The Institute for Japanese Studies presents the 2019 Brad Richardson Memorial Lecture with:
Takatoshi Ito
Professor, International Public Affairs, Columbia University
Abenomics: Japan's Escape from its Lost Two Decades
February 22, 2019
Doors Open: 3:30pm, Opening Remarks: 4:00-4:15pm Lecture with Q&A: 4:15-5:45pm, Reception: 5:45-6:30pm
Jennings Hall Room 01 (1735 Neil Ave, Columbus, OH 43210) Map
Abstract: Japan experienced two decades of low growth and deflation during 1992-2012. This lecture describes and analyzes how Japan exited its Lost Two Decades (1992-2012). How did Japan fall into two decades of stagnation and fifteen years of deflation? How has Abenomics, the economic policy package introduced in December 2012, lifted the economy out of stagnation and deflation? What challenges remain? What lessons can the U.S. and other advanced economies learn from Japan?
Japan’s "Lost Two Decades" (1992-2012) is a result of internal shocks (bubble burst), external shocks (global financial crisis), and a series of policy errors. Shinzo Abe, inaugurating his second premiership in December 2012, introduced a package of economic policies consisting of aggressive monetary policy, flexible fiscal policy, and structural reforms as a growth strategy. His policy package was dubbed Abenomics and its three principal polices Three Arrows. Abenomics has worked to lift the economy out of stagnation and deflation. By the end of 2018, the Japanese economy was keeping up at its potential growth rate with wide-spread labor shortages and a strictly positive inflation rate. However, the potential growth rate itself still remains low and real wages have hardly risen. The 2% inflation target has not yet been achieved since Governor Kuroda, Bank of Japan, introduced quantitative and qualitative easing (QQE) 6 years ago. In order to raise and sustain the potential growth rate and real wages, Japan needs to (1) overcome the declining working age population; (2) raise labor productivity by innovation; (3) encourage formation of new corporations; and (4) regain fiscal disciplines.
This lecture is based on Chapter 14: Lost Two Decades in Japanese Economy, 2nd edition, MIT Press, forthcoming (2020), by Takatoshi Ito and Takeo Hoshi.
Takatoshi Ito is Professor of International and Public Affairs at Columbia University. He is Director of the Program on Public Pension and Sovereign Funds at the Center on Japanese Economy and Business at Columbia School of Business, and is also Senior Professor (in summer) at National Graduate Institute of Policy Studies in Tokyo. Before Columbia, he was at U. of Minnesota, Hitotsubashi U., and U. of Tokyo. He was also Dean of Graduate School of Public Policy at University of Tokyo.
Free and open to the public.
The IJS Lecture Series is supported by a U.S. Department of Education Title VI grant to The Ohio State University East Asian Studies Center, Brad Richardson Memorial Fund, and by the Consulate General of Japan in Detroit.
Bradley M. Richardson, Professor Emeritus in Political Science, the founding Director of the OSU Institute for Japanese Studies and a former Honorary Consul General of Japan for Ohio who continually tried to raise awareness of Japanese studies and U.S./Japan relations.
We seek to continue his legacy through various academic, educational and outreach programs made possible with this funding.
Order of the Rising Sun Award (2008): Brad Richardson was honored with the Order of the Rising Sun, the very prestigious national decoration that the Japanese government awards to individuals who have contributed greatly to the nation and the public in politics, business, culture and the arts. Brad Richardson was recognized for his outstanding accomplishments in Ohio State’s goals in international relations, education and exchange that relate to Japan to the U.S, Ohio and local communities.
Honorary Consul General of Japan for Ohio: Brad Richardson was Honorary Consul General of Japan for Ohio from 1999- 2004 to strengthen the U.S.–Japan relations, especially through Japan’s growing ties with the State of Ohio.
Japan-America Society of Central Ohio (JASCO): Bard Richardson was a founding member of the Executive Board of the Japan-America Society of Central Ohio (JASCO) in 1997 and served many roles on its board and programming committee through 2015.
Ohio-Saitama Sister State Relationship: Through the Ohio-Saitama Sister State relationship, he established the Ohio-Saitama Company Internship program in which 88 Ohio students from 13 universities and 29 students from Saitama universities participated during 1991-2014.
Bradley M. Richardson, Professor Emeritus in Political Science, the founding Director of the OSU Institute for Japanese Studies and a former Honorary Consul General of Japan for Ohio who continually tried to raise awareness of Japanese studies and U.S./Japan relations.
We seek to continue his legacy through various academic, educational and outreach programs made possible with this funding.
The Brad Richardson Memorial Fund Lectures:
2019 Brad Richardson Memorial Lecture: "Abenomics: Japan's Escape from its Lost Two Decades,” by Takatoshi Ito, Professor, International Public Affairs, Columbia University, February 22, 2019.
2018 Brad Richardson Memorial Lecture: "Has Abenomics Revived the Japanese Economy? Comparative Macroeconomic Perspectives with the US Economy," by Takeo Hoshi, Henri and Tomoye Takahashi Senior Fellow, Walter H. Shorenstein Asia-Pacific Research Center & Professor of Finance, Stanford Graduate School of Business, Stanford University, February 26, 2018.
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