Graduated from the School of Science, University of Tokyo. Received his Ph.D. in Economics from MIT. Has taught at the University of British Columbia, Osaka University and the University of Tokyo. Served as a member of the Policy Board at the Bank of Japan during 1998-2005. Served as the Dean of the Faculty of Economics, University of Tokyo from October 2005 to September 2007. Served as the chairman of the Investment Committee of Japan’s GPIF during 2010-2014. Currently serves as external director of the Development Bank of Japan, Audit and Supervisory Board Member of Melco Holdings Inc., Director of the Center for Advanced Research and Finance at the University of Tokyo, and a member of the Subcommittee on Pension Fund Management at the Ministry of Health, Labor and Welfare. Some of his recent academic work include: “Response of Asset Prices to Monetary Policy under Abenomics,” Asian Economic Policy Review, December 2013. “Deleveraging and Monetary Policy: Japan since the 1990s and the U.S. since 2007” Journal of Economic Perspectives, summer 2012. “Japan’s Deflation and the Bank of Japan’s Experience with Nontraditional Monetary Policy,” Journal of Money, Credit and Banking, February 2012. “Government Debt Management at Low Interest Rates,” (with R. McCauley) BIS Quarterly Review, June 2009, “Causes of the Japanese Banking Instability in the 1990s,” in Crisis and Change in the Japanese Financial System, T. Hoshi & H. Patrick (eds), 2000.