Kojima Akira, Member, Board of Trustees, and Adjunct Professor, National Graduate Institute for Policy Studies (GRIPS)   The Novel Coronavirus (COVID-19) was detected in Wuhan, Hubei Province, China at the end of December 2019. In January 2020, cases of infections were confirmed in Japan, and the pandemic intensified as the infection spread rapidly around the world. The subsequent Great Lockdown, to quote the International Monetary Fund (IMF), has plunged the global economy into the worst recession since the Great Depression in the 1930s, creating disparities between countries, types of industry, and social classes. In 2020, the growth rate for the global economy slumped to negative 3.3%. The widening disparity has also drawn attention to how economies and societies have started to develop in the shape of a K, i.e., polarizing into areas of growth and expansion, and areas of downturn and decline. The coronavirus ... ... [Read more]

Miura Atsushi, Professor, University of Tokyo   The gist of my previous blog entry was that, although unknown to what extent the organizers were aware of this, from a historical point of view, the monumental event that was “Japonisme 2018” was an exhibition of Japanese culture that had its roots in the Japan exhibitions at the international expositions of the nineteenth century while also connecting to the national policy of exporting culture in anticipation of a second Japonisme boom. I want now to comment on the actual exhibitions with a focus on the art exhibitions, but it is not that I was able to see all the exhibitions. Because I went to France in the third week of December 2018, I missed “FUKAMI: Une plongée dans l’esthétique japonaise” (Hôtel Salomon de Rothschild), “Jakuchu: Le royaume coloré des êtres vivants” (Petit Palais), “Jomon: Naissance de ... ... [Read more]

Kojima Akira, Member, Board of Trustees, and Adjunct Professor, National Graduate Institute for Policy Studies (GRIPS); Trustee, Chairman of the World Trade Center Tokyo   In mid-April, the International Monetary Fund (IMF) announced a significant downward revision of its growth projection for the world economy in 2020, from the 3.3% it had announced just three months prior, to -3.0%. Nonetheless, the new estimate is based on the assumption that economic activities will normalize after the COVID-19 coronavirus outbreak is contained in the latter half of the year. The IMF has even started to use the term “the Great Lockdown.”    Although the quick development of an effective drug is expected, it should be assumed that the coronavirus pandemic may be prolonged or that a second or third wave of the coronavirus outbreak may occur. It is essential to resolutely deal with the current situation ... ... [Read more]

Miura Atsushi, Professor, University of Tokyo   I still remember the large cultural event titled “Japonisme 2018,” which was held in France in 2018. That year marked the 160th anniversary of the establishment of diplomatic relations between Japan and France, the 150th anniversary of the Meiji Restoration, and the 150th birthday of Paul Claudel, the writer and diplomat who contributed to French-Japanese relations. Such a large-scale event themed on Japanese culture was rare in France, although anniversary events are common. It was magnificent that over fifty intriguing projects representing Japanese culture were implemented across France from July 2018 to February 2019, such as fine art, acting, movies, food, literature, dance, manga and anime (Fig. 1).   I was lucky to see four exhibitions related to “Japonisme 2018” when I visited Paris in December 2018. Based on the impression from my visits, I would like ... ... [Read more]

In this article, I would like to discuss some of the points that are crucial to Japan’s economic outlook for 2020. First, we should examine whether or not the Japanese economy has peaked out. A reference date related to a peak or a bottom in a business cycle is determined by the Economic and Social Research Institute of the Cabinet Office. It usually takes more than a year for them to determine whether a peak or a bottom has actually occurred in a business cycle because their judgments require comprehensive statistical information pertaining to a certain period of time. This suggests that the government research institute may have missed an opportunity to announce a reference date of a business-cycle peak in a more timely manner simply because comprehensive statistical data are not yet available for them to make a judgment. This assumption sounds extremely ... ... [Read more]

Paul Volcker, a legendary policy man and the former chairman of the Federal Reserve Board (FRB), published a new book Keeping at It in 2018 at the age of 91. It is a book that allows us to sense the creed of Volcker, who continues to call for the maintenance of healthy finance. Maybe we should say it is an irony, but in August 2018 there was a move to render the Dodd-Frank law, which focuses on the Volcker Rule that restricts the market transactions of banks, ineffectual. That is, the US House of Representatives passed a bill to revise the Dodd-Frank law. This law had come out of reflections following the economic downturn precipitated by the Lehman Brothers bankruptcy in 2008, which resulted in the global financial crisis. It seems that the sense of crisis that prevailed at that time has already become ... ... [Read more]

... [Read more]

... [Read more]

The world is now facing an historic and major change in trends and structural transitions. In this context, I would like to reexamine the position of Japan and discuss the direction, potential, and issues related to Japan in the future. What becomes apparent through this attempt is the variety of gaps and traps that are embedded in Japan. There is a gap between Japan and other countries that is caused by a major change in global trends and Japan’s consistent failure to respond to the shifting currents. There is also a gap in awareness about issues and policy opinions between the younger generation and the elderly generation in Japan, which has led to the advent of an aging society in which Japan has become a typical silver democracy. Moreover, as I mentioned in the Editors’ Blog, there is a gap between the image of ... ... [Read more]

... [Read more]