The following aritcle has appeared in Financial Times. （12/18/2012）
Takatoshi Ito, "Abe should take radicalism into power," December 18, 2012.　
The article is available from here.

I participated in Professional Luncheon as a Panelist at the Foreign Correspondents' Club of Japan. (12/10/2012)

"Economic Outlook for Japan and the Region for 2013"

Takatoshi Ito (Professor, Graduate School of Economics, University of Tokyo)

Long Ke (Senior Fellow, Fujitsu Research Institute)

Jesper Koll (Managing Director, JPMorgan Securities Japan Co., Ltd)

A new paper has been published.
　Kathryn M.E. Dominguez, Yuko Hashimoto, Takatoshi Ito, "International reserves and the global financial crisis," Journal of International Economics, Volume 88, Issue 2, November 2012, Pages 388-406.
DOI: 10.1016/j.jinteco.2012.03.003

A new paper is published. (November 2012)
Takatoshi ITO, Kenta YAMADA, Misako TAKAYASU, and Hideki TAKAYASU,
"Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets," NBER Working Paper No.18541, November 2012.

A new paper has been published.
　Takatoshi ITO, Satoshi KOIBUCHI, Kiyotaka SATO, Junko SHIMIZU, "The Choice of an Invoicing Currency by Globally Operationg Firms: A Firm-Level Analysis of Japanese Exporters," International Journal of Finance & Economics, Volume 17, Issue 4, pp 305-320, October 2012.
DOI: 10.1002/ijfe.1450

The 2012 University of Tokyo Autumn Entrance Ceremony was held.(10/04/2012)
Prof. Takatoshi Ito, Dean of the GraSPP, made a welcome address on behalf of all deans of the graduate schools at the University of Tokyo. --> detail

The paper was commentated by Prof. James Hamilton in "Econbrowser".(08/12/2012)
Hoshi, Takeo and Takatoshi Ito, "Defying Gravity: How Long Will Japanese Government Bond Prices Remain High?", NBER Working Paper Series No.18287, August 2012.

A new paper is published.(08/10/2012)
Hoshi, Takeo and Takatoshi Ito, "Defying Gravity: How Long Will Japanese Government Bond Prices Remain High?", NBER Working Paper Series No.18287, August 2012.

I participated in Sasin Forum in bangkok.(07/09/2012)

Plenary Session on "Financial Crises and The Future of Global and Asian Banking"

Introduction:

Professor Assaf Razin, Cornell University

Panelists:

Dr. Eric S. Rosengren, President & CEO, The Federal Reserve Bank of Boston

Dr. Prasarn Trairatvorakul, Governor, The Bank of Thailand

Professor Takatoshi Ito, Ph.D., The University of Tokyo, Japan

Chairman and Moderator:

Professor Richard Kihlstrom, Ph.D., The Wharton School, University of Pennsylvania

I appeared on the NHK BS1 TV program, " Global Debate WISDOM".（06/30/2012）
Theme: "The Euro Crisis: Where is the EU Heading?"

On June 29, I participated in NBER Japan Project Meeting.
>> NBER Japan project Meeting (June 29-30, 2012)

I appeared on the NHK TV program, "NHK World".（06/28/2012）
NHK World Homepage

I was quoted in The Economist.
I was quoted in an article "Japan's fiscal mess -- A pound of flesh," The Economist, June 23, 2012.
For details, see The Economist: http://www.economist.com/node/21557358

NBER-TCER-CIER 23rd Annual East Asian Seminar on Economics was held in Taipei.（June 15-16, 2012）
NBER-TCER-CIER 23rd Annual East Asian Seminar on Economics "Employment and Growth"
Organizers: Takatoshi Ito and Andrew Rose

A new paper has been published.
　Ito, Takatoshi. 2012. "Can Asia Overcome the IMF Stigma?" American Economic Review, 102(3): 198-202.
DOI: 10.1257/aer.102.3.198

A new paper will be published.
　Kathryn M.E. Dominguez, Yuko Hashimoto, Takatoshi Ito, "International reserves and the global financial crisis," Journal of International Economics, forthcoming.
DOI: 10.1016/j.jinteco.2012.03.003

Dean Ito visited FGV-EAESP in Brazil.
I visited Fundacao Getulio Vargas (FGV)-EAESP in San Paulo, Brazil on May 10, 2012 and met Prof. Dr. Julia von Maltzan Pacheco, Associate Dean, International Relations. The FGV-EAESP is an only South-American institution that has a double degree program with School of International and Public Affairs (SIPA), Columbia University, and is invited to be a member of Global Public Policy Network (GPPN) along with the University of Tokyo's GraSPP. The two institutions agreed that GraSPP and FGV-EAESP would explore to establish cooperation between the two institutions, including student exchange.

I have published an op-ed piece on BOJ inflation "goal" policy in Financial Times, April 25, 2012: "Last chance for the BoJ to jettison defeatism"
http://www.ft.com/intl/cms/s/0/8919c2de-8e13-11e1-b9ae-00144feab49a.html
Please note that the last word in the first paragraph should have been "deflation" instead of "inflation" -- a typo.

On March 29, I gave a lecture at Columbia University.
"The Political Economy of the Consumption Tax Hike: How Long Will JGBs Defy Gravity?"

On March 28, I participated in the panel discussion with the Prime Minister of Italy, H.E. Professor Mario Monti.
Organizer:
Embassy of Italy in Japan / Nikkei Inc.
Venue:
NIKKEI Hall (Nikkei Building 3rd floor, 1-3-7 Otemachi, Chiyoda-ku, Tokyo, Japan)
Special Lecture: 11:00-11:30
"Italy’s economy, the perspectives of the European Union and their impact on the world economy"
-- H.E. Professor Mario Monti (the Prime Minister of Italy)
Panel Discussion: 11:30-12:10
H.E. Professor Mario Monti (the Prime Minister of Italy)
Takatoshi Ito (Professor at Graduate School of Economics of the University of Tokyo)
Yasuhiko Ota (Editorial Writer & Senior Staff Writer of the International News Dept., Nikkei Inc. )
VIDEO
http://www.nikkei-events.jp/italy/

The following aritcle has appeared in VoxEU. （3/20/2012）
ITO, Takatoshi and Junko SHIMIZU, "How should Japan’s current exchange rate be viewed?"

On March 17, I participated in IDB seminar in Montevideo, Uruguay.
Seminar: Navigating the International Financial Storms
Moderator:
Michael Reid, Americas Editor, The Economist (United Kingdom)
Panelists:
Barry Eichengreen, Professor, University of California, Berkeley (USA)
Jose Juan Ruiz Gomez, Deputy General Director, Banco Santander (Spain)
Takatoshi Ito, Professor at Graduate School of Economics, University of Tokyo (Japan)
Jose De Gregorio, former President, Central Bank (Chile)
Henrique Meirelles, former President, Central Bank (Brazil)
VIDEO

On March 9, I participated in "Forum on Risk Management" in Washington DC.
Event 7: Risk Management -From Natural Disaster to Economy-
Session 3: Economy
-Reconstruction and Challenge of the Japanese Economy after the 3/11 Disaster-

On February 29, I participated in a conference in Villa Madama in Rome.
"Japan one year after the disaster: Dignity, reconstruction, future, knowledge"
jointly organized by Embassy of Japan in Italy and Osservatorio Asia
in coooperation with Italian Ministry of Foreign Affairs.

On February 24, I participated in "Japan Economic Seminar" at Columbia University.
"Japan Economic Seminar"
-- An Annual Event of the Center on Japanese Economy and Business
Moderator: Takatoshi Ito, Professor, University of Tokyo
Paper Presenters: Etsuro Shioji, Professor, Hitotsubashi University; Kenji Wada, Professor, Keio University

I visited Dean Helmut K. Anheier at Hertie School of Governance. (February 2, 2012)
Hertie School of Governance

A new paper will be published. (January 2012)
Takatoshi ITO, Satohsi KOIBUCHI, Kiyotaka SATO, and Junko SHIMIZU, "The Choice of an Invoicing Currency by Globally Operating Firms: A Firm-Level Analysis of Japanese Exporters," International Journal of Finance & Economics, forthcoming.

January 13-14, 2012, I participated in the Bellagio Group at Bern.

On January 6-8, 2012, I participated in American Economic Association(AEA) Annual Meeting.

A new paper is published. (December 2011)
Takatoshi ITO, "Reform of Financial Supervisory and Regulatory Regimes: What has Been Achieved and What is Still Missing," International Economic Journal, Volume 25, Issue 4, 2011: pp. 553-569.

A new paper is published. (November 2011)
Takatoshi ITO, Satoshi KOIBUCHI, Kiyotaka SATO, and Junko SHIMIZU, "Invoice Currency Choice and Exchange Rate Risk Management in Japanese Firms' Trade Network: "RIETI Survey on Japanese Overseas Subsidiaries 2010"," RIETI Discussion Paper, 11-J-070, November 2011.
・　 Research Institute of Economy, Trade and Industry (RIETI)

An interview has appeared in the Asahi Shimbun .(November 17, 2011)
"Economist says Japan should focus on own problems, not Europe"

A new paper is published. (November 2011)
Takatoshi ITO, "The Internationalization of the RMB: Opportunities and Pitfalls"
A CGS/IIGG Working Paper, November 2011. (Council on Foreign Relations)

A new report "Rethinking Central Banking" was issued.(September 2011)
The report was authored by "The Committee on International Economic and Policy Reform" of which I am a member.
( http://www.brookings.edu/reports/2011/09_ciepr_central_banking.aspx)

A new paper is published.(August 2011)
Kathryn M.E. Dominguez, Yuko Hashimoto and Takatoshi Ito, "International Reserves and the Global Financial Crisis," NBER Working Paper No. 17362, August 2011. ( http://www.nber.org/papers/w17362)

I was quoted in an article "Asian markets open lower in first day of trading since U.S. downgrade" Washington Post, published, August 8.
Commenting on the impact of US Treasury bond downgrade on the Asian economies, and I was quoted saying, “The channel of contagion was the trade channel, not the financial channel, So I think Asia is worried again about the trade channel. That is why [export-dependent] South Korea was down so much.”
For details, see Washington Post:
http://www.washingtonpost.com/world/asian-markets-open-lower-in-first-day-of-trading-since-us-downgrade/2011/08/08/gIQA9chu1I_story.html

On July 7, I participated in International Economic Association, World Congress, 2011, Beijing. （7/26/2011）
"Crisis and Financial Cooperation in East Asia"

The following News has appeared in Columbia University website. （7/12/2011）
"July 08, 2011: CJEB Research Associate, Professor Takatoshi Ito of the University of Tokyo, receives Japan's Medal of Honor."
http://www4.gsb.columbia.edu/cjeb (Listed within the middle section called “New from CJEB”. If you click the blue text, you will see the full text.)

On June 26, I participated in Tsinghua-Columbia University Conference. （6/26/2011）
Tsinghua-Columbia University Conference on Exchange Rates and the New International Monetary System.
Special Lecture "Why Hasn't the Yen Become a More Dominant International Currency?"

June 24 & 25, NBER East Asian Seminr on Economics, vol. 22 （6/25/2011）
at Chinese Center for Economic Research, "The Role of Government," Organizer and Discussant.

June 23, Korea Institute for Finance Conference （6/23/2011）
"The Future of Financial Markets, Institutions and Regulations"
Presentation, "Reform of Financial Supervisory and Regulatory Regimes: What has been achieved and what is still missing"

On May 29, I participated in the Japan Society of Monetary Economics 2011 Spring Annual Meeting.
>> Program
>> the Japan Society of Monetary Economics


The following aritcle has appeared in The Economist. （2/21/2011）
Takatoshi Ito, "Central bank, Treasury, and financial supervisor must work better together," February 21, 2011.

My comment is quoted in The Australian.(2/17/2011)
"Rise of China not all bad news for Japan," By Rick Wallace, The Australian, February 17, 2011.

A new NBER-EASE book is published.(2/8/2011)
"Commodity Prices & Markets, NBER-EASE Volume 20"
edited by Takatoshi Ito and Andrew Rose, Published in 2011 by University of Chicago Press, 352 pages.

A new paper is published.(1/25/2011)
Yuko Hashimoto; Takatoshi Ito; Takaaki Ohnishi; Misako Takayasu; Hideki Takayasu; Tsutomu Watanabe, "Random walk or a run. Market microstructure analysis of foreign exchange rate movements based on conditional probability," in Quantitative Finance, 13 December 2010 (iFirst)

A new paper is published.(1/25/2011)
Yuko Hashimoto and Takatoshi Ito, "Market Microstructure of the Foreign Exchange Markets: Evidence from the Electronic Broking System," in Greg N. Gregoriou and Razvan Pascalau (eds.), Financial Econometrics Modeling: Market Microstructure, Factor Models and Financial Risk Measures, New York: Palgrave Macmillan: 66-91 (2011).

A new paper is published.(12/2010)
Takatoshi Ito,　"China as Number One: How about the Renminbi?" Asian Economic Policy Review, volume5, Issue2, December 2010: 249-276.

The New Financial Regulatory Regimes: Japan, U.S., and Europe
Featuring: Gillian Tett, US Managing Editor, Assistant Editor, Financial Times; Takatoshi Ito, Professor, Graduate School of Economics, The University of Tokyo; Lawrence Glosten, S. Sloan Colt Professor of Banking and International Finance, Columbia Business School CJEB Symposium
November 22, 2010 (6:00pm - 7:30pm)
Davis Auditorium, Shapiro Center, Columbia University
Co-sponsor: The Sanford C. Bernstein & Co. Center for Leadership and Ethics, Columbia Business School

"Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese Exporters' invoicing behavior"
Takatoshi Ito (with Satoshi Koibushi, Kiyotaka Sato, and Junko Shimizu), NBER Working Paper No. 16231
November 17, 2010 (2:15pm - 3:45pm)
International Economics Workshop

Currency Wars - Yen, Dollar, Renminbi?
Featured speaker: Takatoshi Ito, Professor, Graduate School of Economics, the University of Tokyo
Moderated by Hugh Patrick, R.D. Calkins Professor of International Business Emeritus; Director, Center on Japanese Economy and Business
November 16, 2010 (12:30pm - 2:00pm)
1512 International Affairs Building
Event is free but registration is required at www.gsb.columbia.edu/events/view/?main.id=736292
Lunch will be served.

The following column has appeared in RIETI website. （10/28/2010）
"Revisiting the Debate over the Yen's Appreciation"　

A new NBER working paper is published.(8/19/2010)
Ito, Takatoshi; Satoshi Koibuchi; Kiyotaka Sato; Junko Shimizu, "Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese Exporters' invoicing behavior"
NBER wp16231, July 2010.

A new ADB Economics working paper Series is published.(8/19/2010)
Takatoshi Ito, "Monetary Policy and Financial Stability: Is Inflation Targeting Passe?" ADB Economics Working Paper Series No. 206, July 2010.
http://www.adb.org/Economics/erd-working-papers.asp
Abstract:
It would be easy to say that central banks should consider asset prices as one of the objectives to avoid boom and bust cycles, as happened in the 2007-2009 crisis; the dotcom bubble of 2001; and the Japanese boom and bust of the 1980s and 1990s. However, its implementation would be theoretically and empirically difficult since the monetary policy instrument, narrowly defined, is just the interest rate. Flexible inflation targeting (FIT) is basically a sound monetary policy framework even after experiencing a severe financial crisis, as what originated in the United States (US). Assigning too much weight to asset prices as a monetary policy objective would cause a serious tradeoff problem. CPI deflation may have to be tolerated to avoid an asset bubble, which would be a serious problem, since once a bubble is formed, a slight increase in the interest rate would not stop it. The first-best policy is to enhance supervision and regulation of financial institutions to avoid moral hazard and concentration of risk.

A new NBER working paper is published.(7/13/2010)
Kimie Harada, Takatoshi Ito and Shuhei Takahashi, "Is the Distance to Default a Good Measure in Predicting Bank Failures? CASE STUDIES"
NBER wp16182, July 2010.

The following aritcle has appeared in RIETI website. （6/30/2010）
Takatoshi Ito, "The BOJ Should Provide Long-term Inflation Projections to Show Unwavering Commitment to Fight Deflation," Translated from the original Japanese "Keizai Kyoshitsu" column published in the April 15, 2010 issue of Nihon Keizai Shimbun.　

The abstract of new RIETI Discussion Papers is available from RIETI website.(6/23/2010)
ITO Takatoshi, KOIBUCHI Satoshi, SATO Kiyotaka, SHIMIZU Junko, "Determinants of Currency Invoicing in Japanese Exports: A firm-level analysis"（June 2010 10-E-034）

The following new e-book is published via VoxEU.org. (April 2010)
Jenny Corbett and Takatoshi Ito, "What should the US and China learn from the past US-Japan conflict?" in The US-Sino Currency Dispute: New Insights from Economics, Politics and Law（4.19MB）, VoxEU.org, 2010: pp.177-182.

The abstract of new RIETI Discussion Papers is available from RIETI website.(6/14/2010)
ITO Takatoshi, KOIBUCHI Satoshi, SATO Kiyotaka, SHIMIZU Junko, "2009 RIETI Survey on Currency Invoicing and Exchange Rate Risk Management of Japanese Firms"（June 2010 10-J-032）

"Trapped in Euroland" has been published by Project Syndicated (and associated newspapers) on June 3.(6/9/2010)
http://www.project-syndicate.org/commentary/ito1/English

The following book has just published.(5/31/2010)
The Rise of China and Structural Changes in Korea and Asia, co-edited by Takatoshi Ito and Chin Hee Hahn, Edward Elgar, 2010.

Visited School of International Relations and Pacific Studies at University of California, San Diego as Pacific Fellows from April 29 to May 8, 2010.（5/10/2010）

On March 23, I appeared on the CNBC.（4/5/2010）
Video is available here.

The following aritcle has appeared in Financial Times. （3/17/2010）
Takatoshi Ito, "China’s property bubble is worse than it looks," March 17, 2010.　
The article is available from here.

A new NBER working paper is published.(3/3/2010)
Takatoshi Ito, "Great Inflation and Central Bank Independence in Japan"
NBER wp15726, February 2010.

NBER working paper, "Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture," with Yuko Hashimoto（w15020, May 2009）has been accepted by Journal of the Japanese and International Economies.(2/24/2010)
An earlier version is available as NBER working paper no. 15020, May 2009.

My comment is quoted in The Washington Post.(2/8/2010)
The Washington Post Foreign Service, Thursday, February 4, 2010, "Economic crisis looms for Japan amid financial and manufacturing problems," By Blaine Harden

Participated in the American Economic Association, Annual Meeting 2010 in Atlanta, and on January 4, presented a paper, "Comparison of Asian Crisis 1997-98 and Global Crisis of 2008-09" in the sessions, "Global Financial Crisis, Regional Integration and Policy Responses in East Asia."(1/4/2010)

The Following articles are freely downloadable at the publisher.
Takatoshi Ito, "Asian Currency Crisis and the International Monetary Fund, 10 Years Later: Overview" Asian Economic Policy Review, vol 2, no 1, 2007
http://www3.interscience.wiley.com/journal/118501087/issue

The abstract of a paper, "Chinese Foreign Exchange Policies and Asian Currencies" is available on the internet.(12/11/2009)

On December 4, I participated in a symposium, "The Quantitative Revolution and the Crisis: How Have Quantitative Financial Models Been Used and Misused" Co-hosted by The Center on Japanese Economy and Business and the Sanford C. Bernstein & Co. Center for Leadership and Ethics.(12/11/2009)

On December 3, I gave a lecture at Columbia University.(12/11/2009)
"Asian Financial Cooperations and Integrations"

On December 1, I participated in a seminar at the School of Advanced International Studies, Johns Hopkins University.(12/11/2009)
　 "Challenges of the Japanese Economy Under the New Government"
Hosted By: International Economics Program
Date: December 1, 2009
Time: 4:30 PM - 6:00 PM
Location: Room 500, The Bernstein-Offit Building
Bernstein-Offit Building - 1717 Massachusetts Ave., N.W., Washington, D.C.
School of Advanced International Studies, Johns Hopkins University, Washington DC.

On November 10, I participated in the panel discussion organized by the Center on Japanese Economy and Business, Columbia University.(11/20/2009)
Video is available here.（Click "Video of this conference is available here."）
Tuesday, November 10, 2009
6:00 p.m. - 7:30 p.m. (reception to follow)
Uris 301, Columbia Business School
Panelists
Heizo Takenaka, Director, Global Security Research Institute, Keio University; former Minister of Internal Affairs and Communications; and former Minister of State for Privatization of the Postal Services
Patrick Bolton, Barbara and David Zalaznick Professor of Business, Columbia Business School
Takatoshi Ito, Visiting Professor, Finance and Economics Division, Columbia University; Professor, The University of Tokyo
Commentator
Merit E. Janow, Professor in the Practice of International Economic Law & International Affairs, Columbia University
Moderator
David Weinstein, Carl S. Shoup Professor of Japanese Economy, Columbia University; Associate Director for Research, Center on Japanese Economy and Business (CJEB), Columbia Business School

On November 5, I gave a presentation at the Weatherhead East Asian Institute, Columbia University.(11/20/2009)
"Global Crisis and Exchange Rates in East Asia"
Takatoshi Ito, Professor, University of Tokyo; visiting professor at the Center on Japanese Economy and Business
Thursday, November 5, 2009
12:00 PM - 1:30 PM

On October 23-24, I participated in the symposium, "Building the Financial System of the Twenty-First Century: An Agenda for Japan and the United States," co-hosted by harvard law school and the International House of Japan.(11/20/2009)

On October 19-20, I participated in the Asian Economic Policy Conference organized by Federal Reserve Bank of San Francisco, and presented a paper.(11/20/2009)
"Fire, Flood and Lifeboats Policy Responses to the Gloobal Crisis of 2007-09"

On October 16, I presented a paper in the Federal Reserve Bank of New York.(11/20/2009)
"Fire, Flood and Lifeboats Policy Responses to the Gloobal Crisis of 2007-09"

On September 22, I participated in the symposium, "How Quickly Can We Recover from the Financial Crisis?" organized by US-Japan Research Institute in Washington.(11/20/2009)

The Deutsche Bundesbank 50th anniversary conference took place on September 21, 2007, and it conference volume was just published. My discussion is included as follows:(8/24/2009)
Takatoshi Ito, (2009). “Comments on Lars Svensson, ‘What have economists learned about monetary policy over the past fifty years?” in the Deutsche Bundesbank (ed.), Monetary Policy Over Fifty Years: Experiences and Lessons, London: Routledge: pp. 60-66.

In the field of Econo-Physics, I have collaborated with Professor Misako Takayasu of Tokyo Institute of Technology. The following paper is a product of our joint research.(8/24/2009)
Yamada, Kenta; Hideki Takayasu; Takatoshi Ito; and Misako Takayasu, “Solvable stochastic dealer models for financial markets,” Physical Review-E 051120, vol. 79, Issue 5, May 2009: 12 pages.
http://scitation.aip.org/getabs/servlet/GetabsServlet?prog=normal&id=PLEEE8000079000005051120000001&idtype=cvips&gifs=yes

On August 20, Yuko Hashimoto and I have presented “”Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture” (NBER wp. 15020) at the Bank of Japan.(8/24/2009)
http://www.nber.org/papers/w15020

On August 1, Yuko Hashimoto and I have presented “”Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture” (NBER wp. 15020) at Kobe University. (8/24/2009)
http://www.nber.org/papers/w15020

On July 27-28, 2009, I have visited London, and discussed with many economists, including an executive at Bank of England, professors at London School of Economics, and chief economists of hedge funds. The topics of discussions ranged from current global crisis to reforms of financial supervision around the world.(8/24/2009)

On July 10, I have delivered the Tun Ismail Ali Public Lecture in Kuala Lumpur, Malaysia. (8/24/2009)
This concludes my appointment as the 4th holder of Tun Ismail Ali Chair at University of Malaya. Speech slides are available at:
http://www.fep.um.edu.my/public_lectures/publiclecture_10072009.pdf
The public lecture was cosponsored by Bank Negara Malaysia. Governor Zeti Akhtar Aziz delivered a special speech for this occasion.
http://www.bnm.gov.my/index.php?ch=9&pg=15&ac=314

From July 1 to 5, I have visited Paris and Aix-en-Provence. (8/24/2009)
In Paris, I have participated in the breakfast meeting of the Paris-Ile de France Capital Economique and talked to a journalist, and a group of businessmen. In addition, I have visited SciencesPo to strengthen the student exchange program between SciencesPo and GraSPP, University of Tokyo. In Aix-en-Provence, I have participated in the 3-day conference, Circle of Economists at Aix-en-Provence. My role was to speak at the “Great Breakdown.”

On June 30, 2009, I participated in the NBER Japan Project Meeting held in Tokyo. (8/24/2009)
The program can be seen from here:
http://www.nber.org/~confer/2009/JPMs09/program.html
I was a discussant for the Rasmus Fatum, "Official Japanese Intervention in the JPY/USD Exchange Rate Market: Is it Effective and Through Which Channel Does it Work ?"

On June 26 and 27, 2009, NBER East Asian Seminar on Economics (EASE) 20 was held in Hong Kong on the theme of “Commodity Prices and Markets.” (8/24/2009)
Program can be seen from here:
http://www.nber.org/~confer/2009/ease09/program.html

Hashimoto, Yuko and Ito, Takatoshi, "Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture" NBER working paper, No. 15020, May 2009. (6/3/2009)
http://www.nber.org/papers/w15020
Abstract: Market impacts of Japanese macroeconomic announcements within minutes on the dollar/yen foreign exchange are analyzed. High-frequency data collected from the actual trading platform, EBS, are used. First, impacts on returns are analyzed. Macroeconomic statistics releases that consistently had significant effects on exchange rate returns include Tankan survey (a short-term business survey conducted by Bank of Japan), GDP, industrial production (preliminary), PPI, CPI (Tokyo area), the unemployment rate and Balance of Payment statistics. Macroeconomic statistics releases that did not have impacts on returns include Trade Balance, Retail Sales and Housing start indicators. Second, for most of macroeconomic news items whose surprise components have return impacts also have impacts on deals and volatility. The announcement itself, in addition to the magnitude of surprise, is found to increase the deals and price volatility in the immediately after the announcement. In addition, some other items have no return impacts but deals and volatility impacts. These facts are consistent with a view that market participants have heterogeneous information, so that even without any price change, trades take place. Price discovery process may require some transactions with price fluctuations around new price level consistent with statistical announcement.

May 8, 2009. Participated in a panel session titled "World in Recession, Implications for Asia," in St. Gallen Symposium 2009.(5/15/2009)

May 4, 2009. Gave a lecture for graduate and undergraduate students at Ritsumeikan-Asia Pacific University in Beppu, titled "Long-term Economic Development: Lessons fo Japan's Experinces to Asia."(5/15/2009)

April 24, 2009. Participated in a brainstorming session of Managing Director of International Monetary Fund and experts; presented a view on IMF reform. (5/15/2009)

The following new e-book is published via VoxEU.org hosted by CEPR. (3/6/2009)
Takatoshi Ito, "Zero Interest Rate Policies and Quantitative Easing," in: Mathias Dewatripoint, Xavier Freixas and Richard Portes (eds.), Macroeconomic Stability and Financial Regulation: Key Issues for the G20, pp.67-78.
Click here for more information and to download the e-book.

On February 23, I participated in Global Korea 2009, an international conference hosted by PCFV and NRCS. (3/2/2009)
I served as a discussant in a following session.
Session 1, International Finance: G-20 and the Re-arrangement of International Financial Order


On February 17-18, I participated in a special meeting by Competition Committee at OECD on effects of global financial crisis on competition policy. (2/20/2009)
I gave lead presentation on “Global Financial Crisis of 2008: Crisis management and Competition Policy,” in one session and served as a discussant in another session.

On February 13, I participated in a PCFV/KIF Joint International Seminar, Assessments and Directions for Financial Regulation and Supervision.(2/20/2009)
I made a presentation on problems and challenges of financial supervision and regulation.

I have acted as a discussant in the TRIO conference sponsored by NBER, TCER, and CEPR in Tokyo, on Dec 17. (12/17/2008)
The paper I discussed was
Chihiro Shimizu (Reitaku University), Kiyohiko Nishimura (Bank of Japan), and Tsutomu Watanabe (Hitotsubashi University and TCER), "Residential Rents and Price Rigidity: Micro Structure and Macro Consequences."
The program is here.

A short article, translated from Weekly Diamond, is published via Glocom service.(11/26/2008)
Takatoshi Ito, "Can Japan Survive and Overcome Global Recession?"
http://www.glocom.org/opinions/essays/20081125_ito_can/

November 21, 2008. I visited Bank of Thailand, and had discussions with executives.(11/25/2008)

November 20, 2008. I participate in the panel, "Challenges of Economic Integraiton in Asia," in the conference "The Future of Economic Integration in Asia," cosponsored by Thammasat University and Japan Bank of International Cooperation.(11/25/2008)

The Cournot Centre for Economic Studies Series has been published.(11/17/2008)
Takatoshi Ito, "Global Imbalances: Origins, Consequences and Possible Resolutions," in: Central Banks as Economic Institutions, Edited by Jean-Philippe Touffut, Edward Elgar, pp.142-61.

On November 14, I have participated in the panel after the keynote speech by Sadako Ogata, on Japan's International Relations as one of the events for 50th anniversary of the Center for Japanese Studies, University of California, Berkeley. (11/17/2008)

On G20 Summit on November 15, I have contributed one chapter to a collection of proposals by leading international finance scholar in a "E-publication by VOX".（11/11/2008）
Takatoshi Ito, "G20 Summit: What they should achieve" in "What G20 leaders must do to stabilise our economy and fix the financial system," Edited by Barry Eichengreen and Richard BaldwinA VoxEU.org Publication.
Here is the LINK to table of contents ↓
http://www.voxeu.org/index.php?q=node/2543
Here is the publication itself ↓
http://www.voxeu.org/reports/G20_Summit.pdf

The following article has just published in JMCB, a respectable journal in economics.（10/20/2008）
Ito, Takatoshi and Kiyotaka Sato, "Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: VAR Analysis of the Exchange Rate Pass-Through" Journal of Money, Credit and Banking, vol. 40, no.7, October: 1407-1438.
Abstract:Macroeconomic consequences of large currency depreciations among the crisis-hit Asian economies varied from one country to another. Inflation did not soar after the Asian currency crisis of 1997-98 in most crisis-hit countries except Indonesia where high inflation followed a very large nominal depreciation of the rupiah. The high inflation meant a loss of price competitive advantage, a key for economic recovery from a crisis. This paper examines the pass-through effects of exchange rate changes on the domestic prices in the East Asian economies using a VAR analysis. The main results are as follows: (1) the degree of exchange rate pass-through to import prices was quite high in the crisis-hit economies; (2) the pass-through to CPI was generally low, with a notable exception of Indonesia: and (3) in Indonesia, both the impulse response of monetary policy variables to exchange rate shocks and that of CPI to monetary policy shocks were positive, large, and statistically significant. Thus, Indonesia's accommodative monetary policy, coupled with the high degree of CPI responsiveness to exchange rate changes was an important factor in the inflation-depreciation spiral in the wake of the currency crisis.

NBER Working Paper (July 2008) was published.（9/29/2008）
July 2008, Yuko Hashimoto, Takatoshi Ito, Takaaki Ohnishi, Misako Takayasu, Hideki Takayasu, Tsutomu Watanabe
"Random Walk or A Run: Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability"

Asian Economic Policy Review (Volume 3, Issue 1, June 2008) was published.（9/29/2008）
Editors: Takatoshi Ito, Akira Kojima, Colin McKenzie, Shujiro Urata
More information is here.

2008 Winter Course, University of Tokyo（10/1/2008）
For more information, please see the Course Guidance and Materials page.

On September 14-15, 2008, I participated in Japanease Economic Association Autumn Meeting at Kinki University.（9/22/2008）
・The program and the summary is here.

GLOCOM （9/1/2008）
“Economic Policy Measures in Response to Oil and Food Price Hikes”
The original Japanese article appeared in the August 30, 2008 issue of Weekly Toyo Keizai

I have been the 4th holder of Tun Ismail Ali Chair of Faculty of Economics at University of Malaya.（8/26/2008）

The following NBER conference volume was published: （7/29/2008）
Ito, Takatoshi and Andrew K. Rose (eds.), International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy.
The following article was published in the above conference volume:
Takatoshi Ito and Yuko Hashimoto, "Price Impacts of Deals and Predictability of the Exchange Rate Movements".

This is the publicly available Japanese intervention data in a user-friendly excel format.（7/17/2008）
The original series can be downloaded from the Ministry of Finance website. This data series was used in the following papers: Ito, T (2007): "Myths and reality of foreign exchange interventions: an ap plication to Japan" International Journal of Finance & Economics, Volume 12, Issue 2, Pages 133-154, April 2007. Ito, T. and T. Yabu (2007): "What prompts Japan to intervene in the Forex market: A new approach to a reaction function," Journal of International Mon ey and Finance, Vol. 26, 2007, pp. 193-212. Takatoshi Ito is responsible for any errors due to the transformation of the original series to this format. We appreciate if you acknowledge the use of this data.

June 6, 2008. Participated in the panel, “Tokyo’s Sinking Status as a Global Financial Centre and its Impact on Japan’s Financial Markets” (16:20-16:45) at the Euromoney Japan Forex Forum. （6/9/2008）
Interviewer was Nick Hayward and another panelist was Mr Chikahisa Sumi (Financial Services Agency).

I was invited as the lecturer of 2008 Kubodera Lecture at the University of Hawaii. （6/2/2008）
The talk, “The dollar, the yen and the Euro” was delivered on May 30, 2008 at the Pacific Club of Honolulu.

The Working Group on the Expert Committee on Reforms Addressing Globalization, Council on Economic and Fiscal Policy.(6/2/2008)
The Working Group on the Expert Committee on Reforms Addressing Globalization, Council on Economic and Fiscal Policy (The WG, hereafter) issued the second report, “Toward Reform of Public Pension Fund Management” on May 23, 2008. The report is available here.
Financial Times reported on http://www.ft.com/cms/s/0/2530fae4-2850-11dd-8f1e-000077b07658.html.

On May 20, I was a discussant in Session 2, “Changing Landscape of global finance and capital flows” in conference, “Financial Turbulence and the Global Financial System: A Pre-G8 Finance Ministers’ Meeting Symposium.”（6/4/2008）
The program is here.

I have attended the International Macro Finance at IMF, April 24-25, 2008 in Washington DC. （4/30/2008）
I have spoken in the panel discussion with Dr. Vincent Reinhart and Prof. Michel Dooley.
For more information, please visit the IMF website.

On April 17, 2008, I gave a speech on "Making Tokyo A First-Rate International Financial Center" at the Foreign Correspondents' Clob of Japan (FCCJ). （4/17/2008）
FCCJ's website is here.
For the announcement of my lecture, see their page here.
For those who attended my lecture please click here for the presentation material--it is protected by password (ask for it to Ms Chung at the Club, or email me).
Report by GLOCOM is here.

The saga of the BOJ Governor, Deputy Governors nomination (and rejection) （4/14/2008）
Please click here if you are interested in this topic.

On April 3, I presented researchers' report commissioned by ASEAN Secretariat at the Formal ASEAN+3 Finance and Centarl Bank Deputies' Meeting (Formal AFDM+3).（4/7/2008）

I appeared on the NHK TV program, "Insight & Foresight".（3/5/2008）
"Bracing for a US economic slowdown," broadcasted on Feb.23,2008.
The summary will be found from here.

A debate on a plan to impose a ceiling on foreign ownership of Japanese airports.（2/26/2008）

On February 1, 2008, I participated in the conference, hosted by Japan Society.（2/8/2008）
"Enforcement in the U.S. & Japan, with Lessons from the UK"
Here is the program.

On January 25-26, 2008, I participated in the DAVOS meeting.（1/28/2008）
"Should We Fear Slowdowns?" Here is the summary.

On January 4-6, 2008, I participated in American Economic Association(AEA) Annual Meeting.（1/11/2008）
Here is the program.

JBIC TODAY Round-Table Discussion has been held.（2/22/2008）
Ten Years After the Asian Currency Crisis -Lessons Learned for Further Development in Asia, Including Japan-
JBIC TODAY, special issue 2007

On December 11, I participated in the confernce, "Managing Capital Flows: Search for a Model - Technical Workshop", hosted by Asian Development Bank Institute(ADBI).（12/14/2007）
Here is the agenda.

On December 6 and 7, I participated in the confernce, "Exchange Rates and Prices", hosted by the Federal Reserve Bank of New York.（12/10/2007）
Here is the agenda.

On November 19 and 20, I participated in the conference hosted by Financial Times/DIFC (Dubai International Financial Center) in Dubai.（11/29/2007）
Topics, such as Requirements for a International Financial Center, Sovereign Wealth Fund, were discussed.
CNBC's video, "Strong Yen's Impact on Japanese Economy".（2/18/2008）

Final Version of the paper presented at the Cournot Conference.（11/26/2007）
Takatoshi Ito, (2007)“Global Imbalances: Origin, Consequence, and Resolution”, Revised, November 21, 2006.

On September 24, I gave a lecture (Division 11 symposium) and participated in a panel discussion in the 62nd Annual Meeting Program, The Physical Society of Japan.（09/28/2007）

The following article has been published in the proceedings of an International Symposium 2006, Bank of Thailand.（09/28/2007）
Takatoshi Ito, (2007)“The Role of Exchange Rate in Inflation Targeting”, in : Bank of Thailand, Challenges to Inflation Targeting in Emerging Market Countries, Proceedings of an International Symposium, 13-14 November 2006, pp.243-275

On September 21, I participated in a symposium of the Deutsche Bundesbank.（09/28/2007）
“Monetary Policy over Fifty Years” 21 September 2007, Frankfurt am Main
A conference on the occasion of the 50th anniversary of the Deutsche Bundesbank
On September 15, I participated in Symposium on Building the Financial System at Harvard University and gave the following lecture.（09/28/2007）
Symposium on Building the Financial System of the 21st century
On September 8, I participated in Japanese Joint Statistical Meeting at Kobe University.（09/14/2007）
I gave a following paper in an invited session, "Statistical Analysis of High Frequency Financial Data" (16：00-18：00、Place C).
"Random Walk or A Run: Market Microstructure Analysis of the Foreign Exchange Rate Movement"(Co-Author: Yuko Hashimoto, Faculty of Economics, Toyo University)

On September 4-5, the 20th TRIO Conference was held.（09/14/2007）
NBER-TCER-CEPR, 20th Anniversary Conference on Financial Globalization
Takeo Hoshi and Takatoshi Ito, Organizers
September 4-5, 2007
Academy Hills, 49th Floor Mori Bldg.

On August 31, I participated in European Economic Association・Econometric Society European Meeting (Budapest, Hungary)（09/14/2007）
I gave a following paper: (place B-4)
DIRECTIONAL PREDICTABILITY OF THE FOREIGN EXCHANGE RATE MOVEMENTS --MARKET MICROSTRUCTURE ANALYSIS BASED ON CONDITIONAL PROBABILITY
Takatoshi Ito, University of Tokyo
Co-Author: Yuko Hashimoto, Faculty of Economics, Toyo University
（The title has revised as follows: "Random Walk or A Run: Market Microstructure Analysis of the Foreign Exchange Rate Movement"）

The 18th annual NBER-EASE was hosted by Singapore Management University: (06/29/2007)
http://www.nber.org/~confer/2007/ease07/ease07prg.html

On March 1, I gave a lecture titled, “Japanese Economy : From Deflation to a New Growth Economy” at Program on U.S.-Japan Relations, Harvard University, as a Distinguished Visitor 2006-2007.

BLOG about Davos（January24-28,2007）
Please visit here for what is happening in Davos.

CJEB Twentieth Anniversary Conference in New York, Columbia University
I participated in the festivity of the 20th anniversary conference of Center on Japanese Economy and Business at Columbia University on October 26, 2006. The conference program is available at the conference web site.
My statement at the panel on the Japanese monetary policy is here.

October 13, 2006. Takatoshi Ito was appointed by Prime Minister as a member of Council on Economic and Fiscal Policy (CEFP).
http://www.keizai-shimon.go.jp/english/index.html
The CEFP consists of 11 members: Prime Minister, Chief Cabinet Secretary, Finance Minister, Minister for METI, Minister of Internal Affairs and Communications, the Minister in charge of CEFP, Governor of the Bank of Japan, and four "private-sector members." Ito is one of the four private-sector members.
Although the appointment is part-time and a full-time position at University remains, a significant amount of time will be devoted to the CEFP activities, given that the Council meets at least twice a month. The first Council meeting with new members took place on October 13, 2006.