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"Nikkei"
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Assessing the CO2 Emissions and Energy Source Consumption Nexus in Japan
This research investigates the variation in the impact of different energy sources on carbon dioxide (CO2) emissions in Japan during the period from January 2019 to March 2023. The results of the Autoregressive Distributed Lag (ARDL) model suggest that a 1% increase in energy consumption produced through the photovoltaic (PV) decreases carbon emission by 0.053% in the short-run. Conversely, a 1% increase in coal, oil, and liquefied natural gas (LNG) leads to an increase in CO2 emissions by 0.317%, 0.038%, and 0.214%, respectively. The study also reveals an inverted-U-shaped relationship between CO2 emissions and economic growth, represented by the Nikkei stock index. The research emphasizes the critical need for Japan to prioritize investments and incentives in renewable energy technologies such as the PV systems, which have been demonstrated to effectively reduce CO2 emissions in Japan. This is essential to uphold long-term ecological balance and to proactively support the ongoing reduction in CO2 intensity, a key objective outlined in the Paris Agreement.
Journal Article
The Color of Success
The Color of Successtells of the astonishing transformation of Asians in the United States from the \"yellow peril\" to \"model minorities\"--peoples distinct from the white majority but lauded as well-assimilated, upwardly mobile, and exemplars of traditional family values--in the middle decades of the twentieth century. As Ellen Wu shows, liberals argued for the acceptance of these immigrant communities into the national fold, charging that the failure of America to live in accordance with its democratic ideals endangered the country's aspirations to world leadership.
Weaving together myriad perspectives, Wu provides an unprecedented view of racial reform and the contradictions of national belonging in the civil rights era. She highlights the contests for power and authority within Japanese and Chinese America alongside the designs of those external to these populations, including government officials, social scientists, journalists, and others. And she demonstrates that the invention of the model minority took place in multiple arenas, such as battles over zoot suiters leaving wartime internment camps, the juvenile delinquency panic of the 1950s, Hawaii statehood, and the African American freedom movement. Together, these illuminate the impact of foreign relations on the domestic racial order and how the nation accepted Asians as legitimate citizens while continuing to perceive them as indelible outsiders.
By charting the emergence of the model minority stereotype,The Color of Successreveals that this far-reaching, politically charged process continues to have profound implications for how Americans understand race, opportunity, and nationhood.
eBook
Becoming Nikkei: creating, challenging, and expanding Nikkei identification among Chileans of Japanese descent
The term Nikkei emerged in the Americas, post-Second World War, to describe persons of Japanese descent living abroad. Based on an ethnographic study with Chileans of Japanese descent, we propose that Nikkei can be productively understood as an ethno-regional identity. Building on and departing from scholarship that focuses on Nikkei identities in Peru and Brazil in national/global/diasporic terms, we highlight the role of Nikkei persons and groups in Latin America in developing Chilean Nikkei identity and community. While some Chileans come to identify as Nikkei, others are unaware of or distance themselves from it. While definitions of Nikkei vary, Chilean Nikkei organizations are expanding their understanding of the term. We discuss diverse members’ responses towards such inclusiveness as they negotiate the consanguineous boundaries of Nikkei identity. In theorizing Nikkei as an ethno-regional identity and highlighting the role of institutions in the formation and promotion of Nikkei identity, we contribute to decentering identity politics from individual choice and recentering identity in processes of diaspora formation and community-making.
Journal Article
Integration of Effective Models to Provide a Novel Method to Identify the Future Trend of Nikkei 225 Stocks Index
The stock market refers to a financial market in which individuals and institutions engage in the buying and selling of shares of publicly listed firms. The valuation of stocks is influenced by the interplay between the forces of supply and demand. The act of allocating funds to the stock market entails a certain degree of risk, while it presents the possibility of substantial gains over an extended period. The task of predicting stock prices in the securities market is further complicated by the presence of non-stationary and non-linear characteristics in financial time series data. While traditional techniques have the potential to enhance the accuracy of forecasting, they are also associated with computational complexities that might lead to an elevated occurrence of prediction mistakes. This is the reason why the financial industry has seen a growing prevalence of novel methods, particularly in the stock market. This work introduces a novel model that effectively addresses several challenges by integrating the random forest methodology with the artificial bee colony algorithm. In the current study, the hybrid model demonstrated superior performance and effectiveness compared to the other models. The proposed model exhibited optimum performance and demonstrated a significant degree of effectiveness with low errors. The efficiency of the predictive model for stock price forecasts was established via the analysis of data obtained from the Nikkei 225 index. The data included the timeframe from January 2013 to December 2022. The results reveal that the proposed framework demonstrates efficacy and reliability in evaluating and predicting the price time series of equities. The empirical evidence suggests that, when compared to other current methodologies, the proposed model has a greater degree of accuracy in predicting outcomes.
Journal Article
Introducing an Innovative Approach to Mitigate Investment Risk in Financial Markets: A Case Study of Nikkei 225
When the value of an investor's stock portfolio rises during a period of great market performance, investors often experience a gain in wealth. Spending may increase when people feel more at ease and confident about their financial circumstances. On the other hand, during a market crisis, a fall in wealth could lead to lower consumer spending, which could impede economic growth. Stock market trend prediction is thought to be a more important and fruitful endeavor. Stock prices will, therefore, provide significant returns from prudent investing decisions. Because of the outdated and erratic data, stock market forecasts pose a serious challenge to investors. As a result, stock market forecasting is among the main challenges faced by investors trying to optimize their return on investment. The goal of this research is to provide an accurate hybrid stock price forecasting model using Nikkei 225 index data from 2013 to 2022. The construction of the support vector regression involves the integration of multiple optimization approaches, including moth flame optimization, artificial bee colony, and genetic algorithms. Moth flame optimization is proven to produce the best results out of all of these optimization techniques. The evaluation criteria used in this research are MAE, MAPE, MSE, and RMSE. The results obtained for MFO-SVR, which is 0.70 for criterion MAPE, show the high accuracy of this model for estimating the price of Nikkei 225.
Journal Article
Improving MACD technical analysis by optimizing parameters and modifying trading rules: Evidence from the Japanese Nikkei 225 futures market
Much research has examined performance or market efficiency by using the moving average convergence divergence (MACD) technical analysis tool. However, most tests fail to verify efficiency with the traditional parameter settings of 12, 26, and 9 days. This study confirms that applying the traditional model to Japan's Nikkei 225 futures prices produces negative performance over the period of 2011-2019. Yet, it also finds that the MACD tool can earn significant positive returns when it uses optimized parameter values. This suggests that the Japanese market is not weak-form efficient in the sense that futures prices do not reflect all public information. Hence, the three parameters values of the MACD tool should be optimized for each market and this should take precedence over finding other strategies to reduce false trade signals. This study also tests which models are able to improve profitability by applying additional criteria to avoid false trade signals. From simulations using 19,456 different MACD models, we find that the number of models with improved performance resulting from these strategies is far greater for models with optimized parameter values than for models with non-optimized values. This approach has not been discussed in the existing literature.
Journal Article
Excess Comovement of Stock Returns: Evidence from Cross-Sectional Variation in Nikkei 225 Weights
Relative to their weights in a value-weighted index, a number of stocks in Japan's Nikkei 225 stock index are overweighted by a factor of 10 or more. I document a strong positive relation between overweighting and the comovement of a stock with other stocks in the Nikkei index, and a negative relationship between index overweighting and comovement with stocks outside of the index. The cross-sectional approach resolves endogeneity problems associated with event study demonstrations of excess comovement. A trading strategy that bets on the reversion of stock prices of overweighted stocks generates economic profits, confirming that the observed comovement patterns are excessive, and providing further evidence that comovement of stock returns can be a consequence of commonality in trading behavior.
Journal Article
Spot-futures price adjustments in the Nikkei 225: linear or smooth transition? Financial centre leadership or home bias?
This paper studies price discovery in Nikkei 225 markets through the nonlinear smooth transition price adjustments between spot and future prices and across all three futures markets. We test for smooth transition nonlinearity and employ an exponential smooth transition error correction model (ESTECM) with exponential generalised autoregressive conditional heteroscedasticity (EGARCH), allowing for the effects of transaction costs, heterogeneity, and asymmetry in Nikkei price adjustments. We show that the ESTECM-EGARCH is the appropriate model as it offers new insights into Nikkei price dynamics and information transmission across international markets. For spot-futures price dynamics, we find that futures led spot prices before the crisis, but spot prices led afterwards. This can be explained by the lower level of heterogeneity in the underlying spot transaction costs after the crisis. For cross-border futures prices, the foreign exchanges (Chicago and Singapore) lead in price discovery, which can be attributed to their roles as global information centres and their flexible trading conditions, such as a more heterogeneous structure of transaction costs. The foreign leadership is robust to the use of linear or nonlinear models, the time differences between Chicago and the other markets, and the long-run liquidity conditions of the Nikkei futures markets, and strongly supports the international centre hypothesis.
Journal Article
Japan's Financial Crisis
At the beginning of the 1990s, a massive speculative asset bubble burst in Japan, leaving the nation's banks with an enormous burden of nonperforming loans. Banking crises have become increasingly common across the globe, but what was distinctive about the Japanese case was the unusually long delay before the government intervened to aggressively address the bad debt problem. The postponed response by Japanese authorities to the nation's banking crisis has had enormous political and economic consequences for Japan as well as for the rest of the world. This book helps us understand the nature of the Japanese government's response while also providing important insights into why Japan seems unable to get its financial system back on track 13 years later.
The book focuses on the role of policy networks in Japanese finance, showing with nuance and detail how Japan's Finance Ministry was embedded within the political and financial worlds, how that structure was similar to and different from that of its counterparts in other countries, and how the distinctive nature of Japan's institutional arrangements affected the capacity of the government to manage change.
The book focuses in particular on two intervening variables that bring about a functional shift in the Finance Ministry's policy networks: domestic political change under coalition government and a dramatic rise in information requirements for effective regulation. As a result of change in these variables, networks that once enhanced policymaking capacity in Japanese finance became \"paralyzing networks\"--with disastrous results.
eBook