Corporate Structural Transformation in Japan
Kobe University [Research Institute for Economics and Business Administration], andInternational Monetary Fund, Regional Office for Asia and the Pacific(with a help from Kansai Institute for Social and Economic Research)
Date: February 16, 2004
Venue: Portopia Hotel, Kobe
Time: 10:00am – 5:45pm
Objective of the Workshop
Japan’s progress in corporate revitalization will be a key factor in restoring balanced growth
to the world economy. This workshop aims to analyze the prolonged stagnation of the1990’s in light of recent data, assess the current status of corporate reform in Japan, anddebate the policy shifts needed to facilitate further structural change. A major focus will be
the progress that firms have made on their own, independent of government actions.
Participants, consisting primarily of academics, researchers, corporate managers, andofficials involved in corporate restructuring, will engage one another in a roundtablediscussion.

Provisional Program
10:00 a.m. – 10:10 a.m. Opening Remarks: Mr. Shoji Nishijima
Director of RIEB, Kobe University
10:10 am – 11:20 a.m.

Session I: Corporate-led Structural Change in Japan:
A Review of Current State of Play
Chair:10:10 – 10:25

Mr. Koji Shinjo
Professor, Kobe University

Presentation
Mr. Kimiaki KimuraPartner, ABeam Consulting

10:25 – 10:40

Presentation

Mr. Risaburo Nezu,
Senior Executive Fellow, Economic
Research Center, Fujitsu Research Institute10:40 – 11:00

Comment:

Mr. Peter Green,
Minister, British Embassy
Mr. Nobuyuki Arai
General Manager,
Development Bank of Japan-2-

11:00 – 11:20

Open discussion

11:20 a.m. – 11:35 a.m. Coffee Break

11:35a.m. – 12:45 p.m.
11:35 – 12:20

Session II: Experiences of Medium- and Small Firms
Panel discussion
Moderator:

Mr. Ryuzo Miyao,
Professor, RIEB, Kobe University

Panelists:

Mr. Yohei Akazawa,Chairman, Systec Akazawa.
Mr. Takeo Maruyama,
Executive Managing Director,
TEXPIA Osaka.
Mr. Kouji Koyama,
Osaka Branch, Bank of Japan.

12:20 – 12:45

Open discussion

12:45 p.m. −2:15 p.m. Lunch
Speaker:

2:15 p.m. – 3:30 p.m.

2:15 – 2:35

Mr. Isao Kubota,
Chairman, Lone Star Japan

Session III: An Analytical Perspective of Corporate
Weaknesses in the 1990s
Chair:

Mr.Chris Walker,
Senior Economist,
Regional office for Asia and the Pacific, IMF

Presentation:“Debt, R&D Investment and TechnologicalProgress: A Panel Study of Japanese
Manufacturing Firms”
Mr. Kazuo Ogawa,
Professor, ISER, Osaka University

-3-2:35 – 2:55

Presentation:“Japan's Land Price Deflation and theProductivity Slowdown : A Macroeconomic
Perspective”
Mr. Ryuzo Miyao,
Professor, RIEB, Kobe University

2:55 – 3:05

Discussants:

3:05 – 3:30

Open discussion

3:30 p.m. – 3:45 p.m.

3:45 p.m. – 5:30 p.m.

3:45 – 4:00

Mr. Toshitaka Sekine,
Research and Statistics Department
Bank of Japan

Coffee BreakSession IV: Looking Forward-Challenges andPolicy
Approaches
Chair:

Mr. Saul Lizondo,Assistant Director,
Asia Pacific Department
IMF

Presentation:“Overcoming Deflation through Injectionof public Funds into Banks”
Mr. Keiichiro Kobayashi,
Research Institute of Economy, Trade, andIndustry

4:00 – 4:15

Presentation:“Revitalizing Distressed Japanese Firms”
Mr. Hiroaki Niihara
Consulting Fellow, Information Economy
Division, Ministry of Economy, Trade andIndustry

4:15 – 4:30

Open Discussion

-4-

4:30 – 4:45

Presentation:“Financial Markets and Policy to Further
Promote Corporate Restructuring”
Mr. Kazunari Ohashi
Senior Economist
International Capital Market Department,
IMF

4:45 – 5:00

Presentation:“Structural Reforms to Transform theJapanese Economy”
Mr. Jun Saito
Senior Advisor, Cabinet Office

5:00 – 5:30
5:30 p.m. – 5:45 p.m.

Open discussion
Concluding remarks:
Closing remarks:

Mr. Hiroyuki Hino
Director,
Regional Office for Asia and the Pacific
IMF

Notes:The primary language of the workshop will be Japanese for the morning sessions andEnglish for the afternoon sessions. But participants will be able to comment in either
language. A volume of proceedings will be prepared, incorporating the papers presented atthe workshop, a synopsis of the debate.