Current Position: Senior Economist, Head of Economic Studies Group at the Institute for Monetary and Economic Studies , Bank of Japan
Research interests: Monetary Policy, Banking, International Macroeconomics, Econometrics, Innovation, Big Data.
Education:
Ph.D. in Economics, University of California, San Diego (2017)
Award
Outstanding Papers of Research Encouragement Special Sessions for Young Scholars for "Bank of Japan’s ETF Purchase Program and Equity Risk Premium: A CAPM Interpretation" (NFA, Japanese Finance Association)
#The views expressed here are those of the authors and do not necessarily reflect the official views of the Bank of Japan.
New
Expecting job replacement by GenAI: effects on workers' economic outlook and behavior (with Y. Aoki, J. S. Park, and Y. Takada). (Previously circulated as "From Perception to Expectation: The Role of GenAI Job Replacement in Shaping Economic Outlooks and Behavioral Views") 2025. BIS working paper No 1269.
Mutual funds and climate news (with G. Cornelli, L. Gambacorta, and T. Oliviero). 2025. BIS working paper No 1243.
Quantum computing and the financial system: opportunities and risks (with R. Auer, A. Dupont, L. Gambacorta, J. S. Park and A. Valko). 2024. BIS Paper No. 149.
Work in Progress
Monetary Policy
Asset Purchasing and YCC
・Effects of monetary policy on corporate debt issuance: Evidence from corporate bond marketing (with S. Takaoka)
・Yield curve control and corporate debt strategy (with S. Takaoka)
・Risk-Taking Channel of Unconventional Monetary Policies in Bank Lending. (Appendix), (with Nakashima, K. and Shibamoto, M.). 2019.
Inflation
・Markups and the asymmetric pass-through of cost push shocks, (with by E. Kharroubi, R. Spigt, D. Igan, and E. Zakrajsek) 2023. BIS Working Paper.
・ TIPS: The Trend Inflation Projection System and Estimation Results . 2016. Bank of Japan Working Paper Series.
Negative Interest Rate Policy
・Real Effects of Negative Interest Rates: Micro-Evidence from Japan. (Nakashima, K. ), 2020.
ESG
・Mutual Funds and Climate News (with G. Cornelli, L. Gambacorta, and T. Oliviero). 2025. BIS working paper No 1243.
・ Climate news and cross-border lending (with M. J. A. Gravito, D. Igan and J. Demski).
・ The Road to Net-zero: A Mutual Fund Flow Investigation (with L. Chen ). 2024. BIS Working Paper. No. 1220
・ How much do firms need to satisfy employees? Evidence from credit spreads and online employee reviews (with S. Takaoka) 2023. BIS Working Paper.
Innovation and AI
・Generative AI for Surveys on Payment Apps: AI's view on Privacy and Technology (with J. S. Park)
・R&D and Innovation: Evidence from Patent Data (with Y. Oh), 2020. Bank of Japan Working Paper Series.
Big Data
・Development of "Alternative Data Consumption Index": Nowcasting Private Consumption Using Alternative Data (with T. Okubo, Inatsugu, H., and Takahashi, M.), 2022. Bank of Japan Working Paper Series.
Banking
・Financial Interconnectedness, Amplification, and Cross-Border Activity (with Ikeda, D. and Ojima, M.) 2019. Bank of Japan Working Paper Series.
・ The Emergence of a Parallel World: The Misperception Problem for Bank Balance Sheet Risk and Lending Behavior (with Nakashima, K. ).
・ Bank Loan Supply Shocks and the Real Economy: The case of Japan. 2016.
・ Nakashima, K. and Takahashi, K., 2016. Comment on Peek and Rosengren (2005) 'Unnatural Selection: Perverse Incentives and the Allocation of Credit in Japan'.
Publications
Notes
High markups reduce pass-through of cost-push shocks, but only when the shocks are disinflationary, (with E. Kharroubi, R. Spigt, D. Igan, E. Zakrajsek), 2024, VoxEU column.
Identifying the security lending channel in a central bank’s asset purchase program: a case of Bank of Japan’s ETF purchases, (with Junnosuke Shino and Mitsuru Katagiri), 2023, SUERF Policy Brief No. 691.
Boosting the Green Transition: Greenhouse gas emissions and bank lending, (with Junnosuke Shino) 2023, SUERF Policy Brief No. 597.
Global supply chain disruptions: evolution, impact, outlook, 2022, BIS Bulletin No. 61.
Refereed Journals
To Lend or Not to Lend: the Bank of Japan’s ETF purchase program and securities lending (WP version) (with M. Katagiri and J. Shino). (Previously circulated as "Bank of Japan’s ETF purchase program and the share lending market"), Review of Asset Pricing Studies, Accepted.
-- Financial Times (7.8.2023), Financial Times (16.10.2023.)
Greenhouse Gas Emissions and Bank Lending (with J. Shino). 2025, Journal of Climate Finance, Vol. 11, 100067.
Bank of Japan’s ETF Purchase Program and Equity Risk Premium: A CAPM Interpretation (with M. Katagiri and J. Shino). 2025, Journal of Financial Markets, 73, 100961.
Nowcasting Economic Activity with Mobility Data (with Y. Oh, Matsumura, K. and Sugou, T.), 2024, Journal of the Japanese and International Economies, 73, 101327.
Identifying Quantitative and Qualitative Monetary Policy Shocks (with Nakashima, K. and Shibamoto, M.) (Previously circulated as Identifying Unconventional Monetary Policy Shocks.), 2024, International Journal of Central Banking, Vol.20, 1-61.
Franchise Value Matters: The Drivers of Bank Risk Taking in the Post-Basel III Era (previously circulated as Bank Risk Taking and Financial Stability: Evidence from Japan's Loan Market) (with T. Kawamoto, T. Matsuda, and Y. Tamanyu), 2023, International Journal of Central Banking, Vol. 19 No. 5.
Do term premiums matter? Transmission via Exchange Rate Dynamics. (with Katagiri, M.) (Previously circulated as "The Effects of Unconventional Monetary Policy in an Open Economy" or "Unconventional Monetary Policy, Term Premiums and Exchange Rates."), 2023, Journal of International Money and Finance, Vol. 139, 102947.
The Announcement Effects of a Change in the Bank of Japan's ETF Purchase Program: An Event Study (with Mitsuru Katagiri and Junnosuke Shino). 2022, Finance Research Letters, 50.
Counteracting large-scale asset purchase program: the Bank of Japan’s ETF purchases and securities lending, " (with Kou Maeda and Junnosuke Shino), 2022, Economic Analysis and Policy, 75, pp 563-576.
Corporate debt and unconventional monetary policy: The risk-taking channel with bond and loan contracts (with Takaoka, S.), 2022, (Previously circulated as "Differential Effects of Unconventional Monetary Policy on Syndicated Loan Contracts), Journal of Financial Stability, 60.
The Time Has Come for Banks to Say Goodbye: New Evidence on Banks' Roles and Duration Effects in Relationship Terminations (with Nakashima, K.), 2020. Journal of Banking and Finance, 115.
The Real Effects of Bank-Driven Termination of Relationships: Evidence from Loan-level Matched Data (with Nakashima, K.), 2018. Journal of Financial Stability, 39, pp.46-65.
Asian Financial Linkage: Macro‐Finance Dissonance (with Fujiwara, I.), 2012. Pacific Economic Review, 17(1), pp.136-159.