Japan’s Currency Outlook: Will the Weak Yen Continue?

Japan’s Currency Outlook: Will the Weak Yen Continue?

Tuesday, October 27, 2026 | 12:45 – 1:45 PM (Lunch will be provided) 
Room 420, Geffen Hall, Columbia Business School

Featuring: 

Maki Ogawa 
Chief Analyst; Executive Officer; and In charge of Financial Market Research Department, Sony Financial Group Inc.

Moderator: David E. Weinstein, Director, CJEB; Carl S. Shoup Professor of the Japanese Economy, Columbia University

Notes: This event is limited to Columbia Business School community members and CJEB affiliates. The event is part of CJEB’s Japanese Management Leadership Program.
 

Presentation Summary:
The Japanese yen has fallen to its weakest level in nearly 40 years. Why has the yen become so weak? And will it stay that way? This lecture will examine the structural changes in the Japanese economy that lie behind the currency's depreciation. It will also examine the conditions under which the yen could strengthen again. By looking at Japan's changing role in the global economy, we will consider what the yen may tell us about Japan's future.

Talking Points:
1.        Why has the Japanese yen fallen to its weakest level in nearly 40 years?
2.        Examining the structural changes in the Japanese economy behind the yen’s depreciation.
3.        Under what conditions could the yen strengthen again?
4.        What the yen may tell us about Japan’s future and its changing role in the global economy.

Biography:

Maki Ogawa is a Chief Analyst and Executive Officer in charge of Financial Market Research Department of Sony Financial Group Inc. She is responsible for outlining the firm's official view on the foreign exchange market.

She joined Sony Financial Holdings (current Sony Financial Group) in August 2016. She started her career as a foreign exchange dealer at First National Bank of Chicago in 1994. After that she worked for J.P. Morgan (current JP Morgan Chase Bank, Tokyo Branch) as a foreign exchange dealer and moved to Sony Corporation and engaged in currency risk hedging and market research at the Finance Department. Afterward, she was responsible for analysis of financial markets, as well as providing information for individual investors at Citibank Bank (current SMBC Trust Bank) as investment research planning manager of the individual financial sector. Currently, she regularly appears on TV TOKYO’s early morning program "News Morning Satellite", Nikkei CNBC and others as a commentator on financial markets. She is the author of, "Understanding foreign exchange market changes your business" (Nikkei BP, 2014)", "Foreign currency investment technique learned from the high-net-worth individuals (Nikkei newspaper, 2015)", "The latest edition of Real Understanding of Foreign Exchange Market" (Nippon Jitsugyo Publishing, 2023)", " Foreign Exchange market is so interesting!” (Gentosha Literary Publishing, 2024) " and the like.

Ms. Ogawa is a director of Sony Bank Incorporated (2024-present), and the external advisor of WealthNavi Incorporated (2025-present), and a researcher of Global Financial Market Study Group, SBI Financial and Economic Research Institute (2021-present). She has also become the President of Life Design Academy, a financial education school opened by the Sony Financial Group Inc.in 2025.

Admission and Contact: 

You must register to attend this event in person.

Special Notes:
● This event is limited to Columbia Business School community members and CJEB affiliates.
● This in-person-only event will not be live-streamed.
● Please be advised that this event may be photographed, so your image may appear on our website later. If this is an issue, please let us know.
● Please bring a government-issued ID or Columbia University ID to access Columbia Business School
● No large bags, luggage, or placards of any kind (such as posters or signs) are allowed inside the venue.
● The event is part of CJEB’s Japanese Management Leadership Program.

If you have questions about the event, please contact us at cjeb@gsb.columbia.edu.