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Financial Market Panels

Panel Proceedings

Financial Markets Panel discussions will be summarized in proceedings, which will be published along with reference materials in the hope of contributing to the debate on policy and regulation.

  • Preliminary reportPublished within a day or two
  • ProceedingsPublished within a month
  • Reference materialsMaterials prepared by Secretariat and distributed at Panel meeting; published within a day or two
  • CommentaryBackground commentary regarding topics under discussion

Panel Proceedings and Related Materials

Mar 22. 2019

48th meeting - Open Conference -

  • First Session
    Topic : The changing nature of prices and monetary policy
    Proceedings
  • Second Session
    Topic : Central banks’ dialogue with the market
    Proceedings
  • Third Session
    Topic : Implications of digital currencies for central banks
    Proceedings

Jan 29. 2019

47th meeting

  • First Session
    Topic : Chinese financial and economic conditions and policy responses
    Proceedings
  • Second Session
    Topic : US and European financial and economic conditions and policy responses
    Proceedings

Sep 26. 2018

46th meeting

Topic : Financial and economic conditions in Japan and BOJ monetary policy

Jul 13. 2018

45th meeting

Topic : Financial and economic conditions in the euro area and monetary policy by the ECB

Mar 19. 2018

44th meeting - Open Conference -

  • Panel Discussion 1
    Topic : Policy issues for central banks in the US and Europe
    Panelists :
    Mr. Kazuto Uchida, Managing Executive Officer, Chief Executive, Global Markets Unit, Bank of Tokyo-Mitsubishi UFJ
    Mr. Amane Oshima, Managing Executive Officer (Joint Head of Markets Unit), Mizuho Corporate Bank
    Mr. Izuru Kato, President and Chief Economist, Totan Research
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Panel Discussion 2
    Topic : Revision of the Bank of Japan Act revisited
    Panelists :
    Ms. Miyako Suda, Special Advisor, Canon Institute for Global Studies
    Mr. Yoichi Takita, Senior Staff Writer, NIKKEI INC.
    Mr. Toshihiko Fukui, Special Advisor, Canon Institute for Global Studies
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Panel Discussion 3
    Topic : BOJ policy issues and responses
    Panelists :
    Mr. Takashi Kozu, President, Ricoh Institute of Sustainability and Business
    Ms. Ikuko Fueda-Samikawa, Director, Financial Research Principal Economist, Economic Research Department, Japan Center for Economic Research
    Mr. Hajime Takata, Senior Executive Officer and Chief Economist, Mizuho Research Institute
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Panel Discussion 4
    Topic : Central banks in a new financial and economic environment
    Panelists :
    Mr. Kazuhito Ikeo, Professor of Economics and Finance, Keio University
    Mr. Kazuo Ueda, Professor of International Studies, Kyoritsu Women’s University
    Mr. Hirofumi Gomi, Advisor, Nishimura & Asahi LPC
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings

Dec 12. 2017

43rd meeting

Topic : UK economic and financial trends and BOE policy response

Aug 08. 2017

42nd meeting

Topic : Environment for BOJ monetary policy and outlook for “normalization”

Jun 20. 2017

41st meeting

Topic : Normalization of US monetary policy

Jan 11. 2017

40th meeting - Open Conference -

  • Keynote Speech
    Mr. Masayoshi Amamiya
    Executive Director of the Bank of Japan
  • Topic : History and Theories of Yield Curve Control
    * Please refer to the website of the Bank of Japan for the speech by Executive Director Amamiya
  • Panel Discussion 1
    Topic : Policy Issues for central banks in the US and the Euroarea and the Bank of Japan’s Experience
  • Panelists :
    Mr.Yukio Egawa, Chief Strategist, Research Division, Shinsei Securities
    Mr.Amane Oshima, Managing Executive Officer (Joint Head of Markets Unit), Mizuho Bank
    Mr.Izuru Kato, President, Chief Economist, The Totan Research
    Mr.Hajime Takata, Managing Executive Officer and Chief Economist, Mizuho Research Institute
    Mr. Katsuyuki Tokushima, Chief Pension Consultant, NLI Research Institute
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Panel Discussion 2
    Topic : Significance of the Bank of Japan’s “Comprehensive Assessment”
  • Panelists :
    Mr.Kazuto Uchida, Executive Officer and General Manager, Treasury and Investment Division, Bank of Tokyo-Mitsubishi UFJ
    Mr.Shinichi Fukuda, Professor, Graduate School of Economics, The University of Tokyo
    Mr.Toshiaki Watanabe, Professor, Institute of Economic Research, Hitotsubashi University
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Concluding Session
    Topic : Review and Outlook of Unconventional Monetary Policy
  • Ms. Miyako Suda, Special Advisor, The Canon Institute for Global Studies
    Mr. Ryuzo Miyao, Professor, Graduate School of Economics, The University of Tokyo
    Proceedings

Sep 12. 2016

39th meeting

Topic : The Bank of Japan's “Comprehensive Assessment” of the QQE

Apr 21. 2016

38th meeting

Topic : The Bank of Japan's negative-interest-rate policy (NIRP)

Mar 14. 2016

37th meeting - Open Conference -

  • Keynote Speech
    Mr. Kazumasa Iwata
    President, Japan Center for Economic Research
  • Topic : Issues for macroeconomic policy in Japan
    Proceedings
  • Keynote Speech
    Mr. Tatsuo Yamasaki
    former Vice Minister of Finance for International Affairs
  • Topic : Recent global financial developments
  • Panel Discussion 1
    Topic : Policy Issues for the central banks in US and Eurozone
  • Panelists :
    Mr.Yukio Egawa, Chief Strategist, Research Division, Shinsei Securities
    Mr.Amane Oshima, Managing Executive Officer (Joint Head of Markets Unit), Mizuho Bank
    Mr.Izuru Kato, President, Chief Economist, The Totan Research
    Mr.Hajime Takata, Managing Executive Officer and Chief Economist, Mizuho Research Institute
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Panel Discussion 2
    Topic : Policy issues for Bank of Japan
  • Panelists :
    Mr.Kazuto Uchida, Executive Officer and General Manager, Credit Policy & Planning Division Bank of Tokyo-Mitsubishi UFJ
    Mr.Katsuyuki Tokushima, Chief Pension Consultant, NLI Research Institute
    Mr.Kaoru Hosono, Professor, Faculty of Economics, Gakushuin University
    Mr.Noriyuki Yanagawa, Professor, Faculty of Economics, The University of Tokyo
    Mr.Toshiaki Watanabe, Professor, Institute of Economic Research, Hitotsubashi University
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Concluding Remarks
    Mr. Isaya Shimizu
    Nikkei senior staff writer
  • Proceedings

Oct 29. 2015

36th meeting

Topic : China’s recession and policy response

Oct 08. 2015

35th meeting

Topic : Local economies and finance in Japan today

Jun 16. 2015

34th meeting

Topic : Quantitative and qualitative easing – its performance and outlook

Mar 02. 2015

33rd meeting

Topic : Policy issues for central banks in the United States and the Euro-area

Nov 07. 2014

32nd meeting

Topic : Additional stimulus by the BOJ

Jul 03. 2014

31th meeting - 5th Anniversary Conference -

 

■Morning Session

  • Keynote Speech
    Mr. Kazuhito Ikeo
    Professor, Faculty of Economics, Keio University
  • Topic : Unconventional monetary policy in Japan and the overseas
    Proceedings
  • Panel Discussion (AM1)
    Topic : QQE - past and future
  • Panelists :
    Mr. Izuru Kato, President, Totan Research
    Mr. Amane Ohshima, Executive Officer, Mizuho Bank
    Mr. Hajime Takata, Managing Executive Officer, Mizuho Research Institute
    Mr. Toshiaki Watanabe, Professor, Hitotsubashi University
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Panel Discussion (AM2)
    Topic : Unconventional monetary policy - its effect and normalization
  • Panelists :
    Mr. Shinichi Fukuda, Professor, University of Tokyo
    Mr. Kaoru Hosono, Professor, Gakushuin University
    Ms. Miyako Suda, Special Advisor, The Canon Institute for Global Studies
    Mr. Kazuto Uchida, Executive Officer, Bank of Tokyo-Mitsubishi UFJ
    Mr. Noriyuki Yanagawa, Professor, University of Tokyo
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Concluding Remarks
    Mr. Nobuo Inaba
    President, Ricoh Institute of Sustainability and Business
  • Topic : Summary of monetary policy discussions - future issues for Financial Markets Panel
    Proceedings

 

■Afternoon Session

  • Keynote Speech
    Mr. Hirofumi Gomi
    Advisor, Nishimura & Asahi
  • Topic : What role should Japan’s banks play?
    Proceedings
  • Panel Discussion(PM1)
    Topic : Revitalizing Japan’s financial sector—outlook for bank functions
    Panelists :
    Mr. Yukio Egawa, Head of Research Division, Shinsei Securities
    Mr. Yukinobu Kitamura, Professor, Hitotsubashi University
    Ms. Yuri Okina, Vice Chairman, Japan Research Institute
    Mr. Katsuyuki Tokushima, Chief Pension Consultant, NLI Research Institute
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Panel Discussion(PM2)
    Topic : Southeast Asia as a frontier for Japanese banks
    Participants :
    Mr. Takashi Kozu, Chief Research Fellow, Ricoh Institute of Sustainability and Business
    Mr. Taro Kubo, Chief Analyst, Rating and Investment Information
    Ms. Teruhisa Kurita, Supervisory Bureau Director, Banks Division I, Financial Services Agency
    Ms. Naoko Nemoto, Managing Director, Standard and Poor’s
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Concluding Remarks
    Mr. Kazuo Ueda
    Professor, University of Tokyo
  • Proceedings

Apr 02. 2014

30th meeting

Topic : Emerging market trends and implications

Jan 08. 2014

29th meeting

Topic : Central banks’ role in maintaining financial stability

Oct 24. 2013

28th meeting - open conference -

 

■Session 1

  • Keynote Speech
    Mr. Haruyuki Toyama
    Director-General, International Department, Bank of Japan
  • Topic : Foreign central bank monetary policy and its outlook - unconventional policy in the US and Turkey
    Proceedings
  • Panel Discussion
    Topic : Fed quantitative easing - assessment and implications
  • Panelists :
    Mr. Yukio Egawa, Head of Research Division, Shinsei Securities
    Mr. Kaoru Hosono, Professor, Gakushuin University
    Mr. Izuru Kato, President, Totan Research
    Mr. Amane Ohshima, Executive Officer, Mizuho Bank
    Mr. Kazuto Uchida, Executive Officer, Bank of Tokyo-Mitsubishi UFJ
    Mr. Toshiaki Watanabe, Professor, Hitotsubashi University
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings

 

■Session2

  • Keynote Speech
    Mr. Masatsugu Asakawa
    Deputy Vice Minister for Policy Planning and Co-ordination, Ministry of Finance
  • Topic : Outlook for fiscal consolidation in Japan
    Proceedings
  • Panel Discussion
    Topic : Central bank policy under fiscal consolidation
    Panelists :
    Mr. Yukinobu Kitamura, Professor, Hitotsubashi University
    Ms. Naoko Nemoto, Managing Director, Standard and Poor’s
    Ms. Yuri Okina, Director, Japan Research Institute
    Mr. Hajime Takata, Managing Executive Officer, Mizuho Research Institute
    Mr. Katsuyuki Tokushima, Chief Fixed Income Analyst, NLI Research Institute
    Mr. Noriyuki Yanagawa, Professor, University of Tokyo
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Panel Discussion
    Topic : Outlook for QQE - Financial Markets Panel topics
    Participants :
    Mr. Shinichi Fukuda, Professor, University of Tokyo
    Mr. Takashi Kozu, Chief Research Fellow, Ricoh Institute of Sustainability and Business
    Ms. Miyako Suda, Special Advisor, The Canon Institute for Global Studies
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings

Jul 25. 2013

27th meeting (Extended Panel)

Topic : Review of FRB’s QE3 and assessment of BOJ’s “quantitative and qualitative easing”

May 07. 2013

26th meeting

Topic : Implications of "Quantitative and Qualitative easing"

Feb 27. 2013

25th meeting (Extended Panel)

Topic : Impact of monetary policy through exchange rates and long-term interest rates

Dec 07. 2012

24th meeting

Topic : Policy responses by the Bank of Japan

Oct 12. 2012

23rd meeting - An international conference to commemorate the IMF/World Bank Annual Meetings -

 

■Session 1 : Monetary policy transmission in the post-crisis economies

  • Keynote Speech
    Mr. Philip Turner, Deputy Head, Monetary and Economic Department, Bank for International Settlements
    Reference materials
  • Panel Discussion
    Panelists :
    Mr. Shinichi Fukuda, Professor, University of Tokyo
    Mr. Kaoru Hosono, Professor, Gakushuin University
    Mr. Izuru Kato, Chief Economist, Totan Research
    Mr. Kazuto Uchida, Executive Officer, Bank of Tokyo-Mitsubishi UFJ
    Mr. Noriyuki Yanagawa, Professor, University of Tokyo
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Financial Technology and Market Research Department, Nomura Research Institute
    Proceedings

 

■Session2 : Financial environment for banking business by Japanese banks in Asia

  • Keynote Speech
    Mr. Christopher Langner, Asia Credit Chief, Thomson Reuter IFR
    Proceedings
  • Reference materials
  • Panel Discussion
    Panelists :
    Mr. Yukio Egawa, Chief Strategist, Shinsei Securities
    Mr. Yukinobu Kitamura, Professor, Hitotsubahi University
    Mr. Hajime Takata, Managing Executive Officer, Mizuho Research Institute
    Ms. Naoko Nemoto, Managing Director, Standard and Poor`s
    Takeshi Shimamura, Mr., Researcher, Nomura Research Institute
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Financial Technology and Market Research Department, Nomura Research Institute
    Proceedings
    Reference materials (Shimamura, Mr)

 

■Summary

  • Concluding Remarks
    Mr. Nobuyuki Kinoshita, Executive Director, Bank of Japan
    Proceedings

Jul 19. 2012

22nd meeting

Topic : Issues for the European financial system

May 01. 2012

21st meeting

Topic : The BOJ's policy response under the "price stability goal"

Feb 06. 2012

20th meeting - FMP Conference to Commemorate the 20th meeting:Keynote Speech

  • Keynote Speech
    Mr. Masayoshi Amamiya
    Executive Director, Bank of Japan
  • Topic : Issues for Central Banks in 2012-Reconsidering the Lender-of-Last-Resort
    Proceedings
    Reference materials
  • Special Panel
    Topic : Central banking in the post-financial crisis era
  • Panelists :
    Mr. Hirofumi Gomi, Chairman, PricewaterhouseCoopers Research Institute (Japan)
    Mr. Nobuo Inaba, Director, Ricoh Institute of Sustainability and Business
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Panel Discussion
    Topic : Policy Issues and Administration for Central Banks in Japan, the US and Europe in 2012
    Panelists :
    Mr. Yukio Egawa, Chief Strategist, Research Division, Shinsei Securities
    Mr. Shinichi Fukuda, Professor, Graduate School of Economics, The University of Tokyo
    Mr. Izuru Kato, Director, Chief Economist, The Totan Research
    Mr. Yukinobu Kitamura, Professor, Institute of Economic Research, Hitotsubashi University
    Ms. Naoko Nemoto, Managing Director, Standard and Poor’s
    Ms. Yuri Okina, Director, Research Department, Japan Research Institute
    Mr. Kazuto Uchida, Executive Officer and General Manager, Treasury and Investment Division, Bank of Tokyo-Mitsubishi UFJ
    Mr. Toshiaki Watanabe, Professor, Institute of Economic Research, Hitotsubashi University
    Mr. Noriyuki Yanagawa, Professor, Graduate School of Economics, The University of Tokyo
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Special Panel
    Topic : Financial system functions in Japan and major economies—assessment and issues
    Participants :
    Mr. Kazuhito Ikeo, Professor, Faculty of Economics, Keio University
    Mr. Katsuyuki Tokushima, Head Senior Analyst, NLI Research Institute
    Moderator :
    Tetsuya Inoue, Mr., General Manager, Nomura Research Institute
    Proceedings
  • Concluding Remarks
    Mr. Kazuo Ueda, Professor
    Faculty of Economics, The University of Tokyo
    Topic : Issues for Central Banks in 2012
    Proceedings

Dec 16. 2011

19th meeting

Topic : Japanese financial markets and the BOJ's policy response

Oct 07. 2011

18th meeting

Topic : European financial markets and the policy response

Aug 05. 2011

17th meeting

Topic : The US economy, financial markets, and Fed policy in the post-QE2 era

May 24. 2011

16th meeting:Session 1

Topic (Session 1) : Post-Quake Issues and Policy Response from a Financial Markets Perspective

Mar 29. 2011

15th meeting

Topic : Japanese financial markets post-March 11 and the BOJ policy response

Feb 17. 2011

14th meeting

Topic : Comprehensive easing and domestic financial markets

Nov 24. 2010

13th meeting

Topic : QE2-In light of Japan's experience with QE and global implications

Aug 31. 2010

12th meeting

Topic : The Bank of Japan’s Policy Response

Jul 06. 2010

11th meeting

Topic : European Financial Markets and the Policy Response

May 12. 2010

Financial Markets Panel Roundtable Discussion

Topic : European Sovereign Risk-Outlook and Implications

May 12. 2010

10th meeting

Topic : Measures to Maintain JGB Market Stability

Apr 12. 2010

9th meeting

Topic : US Financial Markets and Policy Administration and the Outlook for Monetary Policy in Japan

Feb 18. 2010

8th meeting

Topic : The BOJ’s December Easing Measures and the Outlook for Monetary Policy

Dec 22. 2009

7th meeting

Topic : Discussion on Macroprudential Policy

Oct 23. 2009

6th meeting

Topic : Follow-up on Unconventional Monetary Policy and Discussion on Macroprudential Policy

Sep 30. 2009

5th meeting

Topic : Follow-up on Unconventional Monetary Policy and Discussion on Macroprudential Policy

Aug 28. 2009

4th meeting

Topic : Follow-up on Unconventional Monetary Policy and Discussion on Macroprudential Policy

Jul 06. 2009

3rd meeting

Topic : "Message" on Unconventional Monetary Policy

May 01. 2009

2nd meeting

Topic : Reevaluation of "Quantitative Easing"

Mar 16. 2009

1st meeting

Topic : "Unconventional" Monetary Policy