The Third Arrow of Abenomics: How Far Will It Reach?
Thursday, October 24, 2013
12:30pm – 2:00pm EST
Warren 3rd Floor - 310
1125 Amsterdam Avenue, New York, NY 10025
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Event Details

CJEB welcomes you to a lunchtime "zadankai" seminar

The Third Arrow of Abenomics: How Far Will It Reach?

Takatoshi Ito
Dean, Graduate School of Public Policy
Professor, Graduate School of Economics
The University of Tokyo

Moderated by:

Hugh Patrick
Director, Center on Japenese Economy and Business
R. D. Calkins Professor of International Business Emeritus
Columbia Business School


Professor Ito's powerpoint presentation is available here.


Lunch will be served.  Advance registration is required.
Media Contacts: Ryoko Ogino,

Abenomics, a package of economic policies by Prime Minister Abe, has achieved early success through yen depreciation and stock price increases from mid-November 2012 to mid-May 2013. Aggressive monetary easing, Quantitative and Qualitative Easing (QQE) introduced by new Bank of Japan Governor Kuroda, was the first arrow. The second arrow was flexible fiscal policy, which applied a short-term stimulus by government spending targeted to the 2nd quarter of 2013. However, in the medium term, the government needs to implement fiscal consolidation in order to avoid a fiscal crisis. The third arrow is expected to introduce structural reform, overriding some vested interest groups. This arrow is designed to raise productivity and the growth rate, despite a shrinking working-age population. The agenda has been well-known. Success hinges on the Prime Minister’s political leadership.

Brief biography:
Takatoshi Ito, Dean of the Graduate School of Public Policy and Professor at the Graduate School of Economics, University of Tokyo, has taught extensively both in the United States and Japan, including at the University of Minnesota, Hitotsubashi University, and Harvard University. Ito also served as Senior Advisor in the Research Department, IMF (1994-97) and as Deputy Vice Minister for International Affaires at Ministry of Finance, Japan (1999-2001). He is an author of many books including The Japanese Economy, The Political Economy of the Japanese Monetary Policy, and Financial Policy and Central Banking in Japan, and more than 50 academic journal articles on international finance and the Japanese economy. He was President of the Japanese Economic Association in 2004. He was a member of the Prime Minister’s Council of Economic and Fiscal Policy from October 2006 to October 2008, and was a visiting professor at Columbia Business School in the fall semester of 2009.  He was awarded the national Medal with Purple Ribbon in June 2011.

Where & When

Warren 3rd Floor - 310, 1125 Amsterdam Avenue, New York, NY 10025

Thursday, October 24, 2013, 12:30pm – 2:00pm

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Hosted By
Center on Japanese Economy and Business

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