The Global Financial Crisis (GFC) of 2008 triggered calls for reforms that would strengthen financial regulations globally. But amid the stresses of financial disruptions in Europe and the United States, caused by the spread of COVID-19 in the spring of 2020 and the instability of banking systems in early 2023, regulatory reforms did not perform as initially intended; instead they have exposed flaws and even contributed to market fragility. This paper summarizes the malfunctioning of new regulations seen in the context of the pandemic and bank failures, and explores the root causes of the failures and a direction for improvement. Also, it provides an overview of the implications for Japan and how overseas authorities are rethinking their approaches.   Miyauchi Atsushi, Professor, SBI Graduate School of Business Macroprudential Regulations Introduced in the Wake of the Global Financial Crisis Various challenges for post-GFC regulatory ... ... [Read more]

  Furuichi Masako, Associate Professor, Peking University Her Books Become Book of the Year Sociologist and feminist Ueno Chizuko (Professor Emeritus, University of Tokyo) is currently enjoying charismatic popularity in China. Ofuku shokan: Genkai kara hajimaru (Correspondences: Starting at the Edge), which was co-authored with author Suzuki Suzumi and translated into Chinese in September 2022, was not only selected as book of the year on Douban, the largest book review social networking service in China, but ranked third in the weekly ranking in the middle of May as of the writing of this article. Topping the best seller list in 2022 at a Peking University campus bookshop was Ueno’s Onnagirai (Misogyny) published in 2015. Feminism sections have been established at bookstores in the city and Ueno’s books line the shelves. In September 2022, the Japanese language and culture of the School of Foreign Language at ... ... [Read more]

  Tonami Aki, Associate Professor, Tsukuba University Recently, argumentative and cynical influencers have been enjoying increasing popularity in Japan. “Argumentative” generally refers to arguing and seeking to defeat an opponent in an argument. In this context, it refers to a manner of speech used by influencers active on social media. It is considered a debate technique[1] that finds fault and seeks to corner an opponent through the manipulation of information. “Cynical” refers to mocking something, and in social media, it is the act of making fun of someone by looking down on them.[2] Being “cynical” is characterized by the intersection of relationships of power between the online and the real world, whereby so-called “weak” people in the real world treat men and women who are “strong” in the real world with contempt online. So why has support for these argumentative and cynical styles come ... ... [Read more]

  Honda Yuki, Professor, Graduate school of Education, University of Tokyo What is condensed into the University of Tokyo? The University of Tokyo. Needless to say, it is the oldest university in Japan and one of the top universities in Japanese higher education with a clear hierarchical structure such as difficulty of admission and prestige. Tokyo University is often held up as the embodiment of the so-called “meritocracy” (often translated as “merit-based system” or “abilityism” in Japanese) through various means such as television talk shows, quiz programs, and its track record of students having advanced to high schools and preparatory schools. However, reconsideration of the meritocracy itself is also progressing. In April 2019, Ueno Chizuko [Professor Emeritus of the University of Tokyo, chief director of the NPO Women’s Action Network (WAN)] drew attention with her words at the matriculation ceremony of the University of ... ... [Read more]

Kawai Kaori, nonfiction writer     A blue sky and Mt. Fuji viewed over water. Murals featuring these motifs are typical of sento (public bathhouses) in Tokyo and the surrounding Kanto region. Yet today, there are only three professional public bathhouse mural painters in all of Japan. One is in his 70s and one is in his 80s. The youngest, Tanaka Mizuki, is 40 years old and is the only female bathhouse mural painter.  “Practically speaking, whether or not there is a mural in a public bathhouse doesn’t have much impact on the purpose of taking a bath,” says Tanaka. In other words, bathhouse murals are not a necessity. However, they do serve as a place for a bather to fix their gaze, Tanaka explains. “Public bathhouses have many regular customers, and to them the same mural seen every day can appear different depending ... ... [Read more]