, in comparison with other central

Studies Advisory Partners. After the lecture,banks. He also spoke at a CJEB cosponsored

Ryoko Ogino, CJEB managing director, gave

event on April 17, 2023 (p. 26). To view thea presentation introducing CJEB to Sophia

recording of the April 19 event, please visit

University’s Professional Studies sponsors.

Columbia University
Main Organizer: WEAI

global political economy and in international
politics in recent years have had a profound
impact on nations all around the world. This is
nowhere more evident than in the countries in
the Indo-Pacific region and especially Japan.
The conversation between Dr. Smith andProfessor Curtis addressed Japan’s evolving
foreign policy and its impact in the IndoPacific. This event was the official launchhttps://youtu.be/F-cQwFNw7_k.

of WEAI’s new Japan Research Program,directed by Professor Curtis, and focused onJapan’s evolving foreign policy strategy. To
CJEB Annual Report 2022–2023 | 29

Lunchtime Seminars

Left to right: Timothy Foley, Yasushi Kinoshita, Danny Taing

Is Japan Ready for a Buyout
Boom?

this movement and who stands to gain? To

earlier as the target. This is an industrial

view the recording of the event, please visit

revolution. Various difficulties can behttps://youtu.be/ypDa3j-6O6E.

expected in the process. Many companies
will be forced to change their operations.

October 3, 2022; Geffen Hall, Columbia
Business School
Timothy Foley, Co-Founder, Edwall
Management, LP
Moderator: Alicia Ogawa, Project Director
for Japanese Corporate Governance andStewardship, CJEBThe Japanese market has long been priced as
if hostile takeovers do not exist. Roughly halfof publicly listed companies trade at below

The Current Status ofJapanese Companies
as They Aim for Carbon
Neutrality and the Role ofFinance
October 11, 2022; Geffen Hall, Columbia
Business School

book value. Historically, an unwillingness

Yasushi Kinoshita, Chairman, Development

by banks to provide financing for hostile

Bank of Japan Inc.

takeover bids (TOBs) and an extensive systemof cross-shareholding have offered protection
for entrenched management. Finally, thesubmissive attitude of domestic shareholders
has left such inefficient firms unchallenged
and has allowed them to continue to stagnate
without consequences. However, the valueof hostile TOBs in Japan has quadrupled overthe past five years and shows no signs ofslowing down. The speakers addressed thesequestions: (1) How is the reorganization of
the Tokyo Stock Exchange, which will force
companies not meeting basic standards ofliquidity and governance to merge or takethemselves private, accelerating this change?
(2) What role are shareholder activists
playing? (3) Which investors are fueling30 | CJEB Annual Report 2022–2023

As a result, many will cease to exist, somewill be reshaped, and many new ones willbe created. This is also a great opportunity
for Japanese companies and society toundergo a major transformation. During thisexclusive event, Mr. Kinoshita discussed how
Japanese companies are trying to respond.
He provided an overview of the Survey on
Planned Capital Spending 2022 released
by DBJ this August and examined the rolesand challenges of financial institutions inachieving decarbonization, especially as riskmoney (capital funds) providers. Mr. Kinoshita

Moderator: David E. Weinstein, Director,

gave his presentation in Japanese, and the

CJEB

in-person event was only for individuals withIn October 2020, the Japanese government

an active Columbia University ID.

declared its intention to become carbon
neutral by 2050. In 2021, the Development
Bank of Japan Inc. (DBJ) conducted top-levelinterviews with 31 large Japanese companies
and venture companies. While all companies
stressed the need to reach “carbon neutrality
by 2050,” none had concrete prospects
for achieving it. According to DBJ’s Survey
on Planned Capital Spending 2022, while
27 percent of the companies chose 2046
or later as the target year of achievement
and 60.5 percent were unsure, only 7.4
percent of the companies chose 2030 or

The Story of Bokksu:
Bootstrapping a Japanese
Snack Subscription to$100M Valuation in 5 Years
October 27, 2022; Kravis Hall, Columbia
Business School
Danny Taing, Founder and CEO, Bokksu Inc.
Moderator: R.A. Farrokhnia, Executive
Director (Dean’s Office), Advanced Projects

Left to right: Yukiko Muto, Yusuke Narita, Building a New Business in Japan: How Uber Eats Japan Went from an Unknown Startup Business to a Market Leader with
Top Brand Recognition

and Applied Research in Fintech, Columbia
Business School
Mr. Taing is the founder and CEO of Bokksu, a
New York and Tokyo-based direct to consumer
snack subscription and online grocer thatdelivers authentic Japanese food and lifestyle
products to over 100 countries. Providing
Japan’s traditional makers a platform to share
their goods with a global audience, Bokksu
is helping to support, preserve, and promote
their craft, while making it easier for the

Building a New Businessin Japan: How Uber Eats
Japan Went from an
Unknown Startup Businessto a Market Leader with Top
Brand Recognition
November 3, 2022; Geffen Hall, Columbia
Business School

Muto also spoke about diversity, noting that
Team Japan represents 20+ nationalities,
and explained how a diverse team could
enable rapid growth in Japan. This in-person
event was only for individuals with an active
Columbia University ID and was part of
CJEB’s JMLP.

Toward a Data-Driven
Society: From Business to
Policy to Social Visionrest of the world to discover, buy, and love

Yukiko Muto ’12, Former President, Uber

authentic Japanese goods. During the event,Eats, Japan

Mr. Taing discussed the backstory of how his

Moderator: Dr. Yumiko Shimabukuro, Faculty,

November 14, 2022; Geffen Hall, Columbia

School of International and Public Affairs

Business School

unconventional and seemingly disconnected
career journey in his 20s led him to ultimately
founding Bokksu at the age of 30. He spoke
about what it was like in the first few years
of Bokksu, when he was a solo bootstrappedfounder who had to scrappily grow andmanage a global food business from day one.
Mr. Taing also shared honest insights into
the good and bad of fundraising and how hesuccessfully raised his Series A financing. Toview the recording of the event, please visit
https://youtu.be/LB9OL1eWomU.

(SIPA), Columbia University; Co-Founder,
Japanese Management Leadership Program(JMLP), CJEB
Ms. Muto spoke about her career history
and future path, covering how to maximize
happiness, East Asian empowerment, andways to strengthen Japanese professionals’
capabilities. She also discussed theimportance of global standardization andidentified the “most” critical localizationneeds. She shared insights on how to makea “bold,” but “reasonable” move swiftly,
including how not to miss the right timing/
opportunities. She addressed the questions(1) What do the COVID tailwind and headwind
mean for businesses? (2) How do you growa startup into a mature organization? Ms.

Yusuke Narita, Assistant Professor, Yale
University
Moderator: David E. Weinstein, Director,
CJEB
Today’s society increasingly resorts to data
and algorithms for key decision-making.
Professor Narita is an assistant professor
at Yale University and the founder of thestartup Hanjuku-kaso, Inc. His research
centers around the design of decision-making
algorithms in policy and business, with aparticular interest in education policy. His
work uses a variety of methods, such as
causal inference, machine learning, economic
theory, and structural econometric modeling.
In this talk, Professor Narita gave an overview
of a spectrum of attempts to design and
CJEB Annual Report 2022–2023 | 31

Left to right: Tomoshige Nambu, Randall S. Jones

Left to right: David E. Weinstein, Randall S. Jones

deploy social decision-making algorithms.

including semiconductors, batteries, andEconomic Cooperation and Development

Topics covered included (1) Hanjuku-kaso,

critical materials. The pandemic altered(OECD)

Inc.’s business applications at major Japanesesocial and economic life through thecorporations, including SONY, Yahoo Japan,

accelerated adoption of new technologies,

CyberAgent, and ZOZO; (2) “micro” policy

which have presented potential for positive

problems, such as the evaluation and designtransformation as well as risks if abused.

of education and healthcare policies; and (3)Mr. Nambu spoke about how we can safely“macro” policy problems, such as envisioning

realize the full potential of new technologies.

data-driven democracy and capitalism.

The Diet of Japan passed the Economic
Security Promotion Act this year to address

Japan’s New Economic
Security Policy: Impact on
Businesses, Supply Chains,and Investment

these new challenges. Japan and the UnitedStates also recently held the first Economic
2+2 ministerial meeting to explore bilateral
cooperation on economic security policy. Mr.
Nambu addressed these questions: (1) How
can economic security policies coexist withthe free and open rules-based international

November 21, 2022; Geffen Hall, Columbia

order? (2) How should investors andBusiness School

corporations adapt to new economic security

Tomoshige Nambu, Special Advisor, Ministry

policies? This event was off the record.

of Economy, Trade and Industry, Governmentof JapanModerator: Alicia Ogawa, Project Director
for Japanese Corporate Governance andStewardship, CJEB
Cosponsor: APEC Study Center, Columbia

The Japanese Economy:
Strategies to Cope witha Shrinking and Aging
Population

University
The pandemic has caused supply chain
disruptions, contributing to global inflation.

December 5, 2022; Geffen Hall, Columbia
Business School

Mr. Nambu discussed how we could

Randall S. Jones, Professional Fellow, CJEB;

strengthen the resilience and diversification

Former Senior Counselor - East Asia andof critical supply chains in strategic sectors,

Head of Japan/Korea Desk, Organization for

32 | CJEB Annual Report 2022–2023

Moderator: David E. Weinstein, Director,
CJEBJapan’s population is projected to fall by
about a quarter by 2060 while the shareof elderly rises to 39 percent, reducing
the number of working-age persons to
1.3 per elderly person. The demographic
shift threatens Japan’s ability to fulfill its
commitment to provide universal healthand long-term care and pensions for theelderly. Dr. Jones believes that meeting
this commitment requires a comprehensive
strategy to limit the decline in the labor force,
boost labor productivity, and implement
effective macroeconomic policies. He
discussed the issues associated with Japan’s
shrinking and aging population and potential
strategies to cope. To view the recordingof the event, please visit https://youtu.be/
xgLBcGEEoSI.

Left to right: Oki Matsumoto, Takashi Muraoka

Measuring Risk and Returnin Japan through Upheavaland Uncertainty: A 30-Year
Overview
December 8, 2022; Kravis Hall, Columbia
Business School

Lunchtime Event: Mercari U.S.

an era of increasing geopolitical and market

transformation. He also talked about efforts

instability—and whether Japan deserves its

to refine corporate boardroom decisions andreputation as a risk-averse culture.

actions through stakeholder engagement.
To view the recording of the event,

IGPI’s Challenges toTransform “Corporate
Japan”Oki Matsumoto, Chairman of the Board andCEO, Monex Group, Inc.
Moderator: Alicia Ogawa, Project Director

February 14, 2023; Geffen Hall, Columbia
Business Schoolfor Japanese Corporate Governance andTakashi Muraoka, Managing Partner,

Stewardship, CJEB

Industrial Growth Platform, Inc. (IGPI)One stereotype of Japanese companies andModerator: David E. Weinstein, Director,

executives is that they are risk averse. Mr.

CJEBMatsumoto is one example of a businessleader that challenges this perception. He
began his career by taking a big risk: rather
than joining a Japanese ministry or a large,
established Japanese company, he took a job
at a foreign investment bank. After becoming
the youngest partner at Goldman Sachs, heleft just before the IPO of Goldman Sachs andgave up those benefits in order to establish
Japan’s first internet brokerage, Monex.
Monex has taken a number of counterintuitive
investments, such as acquiring Coincheck,a crypto asset trading service, soon after it
had been the victim of a $530 million hack.
During the event, Mr. Matsumoto discussed
his approach to managing the risks of a global
business built on technological disruption in

Mr. Muraoka has been the CEO and managing
partner of IGPI since 2020. IGPI is one of theplease visit https://youtu.be/
CQw7G4ODzbQ.   

Lunchtime Event: Mercari
U.S.
February 22, 2023; Kravis Hall, Columbia
Business School
John Lagerling, CEO and Chief Business
Officer, Mercari U.S.
Main Organizer: Japan Business Association,
Columbia Business School

most reputable professional firms in Japan

Sponsored by: CJEB

with its hybrid business model, actively

Mr. Lagerling spoke virtually, answering

engaging both in the management consulting

student questions and discussing the workbusiness and in principal investments. In

at the marketplace app Mercari, which wasrecent years IGPI has actively expanded its

founded in Japan in 2013 and became theventure capital business around the world

first unicorn company to go public in 2018.

by forming a joint venture with JBIC, an

He spoke about policies that entrepreneurs

overseas investment arm of the Japanese

should keep in mind, the leadership required

government. Mr. Muraoka discussed

to scale a business, the difficulties in scaling

how IGPI transformed the corporate

a Japanese business in the United States,

turnaround platform to eradicate Zombie

and Mercari’s vision for success in the U.S.

companies. He talked about breaking silos inmarket. The event was only for Columbia

academia to amplify start-up activities andBusiness School students.

enhancing productivity for local economies
through customer experience and digital
CJEB Annual Report 2022–2023 | 33

Left to right: Hiroshi Kaho, Masazumi Wakatabe, Kyoko Matsushita

Selling Japanese Foodin the World: Gyoza andBeyondFebruary 23, 2023; Geffen Hall, Columbia
Business School
Hiroshi Kaho, President and CEO, Ajinomoto
Foods North America Inc.
Moderator: Dr. Yumiko Shimabukuro, Faculty,
SIPA; Co-Founder, JMLP
Mr. Kaho has been a leader at the Ajinomotogroup since 2002, building upon a career inthe food industry lasting more than 30 years.
He discussed his global career, including his
experiences working in Japan, Hong Kong/
China, France, and North America. He also
covered Ajinomoto Global’s food strategy,
with an emphasis on gyoza and other frozen
food, delving into the company’s strategy
and vital issues in the North America foodbusiness. Furthermore, Mr. Kaho expoundedon the key challenges of working as abusiness leader in North America, comparing
the experience to his experiences in China,
Europe, and Japan.

Seven Reflections on
Japan’s Economy, Monetary
Policy, and the Bank ofJapanFebruary 27, 2023; Kravis Hall, Columbia

Japanese Creativity in
the Great Tech Race:
Beneficiary or Victim?
April 11, 2023; Geffen Hall, Columbia
Business School

Business School

Kyoko Matsushita, CEO, WPP in Japan

Masazumi Wakatabe, Deputy Governor, Bank

Moderator: David E. Weinstein, Director, CJEB

of Japan

Ms. Matsushita discussed Japan’s adland,

Moderator: David E. Weinstein, Director,

covering the state of Japan’s industry as

CJEB

the world’s third-largest advertising market,

Prior to joining the Bank of Japan, Mr.

contrast to other global markets. She also

Wakatabe had been a professor of economics
at the Faculty of Political Science andEconomics at Waseda University since April
2005, and also a visiting scholar at CJEB
from March 2017 to February 2018. During
the event, Deputy Governor Wakatabe
discussed development in Japan’s economy
and monetary policy during his five-year termat the Bank of Japan. He then delved into
his thoughts on the role of economics andresearch in central banking and on emerging
challenges. He also discussed the relevanceof Japanification and its implications for the
future.

as well as challenges and opportunities indelved into tools and practices that marketersin Japan should be adopting, how they canbenefit from them, and whether WPP candeliver on these. Ms. Matsushita spoke about
global technology and the need to remain
humanely creative, especially with the riseof new AI tools like ChatGPT. She shared her
perspective on the risks these tools bring,
how they impact personalization, and whether
this trend is something we are moving toward
or away from in advertising. Ms. Matsushita
went on to cover repercussions for Japan’screative industry, exploring questions such asthese: Are these tools the solution Japanesemarketers need to catch up and digitalize?
Are they input or output tools? Is there a needfor human creatives anymore? How can these
new tools be used creatively to benefit wider

34 | CJEB Annual Report 2022–2023

Jackson G. Lu

Selling Japanese Food in the World: Gyoza andBeyondLeft to right: Masazumi Wakatabe, David E.
Weinsteinsociety in Japan and across the globe? To

Moderator: David E. Weinstein, Director, CJEB

event was a Phillips Pathway for Inclusive

view the recording of the event, please visit
https://youtu.be/bjDH3A8pq0A.

Well-educated and prosperous, Asians are
known as the “model minority” in the UnitedStates. On average, Asians have the highest

The Neglected Minority: The
Science of Asians’ Bamboo
Ceiling

educational achievement, highest median

April 25, 2023; Geffen Hall, Columbia

known as the “bamboo ceiling.” While there

Business School
Jackson G. Lu PhD ’18, Sloan School Career
Development Associate Professor, MIT Sloan
School of Management

Left to right: Kyoko Matsushita, David E. Weinsteinincome, lowest unemployment rate, andLeadership–approved event addressing
the following essential inclusive leadershipskills: “creating an inclusive environment” and“addressing systemic inequity.” The event wasalso part of CJEB’s JMLP.

lowest crime rate. However, they appear
disproportionately underrepresented
in leadership positions, a phenomenon
are various speculations about why thishappens, Professor Lu’s present researchsystematically investigates the sciencebehind it. During the event, he discussed his
work and answered audience questions. This

Left to right: R. A. Farrokhnia, Danny Taing, Ryoko Ogino

CJEB Annual Report 2022–2023 | 35

Workshops

Left to right: Design Thinking, VR and the Metaverse, Speechwriting

Design Thinking

VR and the Metaverse

October 14, 2022; Geffen Hall, Columbia

October 20, 2022; Geffen Hall, Columbia

Business School

Business School

Dr. Yumiko Shimabukuro, Faculty, SIPA; Co-

Jason Adam Buckweitz, Executive Director,

Founder, JMLP

Columbia Institute for Tele-Information (CITI)

Taylor Light, Program Manager, Innovation

This in-person workshop on VR and theon his experience providing speechwriting toGrants and Product Impact, Atlassian;metaverse was arranged in response to the

speakers at IBM, Siemens AG, McGraw-Hill,

Former Design Fellow, Columbia University

interests of CJEB’s Visiting Scholars in theand MasterCard.

Entrepreneurship, Innovation and Design; andfuture of digital technology. Mr. Buckweitz

Former Design Strategy Fellow, MIT D-Lab

led the workshop to help them learn about

This workshop was part of CJEB’s JMLP,
covering the topic of human-centered design, acreative process to glean insights and develop
appropriate solutions for tough challenges.
Participants learned how to collaboratively

the history, current state, and future of
the metaverse and VR technologies andanswer questions about their implications fordomestic and global businesses, economies,
and societies.

is useful not only for building great products,
services, or solutions but also for pursuinga more creative and open-minded approach

Speechwriting
November 4 and 11, 2022; Geffen Hall andto life. Dr. Shimabukuro and Mr. Light led

Kravis Hall, Columbia Business Schoolparticipants through an exciting part of theJames Holtje, Adjunct Professor of

creative process—ideation—which is alsoInternational and Public Affairs, Schoolat the heart of design thinking. This was aof International and Public Affairs (SIPA),

highly interactive and experiential workshop

Columbia University

considering Japanese cultural and language
elements while networking and presenting in
high-profile panels and conferences. It also
provided an innovative, effective knowledgetransfer tool kit to be deployed in a variety ofsettings.

36 | CJEB Annual Report 2022–2023

speeches. He provided live coaching withfrequent interruptions to focus on areas of
improvement, which allowed the attendees
to notice demonstrable and instantdevelopment in their skills. He teaches acourse on the same topic at SIPA and draws

Women’s Leadership
WorkshopApril 14, 2023; Geffen Hall, Columbia
Business School
Dr. Yumiko Shimabukuro, Faculty, SIPA; Co-

develop innovative and practical solutions toa variety of problems. The process of design

then provided the tools to craft and deliver

Founder, JMLP
Welcome Remarks: Ryoko Ogino, Managing
Director; Co-Founder, JMLP, CJEB
Dr. Shimabukuro and Ms. Ogino gathered agroup of Columbia students for a workshop
on female leadership as part of the JMLP’s
women’s career advancement initiative. Ms.
Ogino introduced participants to CJEB andits many activities. Dr. Shimabukuro gave a

Attendees gathered in person for a private

presentation and led participants throughtwo-session workshop on speechwriting andexcercises and open discussion on topics

speech delivery to learn the craft of writing

including tension resolution and career pathand delivering speeches from Professor

development.

Holtje, who first instructed about composing
speeches and the history of rhetoric andLeft to right: Yumiko Shimabukuro, Ayumi Wada, Ryoko Ogino

Women’s Leadership Workshop

Japanese Management
Leadership Program
Workshop:
Visions and Reflections
from Japanese Women in
Leadership

The last segment of the workshop featured

Session II Workshop: “Visions anda keynote speech by Ayumi Wada, where

Reflections from Japanese Women in

she looked back on her leadership journey

Leadership”

May 30, 2023; The Classic House atDavid E. Weinstein, Director, CJEB

Akasaka Prince, Tokyo, Japan

Session I Presentation: “Women Leadership

Compliance Division, Toshiba Corporation;

This event provided space and time to

and Gender Diversity at Work”

former Chairwoman and CEO, Toshibareflect upon CJEB’s vision for the future

Michelle Yu, Senior Director, Custom

of women’s career advancement in Japan.
The day started with a presentation from
Columbia Business School’s Executive
Education unit on the current trends in humanand highlighted some of the main genderchallenges she had confronted and how sheovercame them. This program was part of
CJEB’s JMLP.
Opening Remarks

Programs, Executive Education, Columbia
Business School

Dr. Yumiko Shimabukuro, Faculty, SIPA; CoFounder, JMLP
Session III Keynote: “Oaks May Fall When
Reeds Stand the Storm”
Ayumi Wada, Corporate Vice President andGeneral Executive in charge of the Legal &America, Inc.
Closing Remarks
Ryoko Ogino, Managing Director; Co-Founder,
JMLP, CJEB

capital management and women’s leadershipinitiatives in the United States, Asia, andEurope. Following the presentation was aninteractive session over lunch that explored
new ways for companies to retain female
talent. Participants first considered thecommon approaches to preventing womenfrom dropping out of the workforce andthen collectively discussed alternative ways
to support women’s career advancement.
This part of the workshop paid particularattention to what companies can do to help
workers achieve a fulfilling career—one
that enables them to apply their talents,
values, and interests to their work while
meeting their financial and personal needs.

Japanese Management Leadership Program Workshop: Visions and Reflections from Japanese Women in
Leadership

CJEB Annual Report 2022–2023 | 37

R E S O U RC E S

Faculty Advisory
Committee

2022–2023
Visiting Scholars
Each year, a small number of professional and academic fellows are
selected to spend a period of time in residence at Columbia Business
School. CJEB Visiting Scholars receive a unique research andnetworking experience at one of the world’s most prestigious businessschools in a top-ranking university while experiencing the dynamic
lifestyle of New York City.
The 2022–2023 Visiting Scholars are:Left to right: Hugh Patrick, David E. Weinstein, Takatoshi Ito

CJEB’s Faculty Advisory Committee was formed to provide insightand guidance to CJEB’s governance, research, teaching, andoutreach activities. The diversity of intellectual focus among thecommittee members is key to furthering CJEB’s mission of serving
as a comprehensive forum for collaboration and reflection on Japan,

Yukiko Igarashi

Akira Kawamoto

Tokio Marine Holdings, Inc.

Tokio Marine Holdings, Inc.

June 2022–March 2023

May 2023–March 2024

Columbia Business School

Takeru Ono

Takuya Shiratori

Sheena S. Iyengar

Mitsui Sumitomo

Sumitomo Mitsui

Insurance Co., Ltd.

Trust Bank, Limited

August 2022–June 2023

September 2022–August

the United States, and the global economy. CJEB directors receive
valuable advice and recommendations on potential opportunities toexpand and develop the Center. In addition to David Weinstein andHugh Patrick, the members of the Committee are:Charles W. Calomiris
Henry Kaufman Professor of Financial Institutions
Columbia Business School
Wouter H. Dessein
Eli Ginzberg Professor of Finance and Economics
Professor, Heilbrunn Center for Graham and Dodd Investing

S. T. Lee Professor of Business
Columbia Business School

2023

Merit E. Janow
Dean Emerita
Professor of Professional Practice, International Economic Law andInternational Affairs
School of International and Public Affairs
Co-director, APEC Study Center
Columbia University
Bruce M. Kogut
Sanford C. Bernstein & Co. Professor of Leadership and Ethics
Professor of Sociology

Mitsuhiro Urano

Columbia Business School

Kwansei Gakuin University
September 2022–
August 2023

38 | CJEB Annual Report 2022–2023

2022–2023 Visiting Scholar Activities

CJEB Welcome Reception

CJEB Visiting Scholar seminars

Every year before the COVID-19 pandemic,

in the courses they can audit in person (withhas provided speech coaching for numerous

CJEB hosted roughly 10–15 Visiting

the instructor’s permission) and can attend

companies including Bloomberg, CNN,

Scholars. Candidates for this program are

any or all of CJEB or CBS’s public events.

Accenture, Google, Yahoo, and more. The

selected from a variety of backgrounds

The Center also organizes several events per

Visiting Scholars were able to gain insightin Japanese business, government, andyear specifically for CJEB Visiting Scholars,

into how effective presentations are delivered

academia to spend a period of time inincluding networking gatherings. In addition,in corporate America, with special emphasis

residence at Columbia Business School

we arrange a monthly research meeting foron executive-level communication strategies,(CBS). The Visiting Scholars Program at

CJEB Visiting Scholars and core faculty andtools, and exercises.

CJEB has grown and evolved ever sinceadvisors, where Visiting Scholars are asked

the program was established in 1986. The

to each give a presentation on their research,Center has accepted over 270 Visiting

followed by peer review from other Visiting

Scholars, and we are now blessed with a large

Scholars and a Q&A session with professors.

and active alumni group in the private sector,
government, and academia. Unfortunately,
due to the continued impact of the COVID-19
pandemic, the number of new Visiting
Scholars in the 2022–2023 academic year
was much lower than in years before thepandemic. However, CJEB has continued
to offer a rigorous program with ample
activities and opportunities for the smaller
cohort, capitalizing on the reduced size toprovide greater individual attention. And weare excited to welcome a cohort that will becloser to normal size for the 2023–2024
academic year.
CJEB Visiting Scholars have access to many
Columbia University campus resources,
including 22 libraries and the ability to attend
a rich and diverse calendar of public eventsat the Business School and beyond. The
Visiting Scholars enjoy access to Kravis Halland Geffen Hall’s state-of-the-art facilities

CJEB’s annual welcome reception for its
Visiting Scholars, as well as membersof the CBS student body and other CBS
communities, was held on September 27,

The program this year included opportunities

2022. CJEB directors and officers welcomed

for research and networking with a

the CBS community to the new academic

combination of in-person gatherings,

year, allowing CBS students the opportunity

workshops, seminars, and excursions. The

to network with CJEB Visiting Scholars andVisiting Scholars were given indoor andlearn more about CJEB’s programming andoutdoor tours of the Morningside campus andhistory.

CBS’s spaces at the Manhattanville campus
by the CJEB staff as part of their orientation
activities so that they could learn about therich history of Columbia University and enjoy
the beautiful campuses.

On October 14, 2022, an in-person
workshop on Design Thinking was taught
by Yumiko Shimabukuro, co-founder of theJapanese Management Leadership Program(JMLP) at CJEB and director of the Urban

Each year the Visiting Scholars have sessions

and Social Policy Program at the Schoolwith professional speech coaches on how toof International and Public Affairs (SIPA)

give presentations in English, in addition to a

at Columbia University. She was joined bynumber of unique workshops created for the

Taylor Light, program manager of Innovation

Visiting Scholars to expand their professional

Grants and Product Impact at Atlassian;development in a variety of areas. On

former design fellow of Columbia University

September 16, 2022, they participated in

Entrepreneurship, Innovation and Design; andan in-person workshop with professional

former design strategy fellow of MIT D-Lab.

speech coach Stephanie Silverman, whoThis workshop was also part of CJEB’s JMLP,CJEB Annual Report 2022–2023 | 39

2023 Visiting Scholar Reunion
Reception
For the first time since 2019, CJEB resumed
its annual Visiting Scholar Reunion Reception
in person on May 25, 2023, at the Classic
House at Akasaka Prince in Tokyo. CJEB
invited its former, current, and incoming
Visiting Scholars to attend a Joint Reunion
for CJEB’s former Visiting Scholars andthe Columbia Business School Club ofJapan Alumni, which is a CBS MBA/EMBA
Alumni Club in Tokyo. The gathering was an
Design Thinking Workshop

and it was one of the numerous opportunities
for the Visiting Scholars to interact with other
Columbia University students who joined theworkshop (p. 36).

incredible opportunity for networking andfun for both groups. The evening began with
opening remarks by Ryoko Ogino, CJEB’s
managing director, where she introduced
CJEB’s Director David Weinstein for his
welcoming remarks. Remarks by Koji Ikeya,
a CBS graduate from 1988; representative

On October 20, 2022, CJEB Visiting

executive officer, executive vice president,

Scholars had an in-person workshop on

and CFO of Mitsubishi Motors Corporation;

VR and the Metaverse taught by Jasonand chairman of the Columbia Business2023 Visiting Scholar Reunion Reception

School Club of Japan followed. A rousing
toast to kick off the festivities was deliveredby Satoru Komiya, president and group CEOof Tokio Marine Holdings, Inc., who was a
CJEB Visiting Scholar in 2016. With over 90
attendees, it was a wonderful time to form
new connections and revive old ones.

Adam Buckweitz, executive director at the
Columbia Institute for Tele-Information (CITI)(p. 36). Based on interests expressed by
CJEB’s Visiting Scholars, we arranged for
Mr. Buckweitz—an expert in the field—tospeak to the history, current state, and future2023 Annual Visiting Scholar
Business Field Tripsof the metaverse and VR technologies andanswer questions about their implications fordomestic and global businesses, economies,
and societies.
The Visiting Scholars also joined an entirely
in-person and exclusive two-session
workshop on speechwriting and speechdelivery on November 4 and 11, 2022, where
they learned the craft of writing and deliveringspeeches from James Holtje, adjunctprofessor of International and Public Affairs at
SIPA. Professor Holtje is a highly specialized
expert who teaches a course on the same
topic with experience providing speechwriting
to speakers at IBM, Siemens AG, McGrawHill, and MasterCard. (p. 36). CJEB also helda holiday gathering for its Visiting Scholars
and other affiliates on December 8, 2022.
Professor David Weinstein gave a toast.

40 | CJEB Annual Report 2022–2023

CJEB organized two corporate visits for
its Visiting Scholars on March 2, 2023.
The first visit was a tour of the Bloomberg
office. They had the opportunity to see thecompany’s unique building, as well as learn
about its history, company culture, andbusiness initiatives. They also learned about
the building’s sustainability practices andevolving policies in response to the COVID-19
pandemic. For the second trip, the Visiting
Scholars visited General Assembly, a global
company that offers education and upskilling

CJEB Visiting Scholars visit General Assemblywith programs targeting in-demand skills suchas web development, data science, digitalat General Assembly. The Visiting Scholars

marketing, and more. The Visiting Scholars

learned in great detail about the different

were welcomed to its Manhattan office for a

attitudes about upskilling in different countries

meeting and tour with Priya Ramanathan, VP

and how General Assembly’s recent expansionof Government & Workforce Partnerships at

into Japan marks a shift in attention to its

General Assembly, and a talk and Q&A with

importance in resolving challenges Japanese

Ryan Meyer, APAC Managing Director

companies face today.

Research Associates
CJEB benefits from an ongoing collaboration

Robert Dekle

Anil Kashyapwith Japan specialists from institutions other

Professor of Economics

Stevens Distinguished Service Professor ofthan Columbia, principally within the United

Department of Economics

Economics and FinanceStates. Research associates are invited

University of Southern California

The University of Chicago Booth School ofBusinessto communicate their research throughparticipation in the Center’s projects andPeter Drysdale

public programs and by contributing to theEmeritus Professor of Economics

Takao Kato

Center’s Working Paper Series.

Head

W. S. Schupf Professor of Economics and Far

East Asia Bureau of Economic Research

Eastern Studies

Editor in Chief

Department of Economics

East Asia Forum

Colgate University

Christina Ahmadjian
Professor Emeritus
Hitotsubashi University
Shiro Armstrong
Director
Australia-Japan Research Centre
Crawford School of Public Policy
EditorEast Asia Forum
The Australian National University
Cynthia Mei Balloch
Assistant Professor of FinanceLondon School of Economics and Political
Science
Schon L. Beechler
Adjunct Professor of Management
University of Colorado, Denver
Lee G. Branstetter
Professor of Economics and Public Policy
Heinz College, Carnegie Mellon University
Nonresident Senior Fellow
Peterson Institute for International
Economics
Jenny Corbett
Visiting Professor
Tokyo College, University of Tokyo
Emeritus Distinguished Professor
The Australian National University
Emeritus Fellow
St Antony’s College and Nissan Institute
University of Oxford
Adjunct Professor
Griffith Asia Institute, Griffith University

Crawford School of Public Policy
The Australian National University

Kenneth N. Kuttner
Robert F. White Class of 1952 Professor ofRobert Eberhart

Economics

Assistant Professor

Department of Economics

Leavey School of BusinessWilliams College

Santa Clara University
Research Fellow

Cameron LaPoint PhD ’20

Stanford Technology Venture Program

Assistant Professor of Finance
Yale School of Management

David Flath
Professor

Edward Lincoln

Department of Economics

Former Director

Ritsumeikan University

Center for Japan-U.S. Business andEmeritus Professor of Economics

Economic Studies

Poole College of Management

Former Professor of Economics

North Carolina State University

Leonard N. Stern School of Business
New York University

Koichi Hamada
Tuntex Professor Emeritus of Economics

Robert A. Myers

Department of Economics

Senior Vice President

Yale University

Fairfield Resources LLC

Former Special Advisor to the Prime Minister

Former Director of Technologyof Japan

IBM Japan

Masanori Hashimoto

Yusuke Narita

Professor Emeritus

Assistant Professor

The Ohio State University

Yale University

Takeo Hoshi

Terutomo Ozawa

Professor

Professor Emeritus of Economics

Graduate School of Economics

Department of Economics

University of Tokyo

Colorado State University

Martina Jasova
Assistant Professor of Economics
Barnard College, Columbia University
CJEB Annual Report 2022–2023 | 41

Professional Fellows
Joe Peek

A professional fellow appointment at the

Nobuchika Mori joined

Vice President and Economist

Center recognizes former government

CJEB as a professional

Research Department

officials and business leaders who have had

fellow in 2018. Before

Federal Reserve Bank of Boston

distinguished careers in economics-related

joining CJEB, he was thefields. This position facilitates their ongoingcommissioner of Japan’s

involvement with CJEB and its activities.

Financial Services

William V. Rapp

Agency (JFSA), which

Director
Leir Center For Financial Bubble ResearchRandall S. Jones

New Jersey Institute of Technology

received the Decorationof the Order of the

Yukiko Umeno Saito

Rising Sun from the

Associate Professor

Government of Japan in

Faculty of Political Science and Economics
Waseda University

2016 and the Sungnye

Ulrike Schaede

Diplomatic Service Merit

Professor of Japanese BusinessDirector
JFIT Japan Forum for Innovation andTechnology
School of Global Policy and Strategy (GPS)Medal of the Order offrom the Governmentof Korea in 2018. Currently, Dr. Jones is a
professional fellow at CJEB, a non-resident
distinguished fellow at the Korea Economic
Institute, and an adjunct lecturer at the Johns

University of California, San Diego

Hopkins University School of Advanced

Michael Smitka

CJEB visiting scholar in 2019–20. Dr. Jones

Professor Emeritus of Economics
Williams School of Commerce

International Studies. Previously, he was aserved as the Senior Counsellor for East Asiaand as Head of the Japan/Korea Desk at the

Washington and Lee University

Organization for Economic Cooperation andTakashi Unayama

until 2019. During his 30 years at the OECD,

Professor
Institute of Economic Research

Development (OECD) in Paris from 2002
Dr. Jones wrote all 16 OECD Economic
Surveys of Korea and 15 OECD Economic

Kyoto University

Surveys of Japan, in addition to a number

Tsutomu Watanabe

OECD in 1989, he spent three years in theProfessor
Graduate School of Economics

of other publications. Before joining the
U.S. government, serving at the Council of
Economic Advisers in the Executive Office of

The University of Tokyo

the President (1984–85) and as an advisor

Jiro Yoshida

Dr. Jones was also the vice-president of theKing Faculty Fellow and Professor of
Business
Department of Risk Management
Smeal College of Business
The Pennsylvania State University
Guest Associate Professor
Graduate School of Economics
University of Tokyo
42 | CJEB Annual Report 2022–2023

in the U.S. State Department (1987–89).
Japan Economic Institute in Washington(1985–87). Dr. Jones received a B.A. ineconomics from Brigham Young University
and a PhD in economics from the Universityof Michigan in 1984. He lived in Korea from1974 to 1976 and in Japan during 1982–
83.

oversees Japanesebanks and holds broad
responsibility for financial regulatory andpolicy issues. Prior to becoming the chief
administrator of JFSA, he spent more than
30 years in senior positions at that agency
and Japan’s Ministry of Finance, as well asJapan’s Ministry of Foreign Affairs and theInter-American Development Bank. He has
contributed to SIPA and the University’s
work on central banking and financial policy,
particularly with respect to Japan and East
Asia. He holds a BA degree in liberal arts from
Tokyo University and BA and MA degrees in
economics from Cambridge University.

International Advisory Board
The International Advisory Board provides

Yasushi Kinoshita

Toshikazu Nambu

overall guidance for CJEB. Members are

Director (Chairperson of the Board ofRepresentative Director, Assistant todistinguished leaders in the fields of Japan-

Directors), Independent Director, Outside

President and CEO (Adviser of Chief Digital

U.S. economic, business, and political

Director

Officer)

relations.

Japan Exchange Group, Inc. (JPX)

Sumitomo Corporation

Charles D. Lake II

Atsushi Saito

Chairman and Representative Director

ChairmanAflac Life Insurance Japan Ltd.

KKR Japan

Richard Folsom
Representative Partner
Advantage Partners
Shinji Fukukawa
Former Vice-Minister
Japanese Ministry of International Trade andIndustry
Senior Advisor
Global Industrial and Social ProgressPresident
Aflac International

Taisuke Sasanuma
Representative Partner

Yuzaburo Mogi ’61

Advantage Partners, Inc.

Honorary CEO and Chairman of the Board of
Directors
Kikkoman Corporation

Joseph G. Tompkins ’67

Research InstituteChancellor
Toyo University Incorporated Educational
Institution

Kravis Hall and Geffen Hall, Columbia Business School

CJEB Annual Report 2022–2023 | 43

P RO M OT I N G E XC H A N G E O F I D E AS

CJEB
in the News

Enhancing the MBA Experience

CJEB and its academic directors are regularly
featured in the media, providing their insights
and expertise on Japan-related matters.
Selected highlights* for this year include:

David E. Weinstein
Japan Economy Changed Course with
Abe’s Policy: U.S. Economists
Nikkei Asia, July 15, 2022
Design Thinking Workshop

Takatoshi Ito
CJEB is a key contributor to the international

Design; and former design strategy fellow

Project Syndicate, July 12, 2022

community at Columbia Business Schoolat MIT D-Lab. The workshop taught about(CBS) and seeks to pursue opportunities tohuman-centered design, which is a creative

Professor Explains Why Japan’s Prices Are

enhance the MBA student experience. In thisprocess to glean insights and develop

So Low

endeavor, CJEB’s major collaborative partner

appropriate solutions for tough challenges.

NHK World, October 6, 2022

is the CBS Japan Business Association (JBA),

CBS students and CJEB Visiting Scholars

a student-led organization that promotes

were able to hone new skills by collaborating

Japanese business and culture to the CBS

during various exercises (p. 36). Professor

community. The Center regularly meets with

Shimabukuro and Ryoko Ogino, CJEBJBA officers to exchange ideas on ways tomanaging director, held an interview session

promote Japanese economic and business-with three female CBS students on December

related issues within CBS. In previous years

6, 2022, as part of the JMLP’s women’s

CJEB supported the Chazen Japan Study

career advancement initiative (p. 16).

Abe Shinzō’s Unmatched Legacy

日本のインフレ目標政策の10年～功罪と課

題～【プロの眼】(Japan’s 10-Year Inflation
Targeting Monetary Policy: Merits andDemerits and Future Challenges)
TV Tokyo, December 19, 2022
BOJ Tweaks Could Be First Step Toward
Exit, Takatoshi Ito Says
Bloomberg, December 20, 2022

Tour, but since JBA organized an unofficial
student trek, Chazen did not arrange one. In
the past CJEB has provided funding support

伊藤隆敏の格物致知 (Pursuit of Knowledge

and would also support planning the itineraryby Prof. Takatoshi Ito)and scheduling company visits for theForbes Japan, July 2022–May 2023

students during their stay in Japan.

CJEB provided the CBS student bodywith various opportunities to interact
with our world-famous speakers throughevents open to the public, as well as ones
dedicated solely to the CBS community.
On February 14, 2023, after delivering

CJEB’s annual welcome reception for its

his talk at CJEB’s event “IGPI’s Challenges*Note: Articles with titles in Japanese are

Visiting Scholars, as well as members of

to Transform ‘Corporate Japan,’” Takashi

unofficially translated into English by CJEB.

the greater CBS community, was held on

Muraoka, managing partner of Industrial

September 27, 2022 (p. 39).

Growth Platform, Inc. (IGPI), joined Columbia

On October 14, 2022, CBS students
were invited to an in-person workshop on
Design Thinking with Yumiko Shimabukuro,faculty at SIPA and co-founder of CJEB’s
Japanese Management Leadership Program(JMLP), and Taylor Light, program manager
of Innovation Grants and Product Impact at
Atlassian; former design fellow at Columbia
University Entrepreneurship, Innovation and

44 | CJEB Annual Report 2022–2023

University students for an exclusive meetand greet. IGPI is one of the most reputableprofessional firms in Japan with its hybridbusiness model, actively engaging both in
the management consulting business and inprincipal investments. This was an exclusive
opportunity for students to ask Mr. Muraoka
questions beyond what was covered during
the lunchtime seminar and learn from his
extensive career history (p. 33). On FebruaryMeet and greet with Takashi Muraoka

JMLP interview session with CBS students

JBA officers meet Masazumi Wakatabe and a CBS
alum

22, 2023, CJEB provided administrative

Asians are underrepresented in leadership,

strategies that megabanks need to adopt

and financial support to JBA’s Lunchtime

also known as the “bamboo ceiling” (p. 35).

to regain their global competitiveness in the

Event: Mercari, with John Lagerling, CEOand chief business officer of Mercari U.S.
The event allowed CBS students to join
together for questions and discussions withhim about policies that entrepreneurs should
keep in mind, the leadership required toscale a business, the difficulties in scalinga Japanese business in the United States,and Mercari’s vision for success in the U.S.
market (p. 33). JBA officers were given the
exclusive opportunity to meet with Masazumi
Wakatabe, deputy governor of the Bank ofJapan, after his talk, “Seven Reflections on

CJEB also sponsored research conducted by

future.

CBS students. Soichiro Miyano ’23 and Chen
Wang ’23, students employed by Japanese
Megabanks Mitsubishi UFJ Financial
Group and Sumitomo Mitsui Financial
Group, respectively, coauthored the paper“Recommendations for the Business Strategy
of Japanese Three Megabanks,” noting how
the dominance of Japanese companies in
the global market, especially commercial
banks, in 1989 has been drastically reduced
by 2019. The paper explores businessJapan’s Economy, Monetary Policy, and the
Bank of Japan,” on February 27, 2023 (p. 34).
The Phillips Pathway for Inclusive Leadership(PPIL) is a co-curricular program at CBS
designed to provide students with the skills
and strategies needed to develop as inclusive
leaders. The program features robustelective programming offered throughout
the student’s educational journey. As part of
CJEB’s contributions to the CBS community,
the Center was proud to provide a PPILapproved in-person event on April 25, 2023,
titled “The Neglected Minority: The Scienceof Asians’ Bamboo Ceiling.” The speaker,
Jackson G. Lu PhD’18, Sloan School Career
Development Associate Professor at MIT
Sloan School of Management, discussed his
research addressing the phenomenon of how

Women’s Leadership Workshop

CJEB Annual Report 2022–2023 | 45

Enhancing the Columbia Experience

The Current Status of Japanese Companies as They Aim for Carbon Neutrality
and the Role of FinanceColumbia’s Japanese Student Association’s Matsuri Event

Columbia University offers many resources

Went from an Unknown Startup Business to

Ogino, CJEB’s managing director andand opportunities for students, faculty, anda Market Leader with Top Brand Recognition”

co-founder of the JMLP, gathered a groupalumni interested in learning more abouton November 3, 2022, with Yukiko Muto ’12,of students from Columbia University andJapan outside the Business School. CJEB

former president of Uber Eats, Japan (p. 31);

Columbia Business School for a Women’scontributes to this initiative by assisting otherand “Sumitomo Corporation and Its Business

Leadership Workshop on April 14, 2023,

organizations on campus that are engaged

Strategy for the Future” on November 9,

as part of the JMLP’s women’s careerin Japan-related activities. This includes

2022, with Masayuki Hyodo, representativeadvancement initiative (p. 36). This workshop

the Weatherhead East Asian Institutedirector, president, and chief executive officer

provided a space to explore and discuss(WEAI), the APEC Study Center, the Eastof Sumitomo Corporation (p. 28).

career path development and guided the

Asian Languages and Cultures (EALAC)
Department, the School of International andPublic Affairs (SIPA), and many others. In

CJEB continues to serve as a contributor toColumbia’s Japanese Student Association

attendees in introspective exercises about
interests and values.

(JSA), a student-run organization that focuses

Aside from funding and programming,on educating the University community as

CJEB engages with the student community

well as the greater New York City public onby providing opportunities for Columbia

Japanese culture, history, and language. In

students to work at the Center as student

2023, CJEB provided generous sponsorshipcasuals. They are selected from a number ofto JSA for its Matsuri event, an annual spring

applicants, and their contribution to the CJEB

festival that showcases Japanese festival

team is invaluable, as they are deeply involved

culture to the Columbia community. On

in the day-to-day operations of the Center.

March 26, 2023, this year’s Matsuri marked

CJEB is committed to developing our student

the return of the grand annual festivity toworkers professionally while providing

Low Library Plaza for the first time sinceunique opportunities for on-site learning and

CJEB curated several events that catered

the start of the COVID-19 pandemic. Theinteractions with Japanese leaders from theexclusively to the Columbia University

private, public, and academic sectors could

private and public sectors. Our student casualcommunity, allowing attendees opportunities

connect through this event that incorporated

program is open to high-performing andfor more direct access to renowned experts

outside vendors, Columbia University student

proactive students with relevant backgrounds

and business leaders. These events included

groups, and activities open to the public toand interests from across the University.

“The Current Status of Japanese Companies

recreate an authentic Matsuri experience andas They Aim for Carbon Neutrality and thecelebrate the beginning of spring.

previous years CJEB would support events
run by the Columbia Japan Society (CJS),
a student-run organization that focuseson events and outreach to educate theUniversity community as well as the greater
New York City public on Japanese culture,
history, and language. CJEB traditionally
supports the Japan Study Student
Association (JASSA), which has initiatives
including a study tour to Japan.

Role of Finance” on October 11, 2022, with
Yasushi Kinoshita, chairman of Development
Bank of Japan Inc. (p. 30); “Building a New
Business in Japan: How Uber Eats Japan46 | CJEB Annual Report 2022–2023

Yumiko Shimabukuro, faculty at SIPA andco-founder of CJEB’s Japanese Management
Leadership Program (JMLP), and Ryoko

Fellowship and Scholarship Programs
CJEB provides select fellowships for

Dongcheng Yang, a new

The Sumitomo Fellowship Program was

Columbia University students who

Doctoral Fellowshipestablished by the Center as part of an initialdemonstrate outstanding academic ability

recipient, joined the PhD

operating grant from Sumitomo Corporation

and a specific interest in Japan and the Asia-

program in the Departmentof Americas Foundation. The program has

Pacific economies. These fellowships supportof Economics. He aims

provided support to various Japan-related

research and participation in academic

to explore the impacts ofresearch initiatives, and the fellowship

programs related to Japanese economic andexchange rate fluctuations

recipients engage in their own researchbusiness fields. Further information on theseon Japan’s economy, the role of digitalas well as participate in CJEB programs.

opportunities is available at https://business.

transformation in the banking sector, theShizuka Inoue and Dongcheng Yang are also

columbia.edu/cjeb/programs-and-resources/

evolution of Japan’s banking system post-war,

recipients of the Sumitomo Fellowship.

student-opportunities under the heading

and the effects of Free Trade Agreements“Fellowships & Scholarships.”

on Japan’s economic performance andinternational trade. Dongcheng seeks to offer

The CJEB Doctoral Fellowship wasestablished in 2013 to support PhD students
at CBS and/or Columbia’s Department of

insightful perspectives into Japan’s uniqueeconomic dynamics through these in-depth
studies.

The Mitsubishi UFJ Trust ScholarshipFoundation provides one Columbia
University student each year with tuitionand living expenses for a program ofeither undergraduate or graduate study in

Economics who intend to develop JapanCJEB Doctoral Research Grants and Summer

Japan. CJEB conducts a University-wide

expertise, culminating in dissertations

Stipends are also available to PhD students

competition on behalf of the Foundation to

focused primarily on Japan.

at CBS or the Department of Economics

nominate a student. CJEB looks forward to

who wish to pursue Japan-related research

selecting a student to recommend for the

projects or language training programs.

upcoming academic year.

CJEB is proud to havesupported Shogo Sakabe,
who finished his PhD in the
Department of Economics.
This year he researched theeffect of internal migrationof scientists on the diffusionof technological knowledge and the growthof cities in the United States. Also, he has
worked with Professor David Weinstein on
Japan’s technological catch-up to Westerncountries in the Meiji period. Shogo will join
LMU Munich as a Research Associate.

Shizuka Inoue, a current
student in the PhD Programin the Department of
Economics, is researchingtrade-productivity/
innovation and comparing
the impacts of productivity
change on welfare in two economic statesthat differ by trade costs.
Kravis Hall, Columbia Business School

CJEB Annual Report 2022–2023 | 47

Library and Data ResourcesDavid E. Weinstein speaks at a CJEB event

Columbia University is home to one ofcompilation of statistical resources for faculty

the largest collections of Japanese- andmembers and students conducting relevant

English-language materials in the United

research.

States. CJEB evaluates Columbia University
library resources and commits funding toprocure new materials on Japan and theAsia-Pacific economies. CJEB also maintains
a small working collection of materials on
the Japanese and Asia-Pacific economies,
including statistical resources, academic

CJEB’s databank includes:• Time series and cross-section data on
financial markets, institutions, and themacroeconomy from Nikkei NEEDS
Financial QUEST 2.0 and the Development
Bank of Japan’s Industrial Financial

journals, and periodicals.

Database, which includes data through

Data Resources• An online news and data retrieval system

The Center continues to develop its major
computer-based databank on the Japanese
economy, with an emphasis on financial
markets, under the direction of Professor
David Weinstein. The databank is a

48 | CJEB Annual Report 2022–2023

2020
that provides essential corporate andeconomic data as well as leading newspaperand journal articles on Japanese and otherAsia-Pacific economies from Nikkei Telecom,
which is accessible via Columbia University
Libraries (CLIO)

Other data resources:
CJEB Research Associate Professor Tsutomu
Watanabe of the University of Tokyo (alongwith Kota Watanabe of Chuo University andthe University of Tokyo) launched the UTokyo
Daily Price Index project in May 2013,
which measures and publishes the consumer
inflation rate on a daily basis.

Discussion Groups
Japan Economic Seminar
The Japan Economic Seminar (JES) was
founded in 1966 by the late Professor James
Nakamura of Columbia and Professors HughPatrick (then at Yale) and the late Henry
Rosovsky of Harvard. With a membershipof up to 100 individuals, it originally was
an interuniversity forum for faculty, otherprofessionals, and advanced graduate
students to discuss ongoing researchin preliminary form by specialists on theJapanese economy. JES now meets oncea year, sponsored by CJEB, and is held atColumbia in the spring semester under
the leadership of Takatoshi Ito, professor
at Columbia’s School of International andPublic Affairs and director of the Program

Japan Economic Seminar

Department of Economics, University ofand Professor Patrick took the initiative to

California, Berkeleyorganize, on a private and individual basis,on Public Pension and Sovereign Funds at

Coauthor(s): Jun Nakabayashi

CJEB. Special arrangements have been madeDiscussant: Pietro Tebaldi, Columbia University

to include economists from Japan as paper
authors and discussants.
This year, JES was held in person for the
first time since 2019. The seminar washeld on February 24, 2023, and featured
four sessions, which were moderated byFirm Size and Complementarity between
Geography and Products
Presenter: Yoko Shibuya, Assistant Professorof Business Administration, Fuqua School ofBusiness, Duke University

Ito. The Japan Economic Seminar thanks the

Discussant: Colin Hottman, Federal Reserve
Board

The following papers were discussed:
Automation and Comparative Advantage
The Impact of Central Bank Stock
Purchases: Evidence from Discontinuities
in Policy Rules
Presenter: Masao Fukui, Assistant Professor,
Boston University

Presenter: Shinnosuke Kikuchi, PhD Student,

A Field Experiment on Antitrust

and professionals living in the New Yorkdiscuss frankly and informally—and off
the record—issues and prospects in U.S.Japan business, economic, and political
relations. Tomonori Wada, the current CEO
of Sumitomo Corporation of Americas, andDavid Weinstein, CJEB’s director, are the coorganizers of this group. The members comefrom the business and financial communities,
together with several specialists on Japan
from the Columbia University faculty. The
group avoids identification with any particularcompanies or groups and meets twice in the

Department of Economics, Massachusetts

fall and spring for dinner and discussion.

Institute of Technology

The discussions naturally focus on the

Discussant: Conor Walsh, Columbia Businesswide-ranging political economy and how

SchoolCoauthor(s): Masayuki Yagasaki
Discussant: Kimie Harada, Chuo University

senior Japanese and American businessmen
area. The group continues to convene toProfessors David Weinstein and Takatoshi
James Nakamura Fund for its support.

an evening discussion group attended by

U.S.-Japan Discussion
Group

Compliance

Shortly after CJEB was founded, the then-Presenter: Kei Kawai, Assistant Professor,

CEO of Sumitomo Corporation of Americas

Japanese and American corporations operatedomestically, abroad, and with each other.
Topics discussed in 2022–2023 included
the new energy order, current political issues
facing the Kishida Cabinet, global inflationand implications for policy making, U.S.
monetary policy, Japan’s economic security
policy, and security issues in Asia.

CJEB Annual Report 2022–2023 | 49

FINANCIAL SUPPORTFinancial Support
Columbia University and Columbia Businessfinancial support. The companies listed

On October 5, 2022, the Center hosted

School (CBS) give basic support for the

below support CJEB through funding toa private dinner with a small group ofCenter by providing faculty salaries and office

help establish an endowment or provide

CJEB sponsors and other guests at CBS’s

space, library and administrative support,

funding on an annual basis. Sumitomo

Manhattanville campus following Professor

and other essential services. However, theCorporation of Americas made an initial

Takatoshi Ito’s lecture, titled “Why Has

Center relies on external sources of financial

significant contribution that enabled theJapan Become So ‘Cheap’?” (p. 28). This

support from foundations, corporations, andCenter to be established in 1986 and has

was a great opportunity for our guests toindividuals for its programs and researchcontinued to be a major Center donor. The

discuss and exchange ideas on the current

activities. Income is derived from theCenter also greatly appreciates and benefits

Japanese economy in a private setting. On

Center’s endowment, operating and projectfrom the income derived from the generous

May 25, 2023, the Center was delighted

grants, and, especially, from its Corporate

endowments funded by Fuji Xerox Co., Ltd.,to hold a special luncheon at the Classic

Sponsorship Program, which was established

Sanken Industrial Policy Research Institute,House at Akasaka Prince in Tokyo for ourin 1995. Academic independence has

the Marine and Fire Insurance Association,

corporate sponsors in Japan to demonstrate

not been an issue, as there are no special

the Federation of Bankers Association,

our deep appreciation for their continued

restrictions attached to any of these gifts.

the Security Dealers Association, the Life

support. Professor David Weinstein gave a

Insurance Association, and Mitsubishi UFJ

presentation, titled “The Japanese Economy

Trust and Banking Corporation during the firstin Uncertain Times,” at this luncheon as well.

The Sponsorship Program has been
instrumental in expanding the Center’s
activities and guaranteeing their long-term

CJEB Sponsor Dinner

50 | CJEB Annual Report 2022–2023

years of the Center’s establishment at CBS
and now.

CJEB Sponsor Luncheon

Sponsorship Program
Sponsors for the year 2022–23 are as
follows:

Corporate Sponsors

Friends of the Center($10,000+ annually)(up to $9,999 annually)

Aflac Life Insurance Japan Ltd.

Hiroko and Satoru Murase

EL APSC G.K.

David and Barbara Tomasello

Fuji Xerox Co., Ltd.

Lead Corporate Sponsors

Industrial Growth Platform, Inc. (IGPI)

Legacy Donors($100,000+ annually)

ITO Corporation

Tsunao Nakamura

Sumitomo Corporation of Americas Foundation

Japan Industrial Partners, Inc.

Hugh Patrick(Founding Sponsor)

J.C.C. Fund of the Japanese Chamber of

Shelby Ruch

Effissimo Capital Management Pte Ltd

Commerce and Industry of New York, Inc.
MinebeaMitsumi Inc.

Senior Corporate Sponsors

Mitsui Sumitomo Insurance Co., Ltd.

($50,000+ annually)

Mitsui USA Foundation

Advantage Partners, Inc.

Mizuho Bank, Ltd.

Daiwa Capital Markets America Inc.

Nikkei Inc.

Mitsubishi UFJ Trust and Banking Corporation

Nomura America Foundation

SMBC

Sony Financial Group Inc.
TV TOKYO Holdings Corporation

Major Corporate Sponsors

Yaskawa Electric Corporation($25,000+ annually)
Kikkoman Corporation

Individual Sponsors

Ricoh Co., Ltd.

($10,000+ annually)

Sumitomo Mitsui Trust Bank, Ltd.

Robin and Brian Kelly

Suntory Holdings Limited
Tokio Marine Holdings, Inc.
Tsuchiya Co., Ltd.

CJEB Annual Report 2022–2023 | 51

Kravis Hall, Columbia Business School

52 | CJEB Annual Report 2022–2023

Design/Production:
Columbia Creative
Office of Public Affairs

Editor in Chief:
Ryoko Ogino

Senior Editor:
Sarah Santana

Editors:
Emiko Mizumura
Shoko Nakamoto-Musumeci
Julio “JP” Perez

Photography:
Eileen M. Barroso
Michael DiVito
Emiko Mizumura
Shoko Nakamoto-Musumeci
Masanori Ogasawara
Ryoko Ogino
Julio “JP” Perez
Sarah Santana

645 West 130th Street
Geffen Hall, Room 684
New York, NY 10027
Email: cjeb@gsb.columbia.edu
Phone: 212-853-8590
Web: https://business.columbia.edu/cjeb
CJEB Representative Office in Japan
c/o Terumi Ota
1-19-18-1003 Shibuya
Shibuya-ku, Tokyo 150-0002
Fax: 03-5467-6012