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講義概要/Course description
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Many years have passed since the Japanese economy entered a period of long-term stagnation, "lost decades".
Looking at the period since the 1980s, Japan has experienced many critical events, including the Plaza Accord which led depreciated US dollar internationally, the bubble economy and its collapse, the influx of cheap imports from Asian countries, and the global shift in industrial structure (the rise of digitalisation and software in the economy) and Japan's slow response to this.
Furthermore, as structural factors, since the 1970s, Japan has long been facing rapid population ageing and declining birthrates, and these are causing serious constraints on both supply and demand in the short, medium and long term.
Amidst this, Japan has long suffered from deflation, sluggish productivity growth and low economic growth.
To overcome this situation, it is not a problem to mention that Japan has to accept bold and courageous changes.
In order to ensure future prosperity and the sustainability of Japan's fiscal and social security systems, it is necessary to implement policies that encourage innovation and growth.
Under these circumstances, what kinds of public policies and firm behaviours are required, especially from mid and long term perspectives?
The key message thorough all over this course is the importance of sustainable prosperity and growth supported by robust productivity growth.
This course is designed to provide and equip students with key knowledge of Japanese economy comprehensively in understanding Japanese structural mid- and long-term challenges so that students are able to both (1)develop further learning/research in advanced subjects and (2)pioneer and develop future career.
* The instructor demonstrates a variety of aspects and characteristics of Japanese economy in the course based on the experience of working in the Government of Japan (Ministry of Agriculture, Forestry and Fisheries, Ministry of Finance, Cabinet Secretariat, Embassy of Japan etc.) as an economic policy planner, diplomat and researcher.
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達成目標/Course objectives
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You will be able to obtain comprehensive understandings of the situation and key challenges of Japanese economy. We will also learn policies implemented/ to be implemented in order to solve mid- and long term difficulties, and measures aiming to realise economic growth and distribution simultaneously.
(*The instructor welcomes students’ consultation. Students are encouraged to consult with the instructor without hesitation by utilising the opportunities of classes and individual enquiries (ex. e-mail))
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学部・研究科のディプロマポリシー（卒業認定・学位授与の方針）に基づき、当該科目を履修することで身につく能力 / Abilities to be acquired by completing the course in accordance with the faculty and graduate school diploma policy (graduation certification and degree conferral)
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学部・研究科のディプロマポリシー（卒業認定・学位授与の方針）/ Undergraduate and Graduate Diploma Policy (Graduation Certification and Degree Conferral)
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履修条件（事前に履修しておくことが望ましい科目など）/Prerequisite
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All the students who have interests in Japanese economy are welcome. Let us enjoy studying together!
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授業計画/Lecture plan
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1
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| 授業計画/Class |
Introduction of the course
第1回目は【オンライン(オンデマンド型)で実施】, As for the first lecture, it will be conducted by the 【online(on-demand) format】
Objective, Course plan, Evaluation criteria
(refence)
Recent economic indicators
Please check the following webpage depending on your interests.
https://www.cao.go.jp/index-e.html
Cabinet Office(2024) Overview of Annual Report on the Japanese Economy and Public Finance 2024
https://www5.cao.go.jp/keizai3/2024/0802wp-keizai/setsumei-e2024.pdf
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2
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| 授業計画/Class |
Industrial Policy after the World War II
Historical transition of Japanese industrial policies in post war era
(a) period of economic recovery and high growth(1945-73)
(b) period of stable growth(1974-90)
(c) period of long stagnation(1991-)
(reference)
1. T. Okazaki (2017), Industrial Policy in Japan: 70-Year History since World War II, RIETI
https://www.rieti.go.jp/en/papers/contribution/okazaki/06.html
2. Textbook chapter-3
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3
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| 授業計画/Class |
Macro economic Policies and economic Trends of Japanese economy since 1980's (1)
(1) Price hike in asset markets and bubble
- sharp rise of asset prices
- possible causes of bubble economy
- asset price hike and its impacts on real economy
(2) Burst of asset bubble
(reference) Textbook chapter-14
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4
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| 授業計画/Class |
Macro economic Policies and economic Trends of Japanese economy since 1980's (2)
(3) 'Lost decades' after the bubble
- Discussions from demand side
- Discussions of deflation
- causes of fall into deflation, and its problems
- causes of continuous deflation
- Discussions from supply side
(4) Challenges to be overcome to get out of lost decades
- Monetary policy
- Fiscal policy
- Growth, structural policy
(5) Japanese economy(2002-12)
(reference) Textbook chapter-14
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5
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| 授業計画/Class |
Structural challenges and Reforms
(1) Challenges and opportunities of current Japan
- Structural issues: demographics, capital accumulation, and productivity
- Why productivity matters: Krugman’s insight and Japan’s stagnation
- Some facts regarding productivity in Japan
- Examples of possible opportunities for productivity improvement and growth
(2) How to reform society? How to improve productivity?
- Innovation, human capital, and organisational capital
(3) Expectations toward the government
(reference)
1. Committee for Japan’s Future (2014), Choice for the Future , Cabinet Office
https://www5.cao.go.jp/keizai-shimon/kaigi/special/future/chuukanseiri/04_e.pdf
2. Committee for Japan’s Future (2014), Choice for the Future [Interim Report on Previous Discussions] (Summary), Cabinet Office
https://www5.cao.go.jp/keizai-shimon/kaigi/special/future/chuukanseiri/03_e.pdf
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6
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| 授業計画/Class |
Escaping Japan’s Long-term Stagnation
(1) From “Lost Decades” to the Risk of a “Lost 40 Years”
- Persistent stagnation despite nominal recovery
- Disconnect between corporate gains and real economic performance
(2) Structural Constraints and Missed Opportunities
- Low productivity, shrinking labour force, weak investment
- Overreliance on accommodative macroeconomic policy
(3) Strategic Growth Areas and Policy Directions
- Key sectors: green transition, digital economy, and human capital
- Government’s role: setting direction, enabling private sector innovation
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7
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| 授業計画/Class |
Innovation and Japanese economy -From Catch-up to Frontier Growth
(1) Innovation and the Japanese Economy — Can Innovation Save Japan?
- Productivity stagnation despite high expenditures on R&D
- From catch-up growth to frontier innovation: a fundamental shift
(2) Future Technology and Japan’s Industrial Competitiveness
- Strategic sectors: AI, semiconductors, and green technologies
- Japan’s position in global supply chains and the innovation race
(3) AI, Robotics, and the Future of Work in Japan
- Labour shortages, automation, and new patterns of employment
- Human capital, re-skilling, and the need for lifelong learning
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8
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| 授業計画/Class |
Greener policies for environmental and economic sustainabilities
(1) Importance of pursuing sustainability and global trend
(2) The Green Growth strategy for carbon neutrality in 2050
- Efforts to ensure the compatibility between environmental and economic sustainability
(3) Drastic shift of energy resources in line with 'carbon neutrality in 2050'
(4) How to fulfil the expanding demand of electricity
- Energy outlook towards carbon neutrality in 2050
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9
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| 授業計画/Class |
Labour
(1) Favourable cycle of growth and distribution, and the reality of Japan
- The situation of productivity, wage and cunsumption
- Background and reasons of stagnant wage growth in Japan
- Difficulties of price pass-through
- Recent price increase and wage
(2) Considerations regarding productivity and wage
(3) Recent new changes in the labour market
(4) Acceptance of highly skilled foreign personnel
(reference)
1. Ministry of Health, Labour and Welfare(MHLW) (2024) Analysis of the Labour Economy(summary)
https://www.mhlw.go.jp/english/wp/l-economy/2024/summary.pdf
2. Textbook chapter-10
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10
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| 授業計画/Class |
Trade and Supply chain
(1) Building Resilient Global Value Chains
- Strengthening of global value chain resiliency
- Economic security strategies and challenges for businesses
(2) Boosting Growth Potential by incorporating global growth
(3) Rule-based international trade
(reference)
1. Ministry of Economy, Trade and Industry(2025), White Paper on International Economy and Trade
https://www.meti.go.jp/english/press/2025/0627_001.html
2. Textbook chapter-11
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11
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| 授業計画/Class |
Regional revitalisation
(1) Key challenges facing regional Japan
- Depopulation, ageing, and economic concentration in Tokyo
- Decline in regional productivity and infrastructure gaps
(2) Current situation and the policy direction toward multipolarised society and economy
(3) Digital Garden City Nation Vision: Challenges and Potential
- Using digital tools to overcome regional disparities
- Opportunities for green energy, remote work, and smart local governance
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12
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| 授業計画/Class |
Public Finance
(1) Fiscal situation of Japan
(2) Problems of excessively deteriorated public finance and fiscal consolidation targets of Japan
(3) Comparison with the case of Greek government debt crisis
(4) Recent changes surrounding Japanese Government Bond (JGB) market
(5) Current account surplus and government fiscal conditions
(6) Views of international organisations on Japan's fiscal policy
(reference)
1. Ministry of Finance (2025), Japanese Public Finance Fact Sheet
https://www.mof.go.jp/english/policy/budget/budget/fy2025/02.pdf
2. Textbook chapter-7
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13
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| 授業計画/Class |
Japan - Asian countries
* Lectures are conducted based on the lecture's experience in India
(1) Japan's FDI in ASEAN, China and India
(2) Bilateral economic relations between Japan and India
(3) Business environment surrounding India
(4) Japanese companies in India
(5) Support system by the Japanese government
- JETRO (Japan External Trade Organization)
- JICA(Japan International Cooperation Agency)
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14
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| 授業計画/Class |
Agriculture and Food
(1) Risk of food imports
(2) Importance of export promotion
(3) Productivity improvement, technological development
- Land productivity, labour productivity
- Technological development toward productivity improvement
(4) Environmental sustainability and agriculture
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15
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| 授業計画/Class |
Wrap-up
Review and summarise the whole contents of the lecture during the term.
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| 事前学習/Preparation |
Read original materials provided in advance and deepen your interests. |
| 事後学習/Reviewing |
Review materials and your notes.
* Ask the instructor (Course Power, Email etc.) when you have unclear points or issues you want to develop your understanding. |
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授業方法/Method of instruction
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| 区分/Type of Class |
対面授業 / Classes in-person
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| 実施形態/Class Method |
通常型 / regular
補足事項/Supplementary notes
This lecture will be conducted by face to face format (normal pattern) (*The first lecture will be conducted by online(on-demand)type).
本講義は対面授業(通常型)で実施します。(*ただし、第1回目はオンライン(オンデマンド型)で行います)
Taught lecture style in principle.
The instructor conducts teaching in the way that students can widen and deepen views and stimulate interests in Japan and its economy, based on the working experience in the Government of Japan. (Positive and constructive contributions including questions during classes are welcome.)
Lecture materials will be uploaded by using Course Power in advance of each lecture. (Printed materials are also distributed during classes. Students are not necessarily required to print out materials in advance.)
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| 活用される授業方法/Teaching methods used |
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成績評価方法/Evaluation
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| 1 |
平常点 In-class Points
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40%
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After each class, students are required to submit QA sheet (basically "multiple-choice" plus "brief description"), which are closely linked to the taught contents of the each lecture. This will be conducted for the purpose of confirming the understanding of each student.
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レポート Report
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60%
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(Final report)
(1) Choose ONE topic (2 or 3 topics will be provided by the lecturer).
(2) Topics are closely related to the contents of the lectures.
(3) The length of the report is supposed to be at least above 1,000 words excluding graphs and charts, and is expected to be around 1,200 words (excl. graph and charts). (possible changes in the length of the paper are announced in the class)
Evaluation criteria for Final report;
Logic, consistency and comprehension of the topic
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課題（試験やレポート等）に対するフィードバックの方法/Feedback methods for assignments (exams, reports, etc.)
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Answers of the QA-sheets will be explained during the following lectures.
Scores of the final report will be incorporated into the final grade of each student.
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教科書/Textbooks
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| | 著者名
Author | タイトル
Title | 出版社
Publisher | 出版年
Published year | ISBN | 価格
Price | コメント
Comments |
| 1 |
Takatoshi Ito, Takeo Hoshi
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The Japanese Economy (second edition)
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The MIT Press
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2020
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9780262538244
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11,860 yen including tax
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* For each class, customised original materials based on textbooks, reference books and others will be distributed. It is not mandate for students to buy textbooks nor reference books.
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参考書/Reference books
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| | 著者名
Author | タイトル
Title | 出版社
Publisher | 出版年
Published year | ISBN | 価格
Price | コメント
Comments | |
| 1 |
Heizo Takenaka
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The Structural Reforms of the Koizumi Cabinet: An Insider's Account of the Economic Revival of Japan
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Nikkei Publishing
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2008
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9784532133597
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2,700yen plus tax
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the same with above.
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メッセージ/Message
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Let’s enjoy studying Japanese Economy and spending days at Aoyama Gakuin University together!
The instructor conducts effective teaching in the way that students can widen views and stimulate interests in Japan and its economy.
All the students who have interests in Japanese economy are welcome. If you need further information before registration, please do not hesitate to contact with the instructor by email.
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その他/Others
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When you need special considerations, please consult with the instructor in advance.
If you face the emergency, please do not worry and do not hesitate to consult with the instructor.
* This course is taught by the lecturer who has hands-on experience in the government. During the course, the instructor demonstrates a variety of aspects and characteristics of Japanese economy based on the experience of working in the Government of Japan (Ministry of Agriculture, Forestry and Fisheries, Ministry of Finance, Cabinet Secretariat, Embassy of Japan etc.) as an economic policy planner, diplomat and researcher.
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キーワード/Keywords
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Japan
Japanese
economy
economics
government
policy
industry
New Form of Capitalism
hands-on experience
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