Meet Our Specialists
Chairman
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
(Alphabetical order, titles omitted)
Hirofumi GOMI
Chairman of the Board, SBI Shinsei Bank,Ltd.
Former Commissioner of Financial Services Agency
Mr. Gomi graduated from the Law Faculty of the University of Tokyo and received his LLM at Harvard Law School. He 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 retiring 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. in 2009 (until March 2013). He has assumed the Chairman of SBI Shinsei Bank, Limited since February 2022. He also serves as senior advisor of Boston Consulting Group, independent director of Aida Engineering Ltd., Asteria Corp., Miroku Jyoho Service Co.,Ltd., ZUU Co.,Ltd. and Fukushima Bank, Ltd.(until June 2021). He published his memoirs in spring of 2012, "The Years of Financial Upheaval --Monologue of a FSA Commissioner" (Nikkei Business Publications).
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)
Professor, School of International and Public Affairs, Columbia University
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), the University of Tokyo (2004-2014) and National Graduate Institute for Policy Studies (GRIPS 2014-2024) 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 Deputy President of the Bank of Tokyo-Mitsubishi UFJ Ltd. (currently MUFG Bank)
Former Chairman of Deutsche Securities Inc.
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
Professor Emeritus, Kyoto University
Visiting Professor, Endowed Chairs and Endowed Research Laboratories,
Kyoto University
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. His current positions include Director of the Security Analysts Association of Japan, and Director of the Nippon Finance Association. From April 2005, he served as a Visiting Professor at Kyoto University's Faculty of Economics and obtained a Doctor of Economics from Kyoto University. In April 2006, he became a Professor at Kyoto University Graduate School of Management and has assumed the current position since 2016. 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), and Securitization : New Mission and Risk Verification (Kinzai Institute of Financial Affairs 2012).
Senior Advisor Haruhiko Kuroda
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 professor and senior fellow of the National Graduate Institute for Policy Studies (GRIPS) after retiring from the BOJ and was visiting professor of the School of International and Public Affairs, Columbia University from January to May 2024. He also serves as distinguished professor of the Graduate School of Management, Kyoto University. 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.
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
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
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
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).
Hiroshi Tawa
Advisor to the Cabinet Office, Former Vice-Minister of the Cabinet Office
After graduating from the University of Tokyo, Mr. Tawa joined the Economic Planning Agency in 1984. Following the agency’s integration into the Cabinet Office, he served as Director General for Economic Research, Director General for Economic, Fiscal and Social Structure, Vice-Minister for Policy Coordination and Vice-Minister before resigning from the Cabinet Office in 2024. During this period, he also served as Secretary to Minister of State for Economic Planning Agency, Mr. Taichi Sakaiya and Secretary to Chief Cabinet Secretary, Mr. Shinzo Abe. His main field of activity includes continued engagement in macroeconomic policy management and the formulation of future visions, primarily through the Council on Economic and Fiscal Policy. He also worked on growth strategies at the Japan Economic Revitalization Headquarters and the Headquarters for the Realization of New Capitalism. In addition, he had worked to strengthen Japan's mutual assistance society by reforming Public Interest Incorporated Association System and promoting private sector public interest activities utilizing dormant deposits.
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 (Shinzo Abe and Taro 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
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.
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.
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).
Former Chairman of the TFR Editorial Board
(Jan.2005～Feb.2021)
Toyoo GYOHTEN
Former President 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 honorary advisor of the MUFG Bank. Mr. Gyohten served as President of the Institute for International Monetary Affairs from 1995 until2016. 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
(Aug.2021～Mar.2023)
Ryozo HIMINO
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 has chaired the Financial Stability Board’s Standing Committee on Supervisory and Regulatory Cooperation since 2019. 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. After retiring from the FSA, he assumed Executive Research Fellow of NLI Research Institute and Visiting professor of the Graduate School of Public Policy of the University of Tokyo. In March 2023, he assumed deputy governor of the 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～Jun.2021)
Yuko KAWAMOTO
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).
(Oct.2012～Jan.2025)
Director and Chairman of the Board and Founder of Forbes JAPAN, linkties Holdings Co., Ltd.
Founder & GP, D4V
CEO, MT Partners K.K.
Mr. Takano joined Daiwa Securities after receiving his master's degree from Waseda University and later joined Daiwa Institute of Research where he was head of the strategist team. He was seconded to Daiwa Securities' United States office in 1991 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 & Chief of Planning and Research before joining PIMCO Japan Ltd. in 2001. Mr. Takano served as President of PIMCO Japan for 13 years.
In 2014, Mr. Takano moved on to the publishing industry and joined atomixmedia, inc. (currently linkties Co., Ltd.) as CEO and Editor-in-Chief of Forbes JAPAN to spearhead the launch of its Forbes JAPAN magazine. He holds his current title as Director and Chairman of the Board of llinkties Holdings Co., Ltd. since July 2024, and Founder of Forbes JAPAN since 2014. He also co-founded D4V (Design for Ventures, a venture capital firm formed in partnership with IDEO) in 2016 and is currently one of the GPs of its funds.
Mr. Takano serves on the board of a number of organizations, including Japan Venture Capital Association, International House of Japan and Endeavor Japan. To date, he has served as a board member at UWC ISAK Japan and Human Rights Watch. In 1992, he was awarded Securities Analysts Journal Prize by the Securities Analyst Association of Japan. He holds master's and undergraduate degrees in engineering from Waseda University.
(Jan.2005～Mar.2023)
Teizo TAYA
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.