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Arbitraging Japan
For many financial market professionals worldwide, the era of high finance is over. The times in which bankers and financiers were the primary movers and shakers of both economy and society have come to an abrupt halt. What has this shift meant for the future of capitalism? What has it meant for the future of the financial industry? What about the lives and careers of financial operators who were once driven by utopian visions of economic, social, and personal transformation? And what does it mean for critics of capitalism who have long predicted the end of financial institutions? Hirokazu Miyazaki answers these questions through a close examination of the careers and intellectual trajectories of a group of pioneering derivatives traders in Japan during the 1990s and 2000s.
eBook
Arbitraging Japan
For many financial market professionals worldwide, the era of high finance is over. The times in which bankers and financiers were the primary movers and shakers of both economy and society have come to an abrupt halt. What has this shift meant for the future of capitalism? What has it meant for the future of the financial industry? What about the lives and careers of financial operators who were once driven by utopian visions of economic, social, and personal transformation? And what does it mean for critics of capitalism who have long predicted the end of financial institutions? Hirokazu Miy
Book
Inflammation and Oxidative-Stress Pathways Are Associated with Idiopathic Sudden Hearing Loss: A Genome-Wide Association Study in 15,494 Japanese Individuals
The etiology of idiopathic sudden sensorineural hearing loss (iSSNHL) remains unclear, and genome-wide genetic evidence is limited. We conducted a multicenter Japanese case–control genome-wide association study including 192 clinically defined iSSNHL cases and 15,302 controls aged ≥80 years without a history of hearing loss. After cross-platform SNP harmonization and imputation (Eagle/Minimac4), association testing was performed using dosage-based logistic regression in PLINK 2.0, adjusting for sex and principal components (PC1–PC10). Gene- and pathway-level analyses were conducted using MAGMA and the PANTHER overrepresentation test. Genomic inflation was modest (λ_GC = 1.04). Eight loci reached genome-wide significance (p < 5 × 10−8), led by FHIT, with additional loci near LHX2, TRMT1L, MEGF10, SPATS1, SAMD5, MYT1L, and ID4; 21 loci met the suggestive threshold (p < 1 × 10−6). MAGMA identified eight genes at FDR < 0.05 (FHIT, TRMT1L, MEGF10, RNF2, SWT1, VAMP1, TAPBPL, and C9orf3). These findings suggest that immune-inflammatory and cellular stress–homeostasis mechanisms may contribute to iSSNHL susceptibility and provide candidate loci for future replication and functional studies.
Journal Article
Green Monetary Policy Measures and Central Bank Mandates: A Comparative Political Economy Analysis
Climate change and the political pressure for urgent policy responses have stirred an intense debate as to whether central banks should adjust their monetary policy frameworks in support of the transition to a greener economy. Despite the seriousness of environmental issues and the seeming existence of monetary policy tools to address them, some economists and central bank officials argue that monetary authorities cannot, or should not, be responsible for making policies that act upon the source of those problems. Among other reasons, the adoption of green monetary policy measures can conflict with the primary monetary policy goals, compromise the political independence of central banks, and raise questions about the legitimacy and increased power of some of these banks. Yet, evidence shows that a number of monetary authorities have already adopted environmental criteria in their policymaking, resulting in an expansion of monetary policy toolkits and areas of responsibility. This article undertakes a comparative political economy analysis of the green monetary policy measures and legal mandates of 20 central banks, covering the period between January 2010 and January 2024. This article then examines the monetary policy decisions of two case study central banks, whose green strategies appear not to be fully aligned with their mandates. The empirical findings aim to contribute to the growing political economy literature and international debate on how central banks address pressures related to environmental concerns which, although vital to society and the planet, may pose challenges to conventional goals and established mandates.
Journal Article
Association between intra-abdominal injured organs and abdominal compartment syndrome in patients with severe blunt trauma: A propensity score matched study using nationwide trauma registry in Japan
Abdominal compartment syndrome (ACS) after blunt abdominal trauma is a rare complication that requires early recognition and subsequent surgical intervention for optimal outcome. We aimed to investigate how differences in injured abdominal organs affect ACS development in patients with severe blunt abdominal trauma.
This nested case-control study used a nationwide registry of trauma patients, namely, the Japan Trauma Data Bank (JTDB), and only included patients aged ≥ 18 years with blunt severe abdominal trauma, defined as an AIS score of abdomen ≥ 3, sustained between 2004 and 2017. Patients without ACS were used as control subjects and identified using propensity score (PS) matching. Characteristics and outcomes between patients with and without ACS were compared and logistic regression was used to identify specific risk factors for ACS.
Among 294,274 patients in the JTDB, 11,220 were eligible for inclusion before PS matching, and 150 (1.3%) developed ACS after trauma. PS matching led to the inclusion of 131 and 655 patients with and without ACS, respectively. Compared to controls, patients with ACS had higher number of injured organs in the abdomen and displayed a greater frequency of vascular and pancreatic injuries, need for blood transfusion, and disseminated intravascular coagulopathy, a complication of ACS. In-hospital mortality was higher in patients with ACS than those without ACS (51.1% vs. 26.0%, p < 0.01). Logistic regression analysis revealed that a higher number of injured organs in the abdomen [odds ratio (OR) (95% confidence interval [CI]): 1.76 (1.23-2.53)] and pancreatic injury [OR (95% CI): 1.53 (1.03-2.27)] were independently associated with ACS.
Greater number of injured organs in abdomen and pancreatic injury are independent risk factors for the development of ACS.
Journal Article
Promoting transportation policies in the context of compact city strategies: the case of Toyama City, Japan
There is a general consensus that transportation policies play a crucial role in establishing a compact city with high density, mixed land use, and well-coordinated transit systems that promote sustainability through mechanisms such as reducing car and energy use. However, the possible contributions of the compact city environment to the increase (or decrease) in public transportation use have been understudied. To fill this gap, the current case study examines psychological factors influencing citizens’ intention to use public transportation modes in the compact city environment in Toyama City, Japan. We focused on citizens’ perception, attitudes, and behaviors, as they play important roles in sustainable development initiatives. Survey questionnaires were used to collect data, and structural equation modeling was performed to analyze 973 respondents’ transportation mode choices. The theoretical foundations underlying this study include the norm-activation theory and the theory of planned behavior. The findings suggest that attitudes, perceived behavioral control, and behavioral norms served as significant factors to explain the intention to use public transportation modes. Consequently, we derived theoretical and practical implications to further promote transportation policies in the context of compact city strategies.
Journal Article
Model assessment of public–private partnership flood insurance systems
The public–private partnership (or PPP) system is widely hailed as an effective approach to flood insurance. PPP effectiveness can be empirically demonstrated through an analytic framework based on model assessment, which we apply to Japan as an illustrative case study. We first introduce the widely-observed market failure phenomenon in the catastrophe insurance sector and how PPP systems may serve to avert this failure. We then proceed to select three candidate systems and model them respectively. Subsequently, we employ empirical data and Monte Carlo simulations to evaluate suitability for Japan’s case via three perspectives. The results identified the market-oriented system as the economically-optimal choice. It should be noted, however, that the assessment is dependent on the priorities of each party and market-negotiated results. We find this methodology to be suitable for identifying the most adequate PPP system and invite policymakers to consider its use when implementing their own systems.
Journal Article
Inter-regional transportation and economic productivity: a case study of regional agglomeration economies in Japan
This study investigates the benefit of agglomeration to regional productivity, highlighting the issue of accessibility with empirical data from Japan. We analyze empirically the impacts of agglomeration on regional economic return using an econometric approach, assuming three types of agglomeration economics: urbanization agglomeration, localization agglomeration, and mixed agglomeration. We estimate the agglomeration elasticities of 11 industries using inter-regional transportation network data and regional socioeconomic panel data for 1981, 1986, 1991, 1996, 2001, and 2006, covering 47 prefectures in Japan. Our results show that, on average, the indirect benefit of regional productivity improvement from localization agglomeration tends to be more significant than that from urbanization agglomeration. While the mining industry enjoys significant benefit from urbanization rather than localization agglomeration and the transportation/communication industry enjoys significant benefit from localization rather than urbanization agglomeration, finance/insurance and real estate can benefit from both agglomeration economies. We further find negative elasticities in the agriculture and service industries; this could be partly due to the industries’ characteristics. A case study on Japan shows the importance of coordination between land-use and transportation investment for maximizing regional productivity through agglomeration.
Journal Article
Simulation-based joint optimization framework for congestion mitigation in multimodal urban network: a macroscopic approach
Travel demand management (TDM) is an important measure that will aid in the realization of efficient and sustainable transportation systems. However, in cities where the most serious traffic congestion occurs, implementation of a single TDM measure might not be enough to reduce congestion, because the congestion mechanism in this case is highly complex and involves different transportation modes interacting with each other. Implementation of multiple TDM measures has rarely been discussed in the literature. Therefore, in this study, we propose a simulation-based joint optimization framework composed of dedicated bus lanes and vehicular congestion pricing. The objective of the optimization process is to minimize the congestion cost based on an advanced macroscopic flow theory called the multimodal macroscopic fundamental diagram (mMFD), which can capture the macroscopic traffic dynamics of multimodal transportation systems. In the proposed framework, we develop mMFD-based congestion pricing scheme and incorporate traveler’s behavioral model (i.e. joint departure time and mode choices) with the microscopic traffic simulator. We consider the Tokyo central area as a case study. The simulation results indicate that space allocation of 4.7% for the dedicated bus lanes would be optimal for Tokyo’s network, while the optimal congestion pricing scheme indicates that charges of 900 JPY between 7:30 and 8:00 AM and 300 JPY between 8.00 and 8:30 AM should be levied.
Journal Article