編集委員会
主宰
1971年司法試験合格、1972年東京大学法学部卒業、同年大蔵省（現・財務省）に入省。ブラウン大学経済学系大学院留学、国際金融情報センター出向、主税局税制第二課長、大臣官房秘書課長、宮沢大蔵大臣秘書官などを経て、国際局長、財務官を歴任。2007年退官後、国際金融情報センター顧問、一橋大学大学院商学研究科教授を経た後、日本政策金融公庫代表取締役副総裁として国際協力銀行業務の最高経営責任者に就任。同行の組織変更を経て、2013年より2016年まで国際協力銀行代表取締役総裁。2016年10月より現職。
編集委員
（五十音順、敬称略）
一橋大学経済学部卒業。ハーバード大学経済学博士課程修了（Ph.D.）。ミネソタ大学准教授、一橋大学経済研究所教授、東京大学大学院経済学研究科教授、同公共政策大学院院長、政策研究大学院大学教授を経て、現在に至る。その間、ハーバード大学ケネディー行政大学院客員教授、国際通貨基金調査局上級審議役、大蔵省副財務官、経済財政諮問会議の民間議員、関税・外国為替等審議会会長、「公的準公的資金の運用リスク管理等の高度化等に関する有識者会議」座長を務めた。日本経済学会会長（2004年度）。専門は国際金融論、マクロ経済学、日本経済論。著書に「不均衡の経済分析－理論と実証－」（1985年、東洋経済新報社、第29回日経経済図書賞）、「Japanese Economy」（1992、MIT Press）及び「Japanese Economy, 2nd Edition」（星岳雄と共著、2020、MIT Press）、「インフレ目標と金融政策」（2006年、東洋経済新報社）、「インフレ目標政策」（2013年、日本経済新聞出版）、「日本財政『最後の選択』－健全化と成長の両方は成るか－」（2015年、日本経済新聞出版）など。
金成 憲道
元ドイツ証券会長、元三菱東京UFJ銀行副頭取
元ドイツ証券会長、元三菱東京UFJ銀行副頭取
1970年東京大学経済学部卒業後、旧東京銀行（現三菱UFJ銀行）に入行。97年旧東京三菱銀行取締役ニューヨーク支店長に就任。2001～04年米ユニオンバンカル・コーポレーション（UNBC）社長兼CEOおよびユニオン・バンク・オブ・カリフォルニア（UBOC）頭取兼CEOを務める。06年三菱東京UFJ銀行副頭取、07年以降、UNBC会長およびUBOC会長を兼務。08年より18年までドイツ証券会長、19年まで同社シニアアドバイザー。
京都大学経済学部卒業、経済学博士（京都大学）。1974年、日本生命保険に入社。ニッセイ基礎研究所金融研究部上席主任研究員、資金証券部長、取締役財務企画部長等を歴任。2003年3月、日本生命保険を依願退職。2002年7月、中央大学国際会計研究科特任教授、2004年3月、同志社大学政策学部教授（ファイナンス担当）。2006年4月より京都大学大学院経営管理研究部教授、2016年京都大学を定年退職、同大学経営管理研究部客員教授・特任教授を経て2023年4月より現職。この間、日本証券アナリスト協会編集委員長、日本ファイナンス学会会長、日本取引所自主規制法人外部理事等。著書に「日本型株式市場の構造変化」（1995年、東洋経済新報社）、「株式・債券投資の実証的分析」（2008年、中央経済社）、「証券化 新たな使命とリスクの検証」（2012年、金融財政事情研究会）、『「市場」ではなく「企業」を買う株式投資【増補版】』（2021年、きんざい）など。
東京大学法学部卒業、ハーバードロースクールLL.M.修了。1972年大蔵省（現・財務省）入省。主計局主計官、銀行局特別金融課長、銀行局調査課長、金融監督庁検査部長を経て、2000年金融庁証券取引等監視委員会事務局長に就任。同庁検査局長、監督局長を歴任の後、2004年金融庁長官に就任。退官後2007年に西村あさひ法律事務所顧問（2019年12月退任）、2009年10月から13年3月までプライスウォーターハウスクーパース総合研究所理事長。ボストンコンサルティンググループのシニア・アドバイザー、福島銀行、SBIホールディングスの社外取締役などを歴任し、2022年2月に新生銀行会長に就任。現在、アイダエンジニアリング、アステリア、ミロク情報サービス、ZUUの社外取締役も務める。著書に「金融動乱～金融庁長官の独白～」（2012年、日本経済新聞出版）など。
高野 真
リンクタイズ株式会社代表取締役CEO (Forbes JAPANファウンダー) 、DV4（Design for Ventures) Founder & CEO、MTパートナーズ株式会社代表取締役
リンクタイズ株式会社代表取締役CEO (Forbes JAPANファウンダー) 、DV4（Design for Ventures) Founder & CEO、MTパートナーズ株式会社代表取締役
1987年大和証券入社後、大和総研へ出向し一貫して調査畑を歩む。1990年より米国にてノーベル経済学賞を受賞したハリー・マーコビッツ氏とともに資産運用モデルの開発に従事。1997年にゴールドマン・サックス・アセット・マネジメントへ移り、投資顧問部門マーケティングヘッド、執行役員企画調査室長を経て2001年にピムコジャパンリミテッド入社。取締役社長を約13年間務める。2014年に金融から出版に転じ、株式会社アトミックスメディア（現リンクタイズ株式会社）代表取締役CEO兼Forbes JAPAN編集長に就任し、2019年よりリンクタイズ株式会社代表取締役CEO(Forbes JAPANファウンダー)。2007年にMTパートナーズ株式会社を設立し代表取締役を兼務（現職）。2016年よりD4V (Design for Ventures, IDEOとの合弁VC)のFounder兼 CEOを兼務（現職）。その他、GHV Accelerator、エンデバー・ジャパン、日本ベンチャーキャピタル協会、アジア・パシフィック・イニシアティブでもボードメンバーとして携わる。日本経済新聞の連載に寄稿するなど、資本市場全般に関する論文・著書多数。1992年度証券アナリストジャーナル賞受賞。早稲田大学理学学士号、工学修士号、同大大学院理工学研究科博士前期課程修了。
髙橋 征夫
元JPモルガン・チェース銀行在日代表
元JPモルガン・チェース銀行在日代表
京都大学経済学部卒業。伊藤忠商事ニューヨーク駐在為替・債券担当チーフ・ディーラー等を経て、1984年ケミカル・バンク日本代表者、マネージング・ディレクター。1992年マニュファクチャラ－ズハノーバー銀行と合併後、在日代表者として為替資金本部長を兼任。1996年同行とチェース・マンハッタン銀行との合併後、引き続き在日代表者、為替資金本部長。2001年同行東京支店長。2001年合併によりJPモルガン･チェース銀行在日代表者兼東京支店長（為替資金本部長を兼任）。2004年為替資金本部シニアアドバイザーを経て引退。著書に「トップディーラーが書いた為替の本」（時事通信社）など。
東京大学法学部卒業、プリンストン大学ウッドロウ・ウィルソン行政大学院修士課程修了。1973年通商産業省（現・経済産業省）入省。OECD国際エネルギー機関勤務を含め、貿易・エネルギー・環境分野に従事。2003年商務情報政策局長、2006年通商政策局長、2007年経済産業審議官に就任。その間、通商政策担当者として、APEC創設、日米自動車摩擦の解決、京都議定書合意作り、ドーハ開発ラウンド開始等に貢献。2008年内閣官房宇宙開発戦略本部事務局長に就任、内閣官房参与としてアジア経済と地球温暖化も担当。2010年7月より一般財団法人日本エネルギー経済研究所理事長、21年7月より現職。同月より一般財団法人国際経済交流財団会長に就任。
能見 公一
ジェイ・ウィル・コーポレーション顧問、産業革新機構・元代表取締役社長、スパークス・グループ社外取締役
ジェイ・ウィル・コーポレーション顧問、産業革新機構・元代表取締役社長、スパークス・グループ社外取締役
東京大学農学部農業経済学科卒業。 1969年、農林中央金庫に入庫。1993年6月、ニューヨーク支店長、帰国後1995年7月から国際金融部長、資金証券部長、債券投資部長を歴任し、市場運用を統括。1999年6月、常務理事（市場運用部門統括）、2002年6月、専務理事（総合企画、財務、運用部門統括）。2004年6月から2006年6月まで農林中金全共連アセットマネジメント株式会社代表取締役社長。2006年6月、あおぞら銀行入行、代表取締役副会長、2007年2月から同行代表取締役会長、2008年5月退任。2008年7月から2012年3月まで一橋大学大学院国際企業戦略研究科特任教授。2009年7月、産業革新機構代表取締役社長に就任、2015年6月退任。2015年7月よりジェイ・ウィル・コーポレーション顧問。
東京大学経済学部卒業、プリンストン大学経済学大学院でM.A.取得。1977年日本銀行入行。調査統計局経済調査課長、調査統計局長、名古屋支店長などを経て、2009年3月より2013年3月まで日本銀行理事。日本銀行在職中は、調査統計局長（2001年～2007年）を含め20年以上をリサーチ部門で過ごし、マクロ経済情勢の判断などに携わった。富士通総研経済研究所エグゼクティブフェローを経て、2020年5月より現職。著書に第57回エコノミスト賞を受賞した「金融政策の『誤解』」（2016年、慶應義塾大学出版会）、「マイナス金利政策」（共著、2016年、日本経済新聞出版）、「黒田日銀：超緩和の経済分析」（共著、2018年、日本経済新聞出版）など。
東京大学経済学部卒業、ノースウエスタン大学経済学大学院でM.A.取得。1985年日本銀行入行。秘書役（白川総裁時）、調査統計局長、金融市場局長などを歴任。その後、2016年～2018年に国際担当理事として、G7、G20財務大臣・中央銀行総裁会議、IMF・FSB総会などに出席。2018年～2020年には、金融政策・金融市場担当理事として、新型コロナウイルス感染症の拡大局面での各種対応などを手がけた。2020年6月より現職。
東京大学経済学部卒業、ペンシルベニア大学ウォートンスクールでM.A.取得。1981年日本銀行入行。調査統計局長（2007年～2012年）、金融政策の企画立案を担当する企画局長（2011年）などを歴任し、2012年～2013年に企画担当理事。2013年～2016年に国際担当理事としてG20財務相・中央銀行総裁会議などに出席した。2016年6月より現職。
安田 隆二
東京女子大学理事長、ヤクルト本社、関西みらいフィナンシャルグループ前社外取締役、一橋大学大学院経営管理研究科国際企業戦略専攻特任教授、ジェイ・ウィル・パートナーズ元会長
東京女子大学理事長、ヤクルト本社、関西みらいフィナンシャルグループ前社外取締役、一橋大学大学院経営管理研究科国際企業戦略専攻特任教授、ジェイ・ウィル・パートナーズ元会長
東京大学経済学部卒業後、カリフォルニア大学バークレー校で政治学博士（Ph.D）取得。モルガン銀行（ニューヨーク）、マッキンゼー・アンド・カンパニーのディレクターを経て1996年A.T.カーニー社アジア総代表、2003年6月よりジェイ・ウィル・パートナーズ会長。2004年より一橋大学大学院国際企業戦略研究科教授、2018年から現職。2020年3月から東京女子大学理事長も務める。大和証券グループ本社、ふくおかフィナンシャルグループ、ソニー等の社外取締役を歴任。専門は企業戦略論、企業再生経営論、金融機関経営論。著書に「めざめよ!銀行―新しい金融サービスの創造」（1996年、日本経済新聞出版）、「企業再生マネジメント」（2003年、東洋経済新報社）、「日本の銀行進化への競争戦略――飛躍への5つの条件」（2006年、東洋経済新報社）など。
柳瀬 唯夫
日本電信電話株式会社副社長執行役員、元経済産業審議官、元内閣総理大臣秘書官（麻生、安倍両総理大臣）
日本電信電話株式会社副社長執行役員、元経済産業審議官、元内閣総理大臣秘書官（麻生、安倍両総理大臣）
東京大学法学部卒。イェール大学大学院国際開発経済学科修了（M.A.）。1984年通商産業省（現・経済産業省）入省。資源エネルギー庁原子力政策課長、経済産業政策局企業行動課長、経済産業政策局産業再生課長、大臣官房総務課長、経済産業政策局審議官、2015年経済産業政策局長を経て、2017年経済産業審議官に就任。その間、麻生政権、安倍政権にて、内閣総理大臣秘書官を務める。2018年経済産業省退官。NTT株式会社取締役、国際協力銀行シニアアドバイザー、マッキンゼー・アンド・カンパニーのシニアアドバイザー、Dynabook取締役を経て2020年6月よりNTT株式会社取締役副社長 兼 日本電信電話株式会社執行役員、22年6月より現職。
矢野 康治
日本生命特別顧問、一橋大学顧問、神奈川大学招聘教授、前財務省事務次官
日本生命特別顧問、一橋大学顧問、神奈川大学招聘教授、前財務省事務次官
1985年に一橋大学経済学部卒業後、大蔵省入省。1994年から２年間、証券局証券市場課でビッグバンを手がけ、1996年から主税局、2000年から秘書課で人事を担当。2002年から主計局、2007年から福田・麻生内閣で官房長官秘書官。2009年から国家戦略室及び社会保障と税の一体改革室で参事官、2012年から安倍内閣で再び官房長官秘書官。2017年財務省官房長、2019年主税局長、2020年主計局長、2021年事務次官に就任、2022年退官。同年、日本生命特別顧問、一橋大学顧問に就任。2023年4月から神奈川大学招聘教授。著書に「決断！待ったなしの日本財政危機」東信堂（2005）
TFRシニアアドバイザー
1967年大蔵省（現財務省）入省。大阪国税局長、国際金融局長を経て、1999年財務官に就任。2003年内閣官房参与、一橋大学大学院経済学研究科教授、2005年2月アジア開発銀行総裁に就任。2013年3月から2023年4月まで第31代日本銀行総裁。現在、政策研究大学院大学政策研究院シニア・フェロー及び同大学特任教授。
前TFR編集委員会主宰
（2005年1月～2021年2月）
東京大学経済学部卒。1986年から1989年まで大蔵省(現・財務省)財務官、1992年から1996年まで東京銀行取締役会長を歴任。その間ハーバード大学、プリンストン大学、サン・ガレン大学客員教授を務める。1995年国際通貨研究所理事長に就任（2016年より現職）。現在三菱東京ＵＦＪ銀行特別顧問も務める。著書にポール・ボルカー・元米連邦準備制度理事会議長との共著「富の興亡」（1992年、東洋経済新報社）、「世界経済は通貨が動かす」（2011年、PHP研究所）、「円の興亡」（2013年、朝日新聞出版）など。
前TFR編集委員
（2005年1月～2021年6月）
川本 裕子
前早稲田大学大学院教授
前早稲田大学大学院教授
東京大学文学部社会心理学科卒業。英オックスフォード大学大学院開発経済学修士。東京銀行を経て、マッキンゼー東京支社入社。パリ勤務を経て、2001年シニアエクスパート。2004年から21年6月まで早稲田大学大学院経営管理研究科（ビジネススクール）教授。21年6月、人事院総裁就任。MUFGフィナンシャルグループの社外取締役およびリスク委員長をはじめとてして、証券取引所、銀行、証券、保険、製造業、ＩＴ企業、商社などの社外取締役や社外監査役を務めてきたほか、金融庁顧問（金融タスクフォースメンバー）、金融審議会委員、総務省参与（年金記録問題検証委員会メンバー）、道路関係四公団民営化推進委員会委員、内閣府統計委員会委員、経済財政諮問会議専門委員、国家公安委員などの政府委員をしてきた。主な著書に「銀行収益革命」（2000）「金融機関マネジメント」（2015）など。
（2021年8月～2023年3月）
氷見野 良三
前金融庁長官
前金融庁長官
1983年東京大学法学部卒業、同年大蔵省入省。ハーバード・ビジネス・スクールMBA。国際決済銀行バーゼル銀行監督委員会事務局長、金融庁監督局証券課長、同銀行第一課長などを経て、2016年7月金融庁金融国際審議官、2020年7月金融庁長官。2021年7月退職。2019年9月から2021年9月まで、金融安定理事会規制監督常設委員会議長。2021年からニッセイ基礎研究所エグゼクティブ・フェロー、東京大学公共政策大学院客員教授。2023年3月、日本銀行副総裁就任。著書に「マイヨール」(2001年、グラフ社)、「検証 BIS規制と日本」(2005年、金融財政事情研究会)、「易経入門 孔子がギリシア悲劇を読んだら」(2011年、文春新書)、「The Japanese Banking Crisis」(Palgrave Macmillan, 2021)。
（2005年1月～2023年8月）
田谷 禎三
元大和総研特別理事、元日本銀行審議委員
元大和総研特別理事、元日本銀行審議委員
立教大学社会学部大学院修士課程終了後、カリフォルニア大学ロスアンジェルス校（UCLA）で経済学博士（Ph.D）取得。国際通貨基金（IMF）、大和証券経済研究所、大和総研ヨーロッパ社長兼理事などを歴任。日米21世紀委員会日本側事務局長（兼任）、大和総研常務理事を経て1999年12月から2004年12月まで日本銀行政策委員会審議委員。2004年12月から大和総研特別理事、2010年12月まで同顧問。2006年度から2014年度まで立教大学経営学部特任教授、その後2019年度まで立教大学講師。著書に「The Functioning of Floating Exchange Rates: Theory, Evidence and Policy Implications」(Ballinger Publishing Company, 共編著、1983年)、「世界経済図説第四版」（共著2020年、岩波新書）、「日本経済図説第五版」（共著2021年、岩波新書）など。
編集長
小谷中 奈美恵
上智大学外国語学部卒。スイス銀行（現UBS）東京支店等で外国為替ディーラー、1996年からブルームバーグニュース、日本経済新聞（日経クイックニュース）等で金融市場担当記者。2005年、東京フィナンシャル・リサーチ株式会社を設立、代表取締役就任。
Meet Our Specialists
Chairman
Hiroshi WATANABE
President of the Institute for International Monetary Affairs
Former Governor of Japan Bank for International Cooperation (JBIC)
Former Vice Minister of Finance for International Affairs, Japan
President of the Institute for International Monetary Affairs
Former Governor of Japan Bank for International Cooperation (JBIC)
Former Vice Minister of Finance for International Affairs, Japan
After graduated from the University of Tokyo, Mr. Watanabe joined the Ministry of Finance (MOF) in 1972. Before he was appointed to Vice Minister of Finance for International Affairs in 2004, he occupied various senior positions including Director-General and Deputy Director-General of International Bureau, Personal Secretary to the Minister of Finance, and Director position of Secretarial Division and Divisions of Tax Bureau at the Ministry of Finance. After his retirement in 2007 he was a professor at the Graduate School of Commerce and Management of Hitotsubashi University. From 2008 to 2016, he served as CEO of Japan Bank for International Cooperation, JBIC (from 2013 to 2016 he took the position of Governor). Since October 2016, he has been the President of the IIMA. Mr. Watanabe received LLB at the University of Tokyo and an MA in Economics at Brown University. He also passed bar examination in 1971.
Editorial Board
Hirofumi GOMI
Chairman of the Board, SBI Shinsei Bank, Ltd.
Former Commissioner of Financial Services Agency
Chairman of the Board, SBI Shinsei Bank, Ltd.
Former Commissioner of Financial Services Agency
Mr. Gomi joined the Ministry of Finance in 1972 and served as the Financial Services Agency Commissioner in 2004-2007. During his years as a bureaucrat he had extensive experience in dealing with the financial sector during turbulent times and was dedicated to the stabilization of the Japanese financial system. After resigning from the FSA, he assumed a position as advisor at the law firm Nishimura & Asahi (until December 2019) and went on to become Chairman of PricewaterhouseCoopers Research Institute (Japan) Co., Ltd. from October 2009 to March 2013. He was also a senior advisor of Boston Consulting Group, independent director of Fukushima Bank and SBI Holdings, Inc. Since February 2022, he has assumed the Chairman of Shinsei Bank, Limited while serving as independent director of Aida Engineering Ltd., Asteria Corp., Miroku Jyoho Service Co.,Ltd., and ZUU Co.,Ltd. He published his memoirs in spring of 2012, "The Years of Financial Upheaval --Monologue of a FSA Commissioner" (Nikkei Business Publications). Mr. Gomi graduated from the Law Faculty of the University of Tokyo and received his LLM at Harvard Law School.
Hideo HAYAKAWA
Senior Fellow of the Tokyo Foundation for Policy Research
Former Executive Director of the Bank of Japan
Senior Fellow of the Tokyo Foundation for Policy Research
Former Executive Director of the Bank of Japan
Mr. Hayakawa graduated from the Economics Department of the University of Tokyo in 1977, and received M.A. in economics from the Graduate School of Princeton University in 1985. He joined the Bank of Japan in 1977, and served as an Executive Director in 2009-2013. During his career at the Bank of Japan, Mr. Hayakawa assumed many research related positions at Research and Statistics Department as well as Institute for Monetary and Economic Studies, including Director General of Research and Statistics Department in 2001-2007. He served as an Executive Fellow of Economic Research Center, Fujitsu Research Institute from April 2013 to March 2020. He has joined the Tokyo Foundation for Policy Research as a senior fellow since May 2020. His publications include Misunderstandings of Monetary Policy (Keio University Press, received Economist Award in 2016), Negative Interest Rate Policy (coauthor, Nikkei Business Publications, 2016), Economic Analysis of Ultra Monetary Easing of Kuroda' BOJ (coauthor, 2018, Nikkei Business Publications)
Takatoshi ITO
Professor, School of International and Public Affairs, Columbia University
Adjunct Professor, National Graduate Institute For Policy Studies
Former Member of the Council on Economic and Fiscal Policy
Professor, School of International and Public Affairs, Columbia University
Adjunct Professor, National Graduate Institute For Policy Studies
Former Member of the Council on Economic and Fiscal Policy
Professor Ito graduated from Hitotsubashi University, Faculty of Economics. After completing his M.A. in Economics at the graduate school of Hitotsubashi University, he went on to obtain a Ph.D. in Economics at Harvard University. He taught at the University of Minnesota (1979-1988), Hitotsubashi University (1988-2002), and the University of Tokyo (2004-2014) before assuming his current position in 2015. He was Visiting Professor at Harvard University, Kennedy School of Government (1992-1994), Senior Advisor at the Research Department of the International Monetary Fund (1994-1997), Deputy Vice Minister of Finance for International Affairs (1999-2001), and member of the Prime Minister's Council on Economic and Fiscal Policy (2006-2008). His specialties are open macroeconomics and Japanese economy. His current research topic includes micro-structure of the foreign exchange rate market. Among his publications are The Japanese Economy (MIT Press, 1992, 2nd Edition, 2020), and Inflation Targeting (Nikkei Business Publications, 2013).
Norimichi KANARI
Former Chairman of Deutsche Securities Inc.
Former Deputy President of the Bank of Tokyo-Mitsubishi UFJ Ltd (currently MUFG Bank)
Former Chairman of Deutsche Securities Inc.
Former Deputy President of the Bank of Tokyo-Mitsubishi UFJ Ltd (currently MUFG Bank)
Mr. Kanari served as Chairman of Deutsche Securities Inc. from 2008 to 2018, and as a senior advisor to the Company until 2019. Before Joining Deutsche Securities, he was Deputy President of the Bank of Tokyo-Mitsubishi UFJ Ltd (currently MUFG Bank) from 2006 to 2008 where his career in the banking industry started in 1970. Mr. Kanari gained his extensive experience in BTMU’s global banking business in the U.S. and served as President and CEO of Union Bank of California from 2001 to 2004, a public and listed company in New York Stock Exchange in those days, majority held by MUFG (currently a part of US Bancorp). He was a member of the Board of Directors of Union BanCal since 2000. Mr. Kanari received B.A. in Economics from the University of Tokyo in 1970.
Hidetaka KAWAKITA
Adjunct Professor, Office of Society-Academia Collaboration for Innovation Endowed Chairs and Endowed Research Laboratories, Kyoto University
Kyoto University Professor, Emeritus
Adjunct Professor, Office of Society-Academia Collaboration for Innovation Endowed Chairs and Endowed Research Laboratories, Kyoto University
Kyoto University Professor, Emeritus
After completing his B.A. in Economics at Kyoto University, Prof. Kawakita joined the Nippon Life Insurance Company in 1974. He worked as Chief Strategist of the Financial Research Department at the NLI Research Institute, then rejoined Nippon Life as General Manager, Treasury and Capital Markets Department, then went on to become General Manager, Managing Finance and Investment Planning Department and a Director of the company. In March 2003, he resigned voluntarily from Nippon Life, having become a Professor at Chuo University's Graduate School of International Accounting in July of the previous year. In March 2004, he became Professor at Doshisha University's Faculty of Policy Studies, in charge of Finance. In April 2006, he became a Professor at Kyoto University Graduate School of Management and served as a Distinguished Professor since 2016. He has assumed the current position since April 2023. Positions he has held include Editor-in-Chief at the Security Analysts Association of Japan, Chairman at Nippon Finance Association and Director at Japan Exchange Regulation. Among his publications are Structural Changes in the Japanese Stock Markets (Toyo Keizai Shimpo 1995), Empirical Analysis of Stock and Fixed Income Investment (Chuokeizai-sha, 2008), Securitization: New Mission and Risk Verification (Kinzai Institute of Financial Affairs, 2012) and Stock Investment to Buy “Companies” Not “Market”, Supplementary Version (Kinzai, 2021) .
Eiji MAEDA
President and CEO, Chiba Bank Research Institute
Former Assistant Governor of the Bank of Japan
President and CEO, Chiba Bank Research Institute
Former Assistant Governor of the Bank of Japan
Mr. Maeda is the President of Chiba Bank Research Institute. Prior to joining the Institute in June 2020, he spent 35 years at the Bank of Japan. He served as Assistant Governor at the Bank from 2016 to 2020. During 2016-2018, he was in charge of the Bank's international affairs and attended G7/G20 as well as other international meetings such as IMF/FSB plenaries. From 2018 to 2020, he was responsible for monetary policy planning and financial market operations, including various measures to address the corona shock. Before being appointed to the Assistant Governor, he assumed the positions of Director-General for Financial Markets Department (2015-2016) and for Research and Statistics Department (2011-2015). He also served as Senior Secretary to then Governor Masaaki Shirakawa (2010-2011). He acquired a BA in Economics from the University of Tokyo in 1985 and an MA in Economics from Northwestern University in 1990.
Kazuo MOMMA
Executive Economist, Mizuho Research & Technologies
Former Assistant Governor of the Bank of Japan
Executive Economist, Mizuho Research & Technologies
Former Assistant Governor of the Bank of Japan
Mr. Momma is Executive Economist of Mizuho Research Institute. Prior to assuming current position in June 2016, he spent 35 years at the Bank of Japan. He joined the Bank of Japan in 1981 and became Director-General for Research and Statistics Department in 2007 and then for Monetary Affairs Division in 2011. He served as Executive Director in charge of monetary policy during 2012-13 and attended G20 and other international meetings as Assistant Governor during 2013-16. He acquired a BA in Economics from the University of Tokyo in 1981 and an MBA from Wharton School in 1988.
Kimikazu NOUMI
Advisor, J-Will Corporation Ltd.
Former President and CEO, Innovation Network Corporation of Japan
Outside Director of Sparks Group
Advisor, J-Will Corporation Ltd.
Former President and CEO, Innovation Network Corporation of Japan
Outside Director of Sparks Group
After completing his B.A. in Agricultural Economics at the University of Tokyo, Mr. Noumi joined The Norinchukin Bank in 1969. He became Deputy Manager of the International Finance Division in 1990 and then assumed the post of General Manager of the New York Branch in 1993. After returning to Japan in 1995, he served as General Manager of the International Finance Division, Treasury Securities Division and Securities Investment Division. He went on to become Managing Director in 1999 and Senior Managing Director in 2002. In 2004, he resigned from the Norinchukin Bank and became President of the Norinchukin Zenkyoren Asset Management Co., Ltd. In 2006, he joined Aozora Bank Ltd. as Vice Chairman and served as Chairman from 2007 until May 2008. From July 2008 to March 2012, he was Chaired Professor at Hitotsubashi University Graduate School of International Corporate Strategy. He served as President and CEO of the Innovation Network Corporation of Japan from July 2009 to June 2015. He has joined J-Will Corporation Ltd., as Advisor since July 2015.
Yukuo TAKAHASHI
Former Branch Manager of JP Morgan Chase Bank, Tokyo Branch
Former Branch Manager of JP Morgan Chase Bank, Tokyo Branch
Mr. Takahashi graduated from the Kyoto University Faculty of Economics. After working as Chief Dealer of Foreign Exchange and Fixed Income at the New York Office of ITOCHU Corporation, in 1984, he became the Managing Director of Chemical Bank in Japan. In 1992, after the merger with the Manufacturers Hanover Bank, as the representative of Japan, he also assumed the post of General Manager in charge of the Global Currency and Commodity Group. After the merger with the Chase Manhattan Bank in 1996, he continued to serve as Japan Representative, and General Manager in charge of the Global Currency and Commodity Group. In 2001, he became the Tokyo Branch Manager. After the merger in 2001, he became Branch Manager of JPMorgan Chase Bank, Tokyo Branch (also continuing his duties as General Manager in charge of the Global Currency and Commodity Group). After serving as Senior Advisor to the Global Currency and Commodity Group, he retired in 2004. His publications include The Book of Foreign Exchange Written by a Top Dealer (Jiji Tsushin, 1989).
Makoto TAKANO
Chairman and CEO (Forbes JAPAN Founder), linkties Co., Ltd.
Founder and CEO, D4V (Design for Ventures)
CEO, MT Partners K.K.
Chairman and CEO (Forbes JAPAN Founder), linkties Co., Ltd.
Founder and CEO, D4V (Design for Ventures)
CEO, MT Partners K.K.
Mr. Takano joined Daiwa Securities in 1987 and later joined Daiwa Institute of Research where he was Head of the Strategy team. He was seconded to Daiwa Securities' United States office in 1990 where he co-developed asset management models with Nobel Economics Prize winner Harry Marcovitz. He joined Goldman Sachs Asset Management in 1997 and served as Head of Marketing as well as Operating Officer and Chief of Planning and Research. Mr. Takano joined PIMCO Japan Ltd. in 2001 and served as President of PIMCO Japan for 13 years. In 2014, he moved on to the publishing industry and joined Atomixmedia Inc. (currently linkties Co., Ltd.) as President and Editor-in-Chief of Forbes JAPAN. He has been named Chairman and CEO as of October 2019. He also founded MT Partners in 2007, and co-founded D4V (Design for Ventures, a venture capital firm formed in partnership with IDEO) in 2016 and currently serves as its CEO. Mr. Takano is Founding Board Member of Endeavor Japan, Senior Managing Director of Japan Venture Capital Association, Board Member of GHV Accelerator, and Asia Pacific Initiative. He holds an MA and BS in engineering from Waseda University.
Masakazu TOYODA
Chairman and CEO of the Japan Economic Foundation
Special Advisor of the Institute of Energy Economics, Japan
Former Vice Minister for International Affairs at the Ministry of Economy, Trade and Industry
Chairman and CEO of the Japan Economic Foundation
Special Advisor of the Institute of Energy Economics, Japan
Former Vice Minister for International Affairs at the Ministry of Economy, Trade and Industry
Mr. Toyoda graduated from the Law Faculty at Tokyo University in 1973, and received a master’s degree in public affairs at the Woodrow Wilson School of Public and International Affairs at Princeton University in 1979. He began his career in 1973 in the Ministry of International Trade and Industry (MITI) and his experience in such fields as trade, energy and environment is extensive. In 2003, he was named the director-general of the commerce and information policy bureau. In 2006, Mr. Toyoda became the director-general of the Trade Policy Bureau and was made vice-minister for international affairs the following year. During the period in charge of trade policy, he made substantial contribution to create APEC, conclude Uruguay Round, resolve US/Japan auto trade dispute, launch Doha developmental round among others. He became secretary-general at the secretariat of strategic headquarters for space policy in 2008. He has also served as special adviser to the cabinets on the Asian economy and climate change. In 2010, he became Chairman and CEO of the Institute of Energy Economics, Japan. Since July 2021, he has assumed the current position and the Chairman and CEO of the Japan Economic Foundation.
Tadao YANASE
Senior Executive Vice President, CBDO (Chief Business Development Officer), NTT Corporation
Former Vice Minister for International Affairs at the Ministry of Economy, Trade and Industry
Former Executive Secretary to Prime Minister (Abe and Aso）
Senior Executive Vice President, CBDO (Chief Business Development Officer), NTT Corporation
Former Vice Minister for International Affairs at the Ministry of Economy, Trade and Industry
Former Executive Secretary to Prime Minister (Abe and Aso）
Mr. Yanase served as Vice Minister for International Affairs at METI(2017-18), when he led METI's international policy operations and represented the ministry in cross-border economic dialogues and negotiations. During this time, Mr. Yanase traveled alongside the Prime Minister on overseas missions to advise on industrial and energy policy, as well as international trade and investment issues. Previously, Mr. Yanase served as Executive Secretary to Prime Minister Abe and Prime Minister Aso, now the Deputy Prime Minister and Minister of Finance. Mr. Yanase served as Director-General of METI's Economic and Industrial Policy Bureau and Cabinet Secretariat, leading government activities to design and implement Japan's growth strategy under Abe Administration. During his career at METI, Mr. Yanase held a wide range of roles. Highlights include an assignment as Director of the Nuclear Energy Policy Planning Division, where he shaped nuclear energy policy. He also served as Director of the Corporate Tax Policy Division, where he coordinated efforts to reduce effective corporate tax rates and reform international corporate taxation by introducing the territorial tax system. After serving as a senior advisor to President of JBIC (Japan Bank for International Cooperation) and McKinsey & Company, he became Chief Strategy Officer, SEVP, NTT, Inc in June 2020. Since June 2022, he has assumed the current position. Mr. Yanase is a graduate of the University of Tokyo's Faculty of Law. He holds a Master's degree in economics from Yale University.
Koji YANO
Advisor, Hitotsubashi University
Executive Advisor, Nippon Life Insurance Company
Distinguished Professor, Kanagawa University
Former Vice Minister of the Ministry of Finance
Advisor, Hitotsubashi University
Executive Advisor, Nippon Life Insurance Company
Distinguished Professor, Kanagawa University
Former Vice Minister of the Ministry of Finance
After graduating from the Faculty of Economics of Hitotsubashi University, Mr. Yano joined the Ministry of Finance (MOF) in 1985. Before he was appointed as Vice Minister of Finance in 2021, he occupied various senior positions at the MOF including Director-General of the Budget Bureau, the Tax Bureau, and the Minister's Secretariat respectively, and Director Positions in the Secretarial Division and Divisions in Tax Bureau and Budget Bureau. Mr. Yano also made strenuous efforts to push forward financial deregulation, the so-called “Japan's Big Bang”, at the Securities Bureau in 1994-1996. In 2007-2009 and 2012-2015, he served as Executive Secretary to three Chief Cabinet Secretaries of the Prime Minister's Office, Mr.Nobutaka Machimura, Mr. Takeo Kawamura, and Mr. Yoshihide Suga, former Prime Minister from 2020-2021. In 2022, he became an advisor of Hitotsubashi University and an executive advisor of Nippon Life Insurance Company. He has assumed Distinguished Professor of Kanagawa University since April 2023.
Ryuji YASUDA
Chairman Board of Trustees of Tokyo Woman's Christian University
Former Outside Board of Director of Yakult Honsha and Kansai Mirai Financial Group
Adjunct Professor, Graduate School of Business Administration, Hitotsubashi University Department of International Corporate Strategy
Former Chairman of J-Will Partners Co., Ltd.
Chairman Board of Trustees of Tokyo Woman's Christian University
Former Outside Board of Director of Yakult Honsha and Kansai Mirai Financial Group
Adjunct Professor, Graduate School of Business Administration, Hitotsubashi University Department of International Corporate Strategy
Former Chairman of J-Will Partners Co., Ltd.
After graduating from the University of Tokyo Faculty of Economics, Prof. Yasuda received his Ph.D. in Political Science from the University of California, Berkeley. He worked at Morgan Guaranty Trust in New York, then at McKinsey & Company as Director. From 1996, he served as Chairman & Managing Director, A.T. Kearney Asia. He served as Chairman of J-Will Partners Co., Ltd. since June 2003. He is a Professor at Hitotsubashi University Graduate School of International Corporate Strategy. He served as independent director of Daiwa Securities Group Inc., Fukuoka Financial Group, Inc. and Sony Corporation. He has assumed the Chairman Board of Trustees of Tokyo Woman's Christian University since 2020. His specialties are corporate strategy, M&A and management of financial institutions. His publications include How to Revive Japanese Corporations (Toyo Keizai Shimpo, 2003) and Competition Strategy for Evolution of Japanese Banks (Toyo Keizai Shimpo, 2006).
Senior Advisor
Haruhiko KURODA
Professor and senior fellow of the National Graduate Institute for Policy Studies (GRIPS)
Former Governor of the Bank of Japan
Professor and senior fellow of the National Graduate Institute for Policy Studies (GRIPS)
Former Governor of the Bank of Japan
Mr. Kuroda was Governor of the Bank of Japan from March 2013 to April 2023. Prior to his position at the BOJ, Mr. Kuroda served as President of the Asian Development Bank from 2005 to 2013. He was also Special Adviser to the Cabinet of Prime Minister Koizumi, while he was Professor at Hitotsubashi University in Tokyo from 2003 to 2005. During his career at Japan's Ministry of Finance from 1967 to 2003, Mr. Kuroda's responsibilities encompassed fields including international finance and tax policies. From 1999 to 2003, he represented the Ministry as Vice Minister of Finance for International Affairs at numerous international monetary conferences such as the G7 and G20 meetings. He has assumed the current position after retiring from the BOJ. Mr. Kuroda holds a Bachelor of Arts in Law from The University of Tokyo, and a Master of Philosophy in Economics from the University of Oxford.
Former Chairman of the TFR Editorial Board
(Jan.2005 ～ Feb.2021)
Toyoo GYOHTEN
Honorary Advisor of the Institute for International Monetary Affairs
Former Vice Minister of Finance for International Affairs, Japan
Honorary Advisor of the Institute for International Monetary Affairs
Former Vice Minister of Finance for International Affairs, Japan
Mr. Gyohten graduated from the University of Tokyo, Faculty of Economics. He served as Vice Minister of Finance for International Affairs at the Ministry of Finance from 1986 to 1989. After his retirement in 1989 he taught at Harvard University, Princeton University and University of St. Gallen as visiting professor. In 1992, he became Chairman of the Bank of Tokyo, Ltd and is currently Senior Advisor of the Bank of Tokyo-Mitsubishi UFJ. Mr. Gyohten served as President of the Institute for International Monetary Affairs from 1995 and assumed the current position in 2016. Among his numerous publications are Changing Fortunes: (Times Books 1992) co-authored with former FRB Chairman Paul Volcker and Currency Makes The World Go Around (PHP Publishing 2011).
Former Member of the TFR Editorial Board
(Jan.2005 ～ Jun.2021)
Yuko KAWAMOTO
Former Professor, Waseda Graduate School of Business and Finance
Former Professor, Waseda Graduate School of Business and Finance
Ms. Kawamoto started her career at the Bank of Tokyo in 1982, and joined McKinsey & Company in Tokyo in 1988. She became Senior Expert in 2001, after spending four years in Paris office. Her major projects were for financial institutions. She was a Professor at Waseda University from 2004 to June 2021 to teach "Corporate Governance" and "Comparing Financial Systems" to Japanese and foreign graduate students both in Japanese and English. In June 2021, she assumed President of the National Personnel Authority. Prior to it, she served as an independent director to Japan Exchange (2004-2014), Resona Bank (2006-11), Monex Securities (2006-13), Yamaha Motor (2009-13), ITOCHU Corporation (2011-13), SoftBank Group (2020-21), Panasonic (2020-21), Shinseibank (2020-21) and Mitsubishi UFJ Financial Group where she was a chairperson of Risk Committee (2013-19). She was also an independent audit & supervisory board member of Tokio Marine Holdings (2006-2018). She has expertise in governance issues and risk management and has served on a number of Japanese government committees. In the past, for the administration of Prime Minister Koizumi, she joined a committee mandated to lead its major privatization project. Other major appointments include a member of Prominent Persons Group on Lost Pension Record Issue in the first Abe Cabinet and National Public Safety Commissioner (supervisor of National Police Agency). She holds a BA degree in Social Psychology from University of Tokyo, and a Master degree in Development Economics from Oxford University (St. John's College).
(Aug.2021 ～ Mar.2023)
Ryozo HIMINO
Former Commissioner of the Financial Services Agency
Former Commissioner of the Financial Services Agency
At the Japanese Financial Services Agency, Mr. Himino served as the Vice Minister for International Affairs since 2016 and then as the Commissioner in 2020-2021. He chaired the Financial Stability Board’s Standing Committee on Supervisory and Regulatory Cooperation in 2019-2021. At the Agency, he supervised banks, insurance companies, broker dealers and audit firms and regulated capital markets during the last two decades. He also served as the Secretary General of the Basel Committee on Banking Supervision from 2003 to 2006. Since 2021, he became executive research fellow of NLI Research Institute and visiting professor at the Graduate School of Public Policy of the University of Tokyo. In March 2023, he assumed Deputy Governor of Bank of Japan. He published The Japanese Banking Crisis (Palgrave Macmillan, 2021), which draws lessons on financial stability from the bubbles, busts, crisis and recovery Japan experienced between 1986 and 2004. Mr. Himino graduated from the University of Tokyo (LL.B.) and Harvard Business School (MBA).
(Jan.2005 ～ Aug.2023)
Teizo TAYA
Former Special Counselor, Daiwa Institute of Research
Former Member of the Policy Board at the Bank of Japan
Former Special Counselor, Daiwa Institute of Research
Former Member of the Policy Board at the Bank of Japan
Mr. Taya graduated from Rikkyo University, College of Social Relations. After completing his M.A. in Industrial Relations at the graduate school of Rikkyo University, he went on to receive his Ph.D in Economics from the University of California, Los Angeles. After working as an economist at the International Monetary Fund (IMF), he joined Daiwa Securities Research Institute. He became Managing Director at Daiwa Institute of Research Europe, London, and Director at Daiwa Institute of Research, Tokyo. After serving as Managing Director of Daiwa Institute of Research, he became a member of the policy board at the Bank of Japan(1999-2004). Since December 2004, he served as Special Counselor and then as an advisor at Daiwa Institute of Research until December 2010. From April 2006 to March 2015, he was a professor at Rikkyo University College of Business and was a lecturer at Rikkyo University until March 2020. His publications include the World Economy Illustrated (4th edition, coauthor, Iwanami, 2020), The Functioning of Floating Exchange Rates: Theory, Evidence and Policy Implications (coeditor, Ballinger Publishing Company, 1983).
Editor-in-Chief
Namie KOYANAKA
Ms. Koyanaka graduated from the Faculty of Foreign Studies, Sophia University. She has experience as a foreign exchange dealer at the Tokyo Branch of the Swiss Bank Corporation (currently UBS), as well as at other institutions. From 1996, she served as financial markets reporter at Bloomberg News and the Nikkei. In 2005, Ms. Koyanaka founded the Tokyo Financial Research Co., Ltd. and has assumed the position of President and CEO.