FFJ-BANQUE DE FRANCE WORKSHOPInflation and public debt dynamics
in a new environment: EU-Japanperspectives

11 December 2023
13.30 - 19.00 (Tokyo time)On-site at Nihon Kôgyô Club (日本工業倶楽部), the Main Hall on the 3rd floor
1 Chome-4-6 Marunouchi, Chiyoda City, Tokyo 100-0005, Japan
In English
By invitation only
Contacts: watanabe.makiko@canon-igs.org (CIGS); celine.caliaro@ehess.fr (FFJ)
After decades of moderate inflation or deflation in Japan and in Europe, our economies are facing
the return of inflation. It leads to a rise of interest rates and to new challenges for the public debt
dynamics. The aim of this conference, which will gather economists and policy makers is todiscuss the interactions between inflation rates and public debts as well as the de facto divisionof labor between Central banks and governments.
The event is funded by the FFJ/Banque de France lab with the support of the Canon Institutefor Global Studies (CIGS), the Bank of Japan, the NIRA, the French Embassy in Japan, theJapanese Embassy in France, and the MSH Paris Nord.

Programme(Tokyo time)
13.30 | Opening remarks
Toshihiko FUKUI (President, Canon Institute for Global Studies)
Philippe SETTON (Ambassador of France in Japan)

Keynote speech
THOUGHTS ON THE RECENT INFLATIONDEVELOPMENT AND ITS IMPLICATIONSTO THE PUBLIC DEBT DYNAMICS
13:45 - 14:30
Moderator: Junko UENO (Financial Counsellor, Japanese Embassy in France)
Speaker: Masaaki KAIZUKA (Executive Director, Bank of Japan)

Q&A session | Ask your questions

Roundtable 1
INFLATION IS BACK: WHICH POLICIES?
14:40 - 16:10
Moderator: Akinari HORII (Special advisor, Canon Institute for Global Studies)
Speakers: Gregory CLAEYS (Director of the Economics Department, France Stratégie& Bruegel), Tomoko HAYASHI (Director-General of Economic Research Bureau, Cabinet
Office), Keiichiro KOBAYASHI (Research Director, Canon Institute for Global Studies),
Stéphane LATOUCHE (Senior Representative Asia Pacific, Banque de France), Kozo
UEDA (Professor, Waseda University)

Q&A session | Ask your questions
16:10-16:30 | Coffee breakKeynote speechFRANÇOIS VILLEROY DE GALHAU,BANQUE DE FRANCE
16:30 - 17:15
Moderator: Raphael KELLER (Minister-counsellor for Economie Affairs & Head of theRegional Economie Department, French Embassy in Japan)
Speaker: François VILLEROY DE GALHAU (Governor of Banque de France, online)

Q&A session | Ask your questions

Roundtable 2
PUBLIC DEBT DYNAMICS IN A
CONTEXT OF RISING INFLATION
AND INTEREST RATES
17:15 - 18:45
Moderator: Sébastien LECHEVALIER (President, FFJ-EHESS)
Speakers: Takeo HOSHI (Professor, The University of Tokyo), Junko KOEDA (Professor,Waseda University), Tatsuyoshi OKIMOTO (Professor, Keio University), Yuri OKINA(Executive Vice President, NIRA), Dorothée ROUZET (Chief Economist, French Treasury)

Q&A session | Ask your questions

18.45 | Closing remarks
Bruno CABRILLAC (Deputy Director General, Banque de France)
Junichi UJIIE (Advisor, Canon Institute for Global Studies)Keynote speeches(alphabetical order)
Masaaki KAIZUKA (Executive Director, Bank of Japan)
Masaaki Kaizuka is the Executive Director of the Bank of Japan since September
2020. Prior to this role, he served in the Ministry of Finance for 35 years, including a
stint as Executive Director representing Japan at the International Monetary Fundfrom 2016-2019. He also held various key positions, such as Deputy Commissioner
for International Affairs at the National Tax Agency of Japan, and worked on
implementing OECD/G20 BEPS Action Plans. Throughout his career, Masaaki
Kaizuka demonstrated expertise in areas like budget formulation, financial institution
reorganization, securities market regulation, and trade negotiations. He also gainedinternational experience at the World Bank, OECD, and as Minister for Finance at theEmbassy of Japan in Beijing. Masaaki Kaizuka is an alumnus of the University ofTokyo and the Woodrow Wilson School of Princeton University.

François VILLEROY DE GALHAU (Governor of Banque deFrance)
François Villeroy de Galhau has been Governor of the Banque de France sinceNovember 2015 and has been reappointed for a second term in November 2021.
He is a member of the Governing Council of the European Central Bank (ECB) andChairman of the Autorité de Contrôle Prudentiel et de Résolution (ACPR). In 2022,
he will also be appointed President of the Bank for International Settlements (BIS). A
former student of ENA and Inspector of Finance, he joined the Treasury in 1988 andheld various positions in ministerial cabinets and then in Brussels before becoming
Chief of Staff to the Minister for the Economy, Finance and Industry in 1997, andthen Director General of Taxes in 2000. He was then appointed CEO of Cetelem in 2003, then Head of Retail
Banking at BNP Paribas in France in 2008 and Deputy CEO from December 2011 until May 2015. He is theauthor of "L'espérance d'un Européen" (Éditions O. Jacob, 2014) and "Retrouver confiance en l'économie"(Éditions O. Jacob, 2021).

Remarks and chairs(alphabetical order)
Bruno CABRILLAC (Deputy Director General, Banque deFrance)
Bruno Cabrillac entered the Banque de France (Bank of France, Central Bank) in
1984 as an economist in the Foreign Relation Department, then in the Researchand Forecast Department. He was seconded to the Ministry of Finance as Financial
Counsellor in Cairo (1989-1992) and Tokyo (1994-1996) after spending eighteenmonths as a foreign exchange and bond trader. In 1997, he was appointed Headof the African Department (Zone Franc) of the Banque de France. In April 2001,
he was seconded to the Ministry of Finance to become Trade Commissioner andBanque de France representative in Hong Kong and Macau. In July 2005, he wasappointed Financial Counsellor for Africa at the French Ministry of Finance (Treasuryand Economic Policy Directorate General). In October 2008, he was appointed Director of economics andinternational European relations at the Banque de France and since last October he is Deputy Director General
Economics and International.

Toshihiko FUKUI (President, Canon Institute for GlobalStudies)
Toshihiko Fukui is a distinguished Japanese economist and financial expert.
Graduating with an LL.B. from the University of Tokyo in 1958, he embarked on anillustrious career at the Bank of Japan. Over three decades, he ascended through theranks, ultimately becoming the Governor in March 2003. Post-retirement from theBank of Japan in 2008, Fukui assumed the role of President at The Canon Institute forGlobal Studies, where he continued to contribute to the field of economics through hisextensive knowledge and experience. His tenure at institutions like the Fujitsu
Research Institute and Keizai Doyukai further cemented his influence in Japan's
economic landscape.

Akinari HORII (Special advisor, Canon Institute for GlobalStudies)
Akinari Horii is Special Advisor and a member of the Board of Directors of the Canon
Institute for Global Studies, a research think tank in Tokyo, Japan. He is also a memberof several non-profit entities, e.g., Keizai Doyukai (Japan Association of CorporateExecutives); Investment Committee at Kindai University; the Trilateral Commission;and the Board of Councilors of the Institute for International Monetary Affairs. Akinari
Horii was a central banker until he stepped down as Assistant Governor of the Bankof Japan in June 2010. During the four years' term of office, he was responsible for theBank's all international activities and represented the Bank at G7 Deputies, G20Deputies, FSB, and other key committees of international organizations. In Asia, hewas Chairman of EMEAP Working Group on Financial Markets as well as BIS/EMEAP Forex Forum. Before
the governmental appointment to assistant governorship, he had worked at the Bank for three decades.
Outside the Bank of Japan, he also worked at the BIS in Basel, Switzerland and Japan's Ministry of Finance.
Akinari Horii received his MBA with distinction, and as a Beta Gamma Sigma, from the Wharton School at theUniversity of Pennsylvania and his BA in Economics from the University of Tokyo.

Raphaël KELLER (Minister-counsellor for Economie
Affairs & Head of the Regional Economie Department,
French Embassy in Japan)
Raphael Keller, is an engineer by training (graduated from Ecole Polytechnique andParis Telecom, MSc in cognitive sciences, doctoral course at CREA - Epistemology
Research Center of Ecole Polytechnique) and was a guest researcher at Tokyo
University. A French-German dual national, he occupied several positions as advisor
to French government members (ministries of economy and industry, digital affairs,education, culture). He was most recently Secretary General at the ministry ofEconomy's directorate general for lndustry and Enterprises, where he planned andexecuted a major re-organisation. He was appointed Minister-counsellor for Economie
Affairs & Head of the Regional Economie Department (Japan-Korea) in Tokyo as of Sept. 1st, 2022.

Sébastien LECHEVALIER (President, FFJ-EHESS)
Sébastien Lechevalier is an economist and a professor at EHESS (School ofAdvanced Studies in the Social Sciences, Paris), specialised in Japanese economy
and Asian Capitalisms. He is also founder and president of the Fondation FranceJapon de l’EHESS (FFJ). Trained as a labor economist, he has extensively publishedon various dimensions of the Japanese economy, in comparative perspective,
including: Lessons from the Japanese experience. Towards an alternative economic
policy? (ENS Editions 2016), and The Great Transformation of Japanese Capitalism(Routledge, 2014). Other research interests include innovation (Innovation beyond
technology, Springer, 2019), industrial policies, and inequalities. He has been avisiting researcher and a professor in several institutions, including: The University ofTokyo, Kyoto University, Hitotsubashi University, Waseda University, Doshisha University, Canon Institute for
Global Studies.

Junko UENO (Financial Counsellor, Japanese Embassy inFrance)
Junko Ueno is Financial Counsellor of the Japanese Embassy in France. She joined
the Ministry of Finance in 2004 and held various positions, including Director of theRegional Customs Cooperation Office, and Deputy Director of Budget Projection. She
also served as First Secretary of the Permanent Mission of Japan in Geneva, during
which time she acted as the Chairperson of the Committee on Trade in Financial
Services in the World Trade Organization. She graduated from the University of Tokyo
with a BA in Law, and subsequently obtained an MPhil in International Relations fromthe University of Cambridge, and an MSc in Modern Japanese Studies from theUniversity of Oxford.

Junichi UJIIE (Advisor, Canon Institute for Global Studies)
Junichi Ujiie, born in October 1945, is a distinguished economist and financial
expert. He joined Nomura Securities in 1975, later becoming President of Nomura
Securities International in the United States. He held various high-ranking positions
within Nomura, including President and CEO of both Nomura Securities and Nomura
Holdings. Junichi Ujiie also made significant contributions outside Nomura, serving
as Chairman of the Tokyo Stock Exchange and Vice Chairman of Japan Business
Federation. He has authored influential works on Japanese financial markets. Junichi
Ujiie, a Ph.D. holder in economics from the University of Chicago, is a recipient ofthe Grand Cordon of the Order of the Rising Sun. In April 2020, he assumed thepresidency of the newly established Ujiie Research Institute, Ltd.

Speakers(alphabetical order)
Gregory CLAEYS (Director of the Economics Department,France Stratégie & Bruegel)
Grégory Claeys is the Director of the Economics Department of France Stratégie, thethink tank and policy planning institution of the French government, since November
2023, and an Associate Professor at the Conservatoire National des Arts et Métiersin Paris since 2015. Before that, Grégory was a Senior Fellow at the European
economic think tank Bruegel, which he joined in 2014. His research interests includeinternational macroeconomics and finance, central banking and European economic
governance. Prior to that, he conducted research in several capacities, including as avisiting researcher in the Financial Research Department of the Central Bank of Chilein Santiago and as an economist in the Research Department of the French bankCrédit Agricole in Paris. He holds a PhD in Economics from the European University Institute (Florence), anMSc in economics from Paris X University and an MSc in management from HEC Paris.

Tomoko HAYASHI (Director-General of Economic Research
Bureau, Cabinet Office)Tomoko Hayashi serves as Director-General of Economic Research Bureau, leadinga team of 70 economists/analysts. Her role includes presenting the economic situationin Japan and overseas directly to the Prime Minister every month as Chief Economistof the government at the Prime Minister’s Residence. She began her career in thegovernment in 1987 and has held various key positions in macroeconomic policymaking
in the Cabinet Office, including Director for Economic Policy Framework, Deputy
Director-General for Economic Research and Director-General for Economic andFiscal Affairs. As Director for Macroeconomic Policy Coordination with the Bank ofJapan, she played a crucial role in establishing the two-percent inflation target in 2013. She also served asVice Chair of the OECD Economic Policy Committee. Her major publication includes Macroeconomic Policy
Frameworks (2003), Inflation Target and Monetary Policy (2006) co-authored with Takatoshi Ito, and Global
Financial and Economic Crisis (2010) co-authored with Kazuo Ueda et al. She holds a Master of Science
degree in Economics from the London School of Economics and Political Science (LSE) and graduated fromthe University of Tokyo.

Takeo HOSHI (Professor, The University of Tokyo)
Takeo Hoshi has been a professor at the University of Tokyo since 2019. Before that,
he was a professor at Stanford University, and senior researcher (Henri and TomoyeTakahashi senior fellow) at the Walter H. Shorenstein Center for Asia-Pacific Researchat Stanford University. His major research interests include the financial aspects of theJapanese economy, corporate finance, and monetary and banking policies. He hasreceived various awards such as the Reischauer International Education Award of theJapan Society of San Diego and Tijuana in 2011, the Enjoji Jiro Memorial Prize of theNihon Keizai Shimbun-sha in 2006, and the Japan Economic Association-NakaharaAward in 2005.

Keiichiro KOBAYASHI (Research Director, Canon Institutefor Global Studies)
Keiichiro Kobayashi is a distinguished economist holding the position of Professor atthe Faculty of Economics in Keio University since April 2013. Concurrently, he serves
as the Research Director at the Canon Institute for Global Studies, a role he has held
since April 2009. With a Ph.D. in Economics from the University of Chicago, obtainedin 1998, Keiichiro Kobayashi boasts a solid academic foundation. Prior to his current
positions, he served as a Research Fellow at the Research Institute of Economy,Trade, and Industry from April 2001 to September 2007. His extensive work experience
also includes a decade-long tenure at the Ministry of International Trade and Industry(MITI) within the Government of Japan, from April 1991 to March 2001. Keiichiro
Kobayashi is an accomplished author with notable publications such as "Debt Overhang and Lack of Lender'sCommitment" and "Secular Stagnation and Low Interest Rates under the Fear of a Government Debt Crisis,"
showcasing his contributions to the field of economics.

Junko KOEDA (Professor, Waseda University)
Junko Koeda is a Professor at the School of Political Science and Economics andthe Graduate School of Economics, Waseda University, specializing in applied
macroeconomics and finance, and international finance. Her professional backgroundincludes roles as a chief economist at the Policy Research Institution of the Ministryof Finance, Japan, and as a staff economist at the International Monetary Fund. She
has also been a visiting scholar at the Bank of Japan. Currently, She is a Co-Editor ofthe Journal of the Japanese and International Economics (JJIE). She holds a Ph.D. ineconomics from UCLA and a bachelor's degree from the University of Tokyo.

Stéphane LATOUCHE (Senior Representative Asia Pacific,Banque de France)Stéphane Latouche joined the Banque de France in 1991 as a Logistic Director for
the Banque de France (BDF) Printing Company. After a secondment to the FrenchEmbassy as a Financial Consuelor for the Middle East (Cairo, 1998-2022) and thenfor Latin America (Mexico, 2002-2005), he was appointed to various positions asDepartmental Director at the BDF. In 2014, he was promoted to Regional Director for
Haut-de-France (Lille, 2014-2019) and then for Occitanie (Toulouse, 2019-2023). He
is currently (since April 2023) Banque de France’s Chief Representative for the AsiaPacific region, based in Singapore. Stéphane Latouche is a graduate from Institutd’Études Politiques de Paris and Bordeaux and he received a Master’s Degree inPublic Law from Université de Bordeaux.

Tatsuyoshi OKIMOTO (Professor, Keio University)
Tatsuyoshi Okimoto is Professor of Economics and Finance at the Faculty ofEconomics, Keio University, a principal at Economics Design Inc., a research associate
at Research Institute of Economy, Trade and Industry. He received PhD from theUniversity of California, San Diego in 2005. He worked for Australian NationalUniversity, Hitotsubashi University, and Yokohama National University before joining
Keio University in 2022. His research has focused on Financial Econometrics andMacroeconometrics. He has been awarded the 1st GPIF Finance Awards (2017), 2015
Junko Maru Prize, and 2014 Securities Analysts Journal Prize.

Yuri OKINA (Executive Vice President, NIRA)
Yuri Okina currently serves as the Executive Vice President of the Nippon Institute for
Research Advancement (NIRA) and Chairperson of the Japan Research Institute(JRI). She obtained a Doctor of Economics degree from Kyoto University in 2011,
showcasing her in-depth expertise in the economic domain. Prior to her current
positions, she held various significant roles in her career, including Vice Chairman andResearch Director at the JRI. She also served as a member of the Industrial
Revitalization Commission and held a concurrent position as an invited professor atKeio University Graduate School.

Dorothée ROUZET (Chief Economist, French Treasury)
A graduate of the Ecole Normale Supérieure (Ulm) and the Ecole Nationale de laStatistique et de l'Administration Économique (ENSAE), Dorothée ROUZET holds a
doctorate in economics from Harvard University. She began her career as an economic
analyst for the Danube-Balkans region at the French Treasury, assigned to the Sofia
Economic Mission (2006-2007), before becoming a lecturer in macroeconomic theory
and capital markets at Harvard University (2008-2011). An economist in the Trade inServices Division of the Organisation for Economic Co-operation and Development(OECD) from (2012-2017), she became senior economist in the office of Laurence
BOONE, then Chief Economist of the OECD (March 2017-March 2020). In March2020, she was appointed macroeconomic adviser in the office of Bruno LE MAIRE,
Minister for the Economy and Finance. Since June 2022, Dorothée Rouzet has been Chief Economist Franceat Citigroup. She was also a guest lecturer at ESCP Europe (2015-2017) and the University of Paris I (20172018).

Kozo UEDA (Professor, Waseda University)
Kozo Ueda is Professor of School of Political Science and Economics at Waseda
University (Japan). He worked for the Bank of Japan for 14 years before joining
Waseda University. He received a MPhil and a DPhil in economics from the Universityof Oxford after obtaining an MS in physics from the University of Tokyo. His research
has focused on monetary policy and has been published in journals including American
Economic Journal: Macroeconomics, Journal of Monetary Economics, Journal ofInternational Economics, Journal of Money, Credit, and Banking, Journal of Economic
Dynamics and Control, International Journal of Central Banking, and Journal of theJapanese and International Economies.