Japan's Fiscal Sustainability and Interest Rate Risk in the JGB Market
Thursday, February 14, 2013
12:30pm – 2:00pm EST
Warren 4th Floor - 416
1125 Amsterdam Avenue, New York, NY 10025
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Event Details

CJEB presents a luncheon "zadankai" seminar on Japan's Fiscal Sustainability and Interest Rate Risk in the JGB Market with:

Tokuo Iwaisako

Professor, Institute of Economic Research, Hitotsubashi University

Moderated by:
Hugh Patrick, Director, CJEB

A video of the event is now available here.

The Japanese government will be able to finance its debt as long as current account surpluses continue, meaning there is sufficient domestic demand for Japanese government bonds (JGBs). For the near term future, it is the domestic investors’ portfolio decisions that determine the likelihood of a crisis in the JGB market. Professor Iwaisako will summarize recent trends in Japanese institutional investors’ investment positions in JGBs and provide a forecast for the next several years. He will argue that, in the near term, there must be some increase in the JGB yield, and that potential damages to Japanese financial institutions will be limited and can be controlled. However, in the long-run, a more serious fiscal crisis is inevitable unless the Japanese government makes a serious commitment to painful fiscal consolidation.


About Professor Iwaisako:

Tokuo Iwaisako is a professor at Institute of Economic Research, Hitotsubashi University. He also teaches finance and macroeconomics in the Department of Economics and at Hitotsubashi’s Graduate School of International Corporate Strategy. He held the position of Principal Economist at the Institute of Policy Research, Ministry of Finance, Japan from April 2009 to March 2011. Professor Iwaisako earned his Ph.D. in economics from Harvard University in 1997. He received his B.A. from Hitotsubashi University in 1990.


Where & When

Warren 4th Floor - 416
1125 Amsterdam Avenue
New York, NY 10025

Thursday, February 14, 2013, 12:30pm – 2:00pm

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Hosted By
Center on Japanese Economy and Business

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