He received the degree of Doctor of Economics from the University of Tokyo in 2010. Previously, he was a research fellow at the Financial Services Agency of Japan for three years. His research area is financial frictions and macroeconomics. In particular, he has written papers on asset price bubbles, such as “Asset Bubbles, Endogenous Growth, and Financial Frictions,” “Financial Institutions, Asset Bubbles and Economic Performance,” and “Asset Bubbles and Bailouts” with Noriyuki Yanagawa, the University of Tokyo.