Junnosuke SHINO (篠潤之介)

Welcome to my homepage! I am currently an Associate Professor at the School of International Liberal Studies (SILS), Waseda University. Prior to this position, I worked on policy and research at the Bank of Japan from 2003 to 2018. My research interests include banking and finance, explainable artificial intelligence (XAI) in machine learning, and cooperative game theory.

Link to JP page, SILS, LinkedIn, Facebook, X
Last update: December 2025.

Current Position & Contact Information

Junnosuke SHINO [篠潤之介]

Associate Professor, Ph.D. School of International Liberal Studies (SILS) , Waseda University
Email: junnosuke.shino [at] waseda.jp
Tel (Direct) : + (81)3 3202 2614
Address: 1-6-1, Nishiwaseda, Shinjuku-ku, Tokyo, Japan 169-8050
Office: Bldg. 11, Room 1444

Research Interests

Banking & Finance, Cooperative Game Theory, Explainable AI

SHAP and its alternatives in ML (Theory & Application)
BOJ's ETF purchasing program and its effects on short-selling
Comparing the Japanese and International Mortgage Markets: A Finance Perspective
The structure of the JGB Market
Interval cooperative game theory (Axiomatization of solution mapping, potential, applications) etc.

Papers

"To lend or not to lend: the Bank of Japan's ETF purchase program and securities lending," Mitsuru Katagiri, Junnosuke Shino, and Koji Takahashi, accepted by Review of Asset Pricing Studies, 15(3-4), 332-376, September-December 2025. Links to BIS Working Paper No.1113, SSRN, WINPEC Working Paper Series No.E2304. Featured in Financial Times: <August 2023> <October 2023>.　Waseda Univ. Press Release: <JP> <EN>.
"Greenhouse Gas Emissions and Bank Lending in Japan," Koji Takahashi and Junnosuke Shino, Journal of Climate Finance, 100067, April 2025. OPEN ACCESS. Link to BIS Working Paper No.1078.
"Bank of Japan’s ETF Purchase Program and Equity Risk Premium: A CAPM Interpretation," Mitsuru Katagiri, Junnosuke Shino and Koji Takahashi, Journal of Financial Markets, 73, 100961, March 2025. OPEN ACCESS. Link to BIS Working Paper No.1029. Presented at the 30th Anniversary Annual Conference, Japan Financial Association. --> Selected as Research Encouragement Paper for Young Scholars.
"An Axiomatization of the Shapley Mapping Using Strong Monotonicity in Interval Games," Shinichi Ishihara, and Junnosuke Shino, Annals of Operations Research, 345, 147-168, February 2025. OPEN ACCESS. SSRN Link.
"Alternative Methods to SHAP Derived from Properties of Kernels: A Note on Theoretical Analysis," Kazuhiro Hiraki, Shinichi Ishihara, and Junnosuke Shino, 2024 IEEE International Conference on Big Data (BigData), Washington, DC, USA, 2024, 1321-1326. arXiv Link.
"Some Properties of Interval Shapley Values: An Axiomatic Analysis," Shinichi Ishihara and Junnosuke Shino, Games, 14(3), 50, June 2023. OPEN ACCESS. WINPEC Working Paper Series No. E2214. SSRN Link.
"The Announcement Effects of a Change in the Bank of Japan's ETF Purchase Program: An Event Study," Mitsuru Katagiri, Junnosuke Shino and Koji Takahashi, Finance Research Letters, 50, 103230, December 2022, OPEN ACCESS. WIAS Discussion Paper No.2022-001.
"Shapley Mapping and its Axiomatizations in n-person Cooperative Interval Games," Junnosuke Shino, Shinichi Ishihara and Shimpei Yamauchi, Mathematics, 10(21), 3963-3963, October 2022, OPEN ACCESS. WINPEC Working Paper Series No.E2019.
"Counteracting large-scale asset purchase program: the Bank of Japan’s ETF purchases and securities lending, "Kou Maeda, Junnosuke Shino and Koji Takahashi, Economic Analysis and Policy, 75, 563-576, September 2022. (previously circulated as "Stock Lending Market and the BOJ’s ETF purchasing program: Micro-Evidence from ETF Balance Sheet Data and Equity Repo Trading Data,", WINPEC Working Paper Series No.E1811).
"A Solution Mapping and its Axiomatization in Two-Person Interval Games," Shinichi Ishihara and Junnosuke Shino, Journal of the Operations Research Society of Japan, 64(4), 214-226, 2021. First draft appeared in WIAS Discussion Paper No.2019-005.
"Vulnerability of Fixed-Rate Funds-Supplying Operations to Overbidding: An Experimental Approach, " Yukihiko Funaki, Junnosuke Shino and Nobuyuki Uto, Global Finance Journal, 46, 100489, November 2020. First draft appeared in WINPEC Working Paper Series No.E1903, April 2019.
"Interval Game and its Solution Concept: Some Considerations," (in Japanese) Shinichi Ishihara, Junnosuke Shino and Shinpei Yamauchi, Waseda Global Forum, 16, 51-70, March 2020.
"Effects of the Negative Interest Rate Policy on Bids in Fixed-Rate Operations," Junnosuke Shino, Waseda Global Forum, 15, 57-80, March 2019.
"Retailers' Market Concentration, Buyer-Size Discounts and Inflation Dynamics," Mayumi Ojima, Junnosuke Shino and Kozo Ueda, Japanese Economic Review, 69(1), 101-127, 2018.
"A Global Game Analysis of the LLR: the Role of Creditors' Behaviour and Penalty Rate Lending," Junnosuke Shino, International Journal of Monetary Economics and Finance, 8, No.4, 2015. First draft appeared in Bank of Japan Working Paper 11-E-7 (Abstract in Japanese).
"A Positive Theory of Fixed-Rate Funds-Supplying Operations in an Accommodative Financial Environment," Junnosuke Shino, Journal of International Money and Finance, 32,February 2013, 595-610. First draft appeared in Bank of Japan Working Paper 11-E-4 (Abstract in Japanese). A short version of this paper appeared in Box 3 of Bank of Japan, 2011.
"Farsighted Stable Sets in Hotelling's Location Games," Junnosuke Shino and Ryo Kawasaki, Mathematical Social Sciences, 63, January 2012, 23-30. First draft appeared in Rutgers Working Paper 2008_No8.

"Investigating Alternatives to SHAP: A Cooperative Game Theory Approach " (in Japanese), Kazuhiro Hiraki, Shinichi Ishihara, and Junnosuke Shino, IMES discussion paper series 2025-J-10, Bank of Japan, December 2025.
"A Comparative Analysis of SHAP and Its Alternative Methods Based on Kernel Functions" (in Japanese), Kazuhiro Hiraki, Shinichi Ishihara, and Junnosuke Shino, the 39th Annual Conference of the Japanese Society of Artificial Intelligence, May 2025.
"Greenhouse Gas Emissions and Loan Markets in Japan," Koji Takahashi and Junnosuke Shino, in Environmental Technology Innovation and ESG Investment (edited by Sumiko Takaoka), Springer, March 2024.
"Identifying the security lending channel in a central bank’s asset purchase program: a case of Bank of Japan’s ETF purchases," Mitsuru Katagiri, Junnosuke Shino and Koji Takahashi, SUERF Policy Brief, No. 691, October 2023.
"Boosting the Green Transition: Greenhouse gas emissions and bank lending," Koji Takahashi and Junnosuke Shino, SUERF Policy Brief, No. 597, May 2023.
"Recent Discussions on the Rules of JBG Redemptions and Yield Curve Control" (in Japanese), Junnosuke Shino, Kin-yu Journal, April 2023.
"Shapley mapping and its axiomatization in interval games," (in Japanese) Shinichi Ishihara, Junnosuke Shino and Shinpei Yamauchi, Spring National Conference of Operations Research Society of Japan, March 2021.
"Shapley mapping and its axiomatization in 3-person cooperative interval games," (in Japanese) Shinichi Ishihara, Junnosuke Shino and Shinpei Yamauchi, WINPEC Working Paper Series No.J2003, November 2020.
"Behavioral Characteristics Affecting Household Portfolio Selection in Japan," Mizuki Nakajo, Junnosuke Shino and Kei Imakubo, Bank of Japan Review Series, May 2017, English Japanese.
"A New Trend in Japan's Asset Management Business toward a Sift from Saving to Investment," Kae Kunishima, Junnosuke Shino and Kei Imakubo, Bank of Japan Review Series, September 2016, English Japanese.
"Some Characteristics of Employment and Income Situations under the Current Recovery in Japan," Kenji Suganuma, Junnosuke Shino, Makoto Minegishi and Eriko Takada, Bank of Japan Review Series, June 2014, Japanese.
"2x2 Delegation Games With Implementability In Weakly Undominated SPNE," Junnosuke Shino, Rutgers Working Paper 2012_No2.
"Bertrand Delegation Games With Implementability In Weakly Undominated SPNE," Junnosuke Shino, Rutgers Working Paper 2012_No3.
"Stock Prices and Investment trends by investor category," Junnosuke Shino, Bank of Japan Research Papers, September 2011, Japanese.
"The Relationship between the Corporate Bond Spreads, CDS Premiums, and Stock Prices," Junnosuke Shino, Bank of Japan Review Series, September 2010, Japanese.
"Sovereign Credit Default Swaps: Market Developments and Factors behind Price Changes," Junnosuke Shino and Koji Takahashi, Bank of Japan Review Series, April 2010, English Japanese.
"New Forms of Employment in Japan --On the Increasing Influence of Part-time, Dispatched, and Contracted Workers--," with Junnosuke Shino and Shin Nakahara, Bank of Japan Review Series, March 2004, English Japanese.
"Essays on Game Theory and Coordination Problems," Junnosuke Shino, Dissertation, Rutgers University, 2011.
"What is sovereign CDSs?," (in Japanese) Junnosuke Shino, Financial Affairs, July 2010.

Presentations

Waseda University (School of Commerce Friday Seminar), December 19, 2025.
Bank of Japan (Finance Workshop, Institute for Monetary and Economic Studies), November, 28, 2025.
Japan Society of Monetary Economics, Nagasaki University, November 16, 2025.
Institute for Monetary and Economic Studies, Bank of Japan, September 10, 2025.
Yu-cho Foundation, September 1, 2025.
Kobe University, June 25, 2025.
Japan Financial Association, Yokohama National University (Discussant), June 15, 2025.
Fukuoka University, June 13, 2025.
The 39th Annual Conference of the Japanese Society for Artificial Intelligence, May 27, 2025.
Game Theory Workshop, Kanazawa, March 7, 2025.
Game Theory and Experimental Economics Workshop, Waseda University, February 1, 2025.
Japan Financial Association, Kyushu University, November 9, 2024.
Bank of Japan (Institute for Monetary and Economics Studies, Discussant), November 8, 2024.
Japan Society of Monetary Economics, Kyushu University, September 29, 2023.
Econometric Society (2023 European summer meeting), Universitat Pompeu Fabra, Barcelona, Spain, August 29, 2023.
Japan Economic Association, Nanzan University, online (Discussant), May 28, 2023.
Japan Financial Association, Waseda University (Discussant), May 21, 2023.
Waseda University (PJIR continuous workshop), January 26, 2023.
Osaka University, December 13, 2022.
Japan Financial Association, the 4th Fall Conference, Nagoya University of Commerce & Business, November 5, 2022.
Hitotsubashi University, October 6, 2022.
Japan Securities Research Institute, August 24, 2022.
Econometric Society (2022 Asian meeting of the ES in East and South-East Asia), Keio University, hybrid, August 10, 2022.
Japan Financial Association, the 30th Anniversary Annual Conference, Aoyama Gakuin University, June 4, 2022.
Japan Society of Monetary Economics, Spring annual meeting, Seijo University, online, May 14, 2022.
RIETI, online, July 20, 2021.
The Operations Research Society of Japan, Tokyo Institute of Technology, online, March 2, 2021.
Institute of Political Economy, Waseda University, online, November, 20, 2020.
The 26th Decentralization Conference in Japan, online, October 24, 2020.
Bank of Japan, Tokyo, February 25, 2020.
Monetary Economics Seminar of Kobe University, Kobe, Japan, Nobember 30, 2019.
Vietnam Symposium in Banking and Finance, Hanoi, Vietnam, October 24-26, 2019.
The 2nd Keio-Waseda Macro Workshop, Tokyo, September 20, 2019.
Citigroup Global Markets Japan (seminar speaker, non-academic), Tokyo, September 9, 2019.
Korea Money & Finance Association [30th annual meeting], Busan, Korea, June 15, 2019.
Japanese Economy and Monetary Policy (JICA ABE Initiative/Asia Pacific LEADS program, non-academic), JICA Tokyo Center, Tokyo, June 4, 2019.
Waseda Organizational & Financial Economics Seminar, June 3, 2019.
Japan Society of Monetary Economics [Spring annual meeting], Gakushuin University, Tokyo, May 26, 2019.
The 3rd East Asia Game Theory (EAGT) International Conference, Fuzhou University, Fuzhou, Fujian, China, March 7-9, 2019.
Waseda Game Theory and Experimental Economics Workshop 2019, January 12, 2019.
Experimental and Behavioral Analyses in Macroeconomics and Finance, Amsterdam School of Economics, August 25, 2018.
Asset Management Industry as Stockholder: Signalling-Game Analysis, Game Theory and Experimental Economics Workshop, Waseda University, January 28, 2017.
Monetary Policy, Central Banks' Assessment on Economic Activity and Prices and Game-theoretic Analysis, Game Theory and Behavioral Economics Workshop, Waseda University, January 31, 2015.
A Positive Theory of Fixed-Rate Funds-Supplying Operations in an Accomodative Financial Environment, presented at Waseda Moku-Yo Seminar, Waseda University, June 16, 2011. Program
Lender of Last Resort Policy in a Global Game and the Role of Depositors' Aggregate Behavior as Signaling, presented at Game Theory Workshop 2011, Nagoya University, March 5 - March 7, 2011. Program
Lender of Last Resort Policy in a Global Game and the Role of Depositors' Aggregate Behavior as Signaling, presented at 6th Pan-Pacific Conference on Game Theory, Tokyo Institute of Technology, February 28 - March 2, 2011.
Bank of Japan's Auctions during the Financial Crisis, presented at Auctions Conducted by Central Banks during the Crisis, the Federal Reserve Bank of New York, November 22, 2010. Program
Farsighted Stable Sets in Hotelling's Location Game, presented at Waseda Getsu-Kin Seminar, Waseda University, January 30, 2010. Program (in Japanese)
Sovereign CDS premiums and recent developments in the international and domestic financial markets, presented at Financial facsimile Seminar, October 21, 2010.

Working Experience & Education

2018- School of International Liberal Studies, Waseda University : Associate Professor (2020-, current position), Assistant Professor (2018-2019)
2003-2018 Bank of Japan (Senior Economist, Director, etc.) : Research and Statistics Department (2003-2005, 2011-2014), Monetary Affairs Department (2005-2007), Financial Market Department (2009-2011, 2016-2018), Financial System and Bank Examination Department (2014-2016)
2016-2017 School of Political Science and Economics, Waseda University: Part-time Lecturer

2007-2011 Ph.D., Rutgers University, Department of Economics, NJ, U.S. (Committee Members: Tomas Sjostrom (Chair),Michael Bordo, Colin Campbell and Daijiro Okada)
2001-2003 MSc., Tokyo Institute of Technology, Tokyo, Japan (Advisor: Shigeo Muto (Chair), Takehiko Yamato)
1997-2001 BA, Economics. Waseda University, Tokyo, Japan (Advisor: Yukihiko Funaki)
1991-1997 Waseda Junior & Senior High School, Tokyo, Japan

Others

Zengin Foundation for Studies on Economics and Finance (with Sumiko Takaoka), -March 2028.
Yu-cho Foundation, July 2024 - June 2025.
Nomura Foundation (with Hideaki Miyajima), April 2022-September 2023.
Japan Securities Scholarship Foundation (with Mitsuru Katagiri), June 2021-July 2022.
Grant-in-Aid for Scientific Research [C],2025-2028.
Grant-in-Aid for Scientific Research [C],2022-2025.
Grant-in-Aid for Scientific Research [C],2019-2022.
Grant-in-Aid for Research Activity Start-up, 2018-2019.
Waseda University Grants for Special Research Projects for Early Career Researchers, 2019.
Waseda University Grants for Special Research Projects (for Research Base Creation), 2019.
Waseda University Grants for Special Research Projects (for Newly-Hired Faculty), 2018.

Research Encouragement Paper for Young Scholars at the 30th Anniversary Annual Conference, Nippon Finance Association, 2022, with Mitsuru Katagiri & Koji Takahashi
Sidney I. Simon Prize for Outstanding Second year Research Paper, 2010.

MSS / EB / MD / GP / WGF / RMFS / IEEE-TKDE/JER /4OR

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