Although stock prices and exchange rates remain unstable, can policy management aimed at a “desirable exchange rate” or “normal interest rate level” really be considered rational? The priority should be to achieve an improvement in the economy and economic growth. On August 5, 2024, the Nikkei Stock Average recorded its largest decline in history, falling 4,451 yen from the previous day’s close. The decline of 7,643 yen (closing price basis) in the three business days from August 1 was an unprecedented crash. The Nikkei Stock Average, which peaked at 42,427 yen on July 11, is still unstable, but by August 16 it had recovered somewhat to 38,062 yen. The sharp fluctuations in August may not necessarily be a turning point for stock prices and exchange rates in the medium to long term. On the other hand, it provides important discussion points for future monetary ... ... [Read more]

Speak English with a native speaker living in Japan and you’ll run across words unlikely to come up in a conversation in, say, the US or the UK. For example, the Japanese word conbini comes from the English convenience store, but I can’t recall ever hearing English speakers here using the latter to describe their local Lawson or Family Mart franchise. We drop conbini into our speech regardless of whether we’re conversant in Japanese. For one thing, it’s short and easy to say. And despite the similarities, the image evoked by convenience store (that drab landmark with the gas pumps found along intersections across the American countryside), and the image evoked by conbini (that shiny Japanese institution constantly humming with bright chimes and announcements) are different enough that it’s only natural to want to assign them separate appellations. Work-related Japanese terms are also often ... ... [Read more]

Japan’s proportion of women in science and engineering at the university level is the lowest among OECD countries. In engineering, manufacturing, and architecture, fields in high demand by companies, only 16% of students are women, compared to the OECD average of 26%, and in science, mathematics, and statistics, only 27% are women, compared to the OECD average of 52%. The mathematics scores of Japanese high school girls are extremely good compared to the rest of the world. Why, then, do Japanese high school girls who excel academically not go into science? Of course, there are excellent female students with high academic ability who do choose to go into science. But many of them choose the medical field. In Japan, doctors are highly paid and have a stable position as a respected profession. In pharmacy, too, even if there is a career interruption due to ... ... [Read more]

It has been five years since the Imperial succession took place in May 2019, and the era name was changed to Reiwa. Discussions about the Emperor and the Imperial Family have attracted attention, and the ruling and opposition parties began talks in May 2024 to consider how to ensure a stable Imperial succession and the number of Imperial Family members. Two leading scholars of the Emperor and the Imperial Family discussed the issue. The reappearance of the bansei ikkei (Unbroken Imperial line) ideology Hara Takeshi: I was stunned, or rather shocked, when I read the “Opinions on the State of Stable Imperial Succession” published by the Panel on Ensuring a Stable Imperial Succession of the Liberal Democratic Party (LDP) in April 2024, but it states in all seriousness that “Since Emperor Jimmu (the first Emperor, 711 [721?]–585 BCE), for 126 generations up to His ... ... [Read more]