Main publications

In English

1. *Is Corporate environmental responsibility more valuable in the transitory period? The moderating effect of ownership type, 2023, Finance Research Letters with H. Zhou

2. The non-monotonic relationship between ESG disclosure and stock price crash risk, in Topical Issues in Development Economics: An International Perspective Eds by D. Avom, G. Dufrenot,  with H. Zhou

3. *Spatial dependence, social networks, and economic structures in Japanese regional labor migration. Sustainability. 2022; 14(3):1865 2月　with K. Murayama & L. Bazzaoui 

4. *Life cycles and gender in residential mobility decisions, 2021, Journal of Real Estate Finance and Economics 62(3), 370-401 [Available online 6 Feb 2020]. 

5. *Is inflation fiscally determined? 2021, Sustainability 13(20) with L. Bazzoui.

6. *Toward coexistence of immigrants and local people in Japan: implications from spatial assimilation theory, 2021, Sustainability 13(7), 3849  with K. Murayama.

7. *Causal and frequency analyses of purchasing power parity, 2021, Journal of International Financial Markets, Institutions & Money 71, 101287 [Available online 11 January 2021].

8. Productivity spillovers in the global market, 2020, Recent Econometric Techniques in Macroeconomic and Financial Data, eds., G. Dufrénot & T. Matsuki, Springer, with N. Khan, 79-111.

9. Detecting tranquil and bubble periods in housing markets: A review and application of statistical methods, 2020, Recent Econometric Techniques in Macroeconomic and Financial Data, eds., G. Dufrénot & T. Matsuki, Springer,  171-195.

10. *Financial flows, global interest rates, and political integration, 2019, Finance Research Letters 31, 313-320.

11. *Global and country-specific movements in real effective exchange rates: implications for external competitiveness, 2017, Journal of International Money and Finance 76, 88-105.

12. *Inflation and consumption of nontradable goods: global implications from regional analyses, 2017, International Review of Economics and Finance 48, 478-491.

13. *Regional inflation, spatial locations and the Balassa-Samuelson effect: evidence from Japan, 2017, Urban Studies 54(6), 1482-1499

14. *UK house price convergence clubs and spillovers, 2015, Journal of Housing Economics 30, 50-58, with A. Montagnoli.

15. *Currency forecast errors and carry trades at times of low interest rates: evidence from survey data on the yen/dollar exchange rate, 2015, Journal of International Money and Finance 53, 1-19, with R. MacDonald.

16. *The forward premium puzzle and the euro, 2014, Journal of International Financial Markets, Institutions & Money 32, 436-451.

17. *Time-varying conditional correlations in Asia-Pacific stock returns around the Lehman Shock and beyond, 2013, Journal of Economic Integration 28(3), 412-440.

18. *A dynamic factor approach to domestic capital mobility, 2013, Empirical Economics 44(2), 685-700.

19. *Common factors of the exchange risk premium in emerging European markets, 2012, Bulletin of Economic Research 64(s1) 71-85, with J. Byrne.

20. *Financial innovation and regional money, 2012, Applied Economics 44(35) 4617-4629.

21. *The threshold consumption correlation-based approach to international capital mobility: evidence from advanced and developing countries, 2012, Structural Change and Economic Dynamics 23 256-263.

22. *Regional money and demographic changes, 2012, Applied Economics Letters 19(10) 939-942.

23. *Heterogeneity and convergence of regional inflation (prices), 2011, Journal of Macroeconomics 33(4) 12, 711-723.

24. *The common component in the forward premium: evidence from the Asia-Pacific region, 2011, Review of International Economics 19(4) 750-762.

25. *Regional inflation and monetary policy in China, 2010, Banks and Bank Systems 5(4) 78-88.

26. *Macroeconomic Interdependence in East Asia, 2010, Japan and the World Economy 22(4) 219-227.

27. *Structural breaks in the real exchange rate and real interest rate relationship, 2010, Global Finance Journal 21(2) 138-151 with J. Byrne.

28. Stocks, consumption, and wealth: evidence from the Tokyo Stock Exchange, 2009, George I. Ellison (ed) in Stock Returns: Cyclicity, Prediction and Economic Consequences (NY: Nova Science Publishers) 133-156.

29. Prediction of stock returns using the artificial neural network: evidence from developed and developing countries, 2009, George I. Ellison (ed) in Stock Returns: Cyclicity, Prediction and Economic Consequences (NY: Nova Science Publishers) 171-187, with J. Alam.

30. *PPP: Further evidence from Japanese municipal data, 2009, with N. Inakura, International Review of Economics and Finance 18, 419-427.

31. *Relative prices and wages in China : evidence from a panel of provincial data, 2008, with Y Liu, Journal of Economic Integration 23(1), 183-203.

32. *Japanese stock movements from 1991 to 2005: evidence from high and low frequency data, 2008, Applied Financial Economics 18(4), 295-307.

33. *Empirical analysis of the exchange rate channel in Japan, 2007, Journal of International Money and Finance 26, 887-904.

34. *Putting the dividend-price ratio under the microscope, 2007, Finance Research Letters 4, 186-195.

35. *Modeling and predicting Japanese stock returns using the ARFIMA-FIGARCH, 2006, W.Milo, P.Wdowinski (eds) Advances in Financial Market Analysis, Vol 2, Financial Markets: Principles of Modelling, Forecasting and Decision-Making (Lodz, Lodz Uni Press) 211-222.

36. Financial market integration: evidence from stock and bond markets in Japan and the US, 2006, J A Batten, T A Fetherston, P G Szilagyi (eds) Japanese Fixed Income Markets: Money, Bond, and Interest Rate Derivatives (Amsterdam, Elsevier) 413-433.

37. *Determinants of Angola's parallel real exchange rates, 2004, with E. Gelbard, Developing Economies 42(3), 392-404.

38. *The effectiveness of Japanese foreign exchange interventions during 1991-2001, 2004, Economics Letters 84(3), 377-381.

39. *The term structure of interest rates and monetary policy during a zero interest rate period, 2004, Bank of Japan Monetary and Economic Studies 22(2), May, 19-43.

40. *The efficiency of the Japanese equity market, 2003, International Finance Review 4, 155-171.

41. *A re-examination of the Japanese money demand function and structural shifts, 2003, Journal of Policy Modeling 25(4) 359-375.

42. *Asymmetric effects of monetary indicators on the Japanese yen, 2003, Japan and the World Economy 15(2), 143-159.

43. *On the term structure of interest rates and inflation in Japan, 2002, Journal of Economics and Business 54(5), September/October, 505-523.

44. *Does the long-run PPP hypothesis hold for Africa? Evidence from panel cointegration study, 2002, Bulletin of Economic Research 54(2), April, 181-187.

45. *Currency crisis and contagion: evidence from exchange rates and sectoral stock price indices in the Philippines and Thailand, 2001, Journal of Asian Economics 14(4), Winter, 529-546.

46. *The long run relationship between real exchange rate and interest rate differentials: a panel study, 2000, with R. MacDonald, IMF Staff Papers 47(1), 116-128.

47. *Long-run real exchange rate movements in Africa: parallel market and official rates, 2000, African Finance Journal 2(2), October, 1-14.

48. Macroprudential indicators of financial system soundness, 2000, with other IMF staff, IMF Occasional Paper, No. 192 (April) (Washington: IMF).

49. Japanese effective exchange rates and determinants: a long-run perspective, 1999, in R. MacDonald and J. Stein (eds.), Equilibrium Exchange Rates (Norwell: Kluwer Academic Publisher).

50. *On the Japanese yen-US dollar exchange rate: a structural econometric model based on real interest differentials, 1998, with R. MacDonald, Journal of the Japanese and International Economies 12(1), March, 75-102.

In Japanese

1. The Japanese condominium market, 2017, Quarterly Journal of Housing and Land Economics (Jutaku Tochi Keizai) 106, 10-19 (ISSN 0917-3498).

2. Introduction to International Finance, 2015 (Tokyo, Yuhikaku) with T Esaka and Y Yoshida (Tokyo: Yuhikaku).

3. Regional data: Wage census II, 2015, Annual Report on the Multi Use Social and Economic Data Bank,  (March).

4. Regional data: Wage census I, 2014, Annual Report on the Multi Use Social and Economic Data Bank,  (March).

5. The investor's private information in the JASDAQ market, 2008, with S. Obara and A. Makita Annual Report on the Multi Use Social and Economic Data Bank, No. 85 (March) 23-33 (ISSN 1349-4112).

6. The investor's private information in the Hercules market, 2007, with E. Tamai, Annual Report on the Multi Use Social and Economic Data Bank, No. 83 (March) (ISSN 1349-4112)

7. The present and future database, 2006, with N. Inakura, Annual Report on the Multi Use Social and Economic Data Bank, No. 82 (March) 1-14 (ISSN 1349-4112)

8. Statistics and Economic Policy, 2001, Keizai Semina (Economic Seminar), No. 562 (Nov) 60-61.

Referee for

Annals of Regional Science, Applied Economics, Asian Economic Journal, Bank of Japan Monetary and Economic Studies, Bulletin of Economic Research, Cities, Developing Economies, Economics Letters, Economic Modelling, Economic Papers, Economic Research,  Economies,  Empirical Economics, Financial Innovation, Global Finance Journal, Hitotusbashi Journal of Economics, International Economic Journal,  International Journal of Environmental Research and Public Health,  International Review of Economics and Finance, Japan and the World Economy, Japanese Economic Review, Japanese Journal of Monetary and Financial Economics, Journal of African Economies, Journal of Applied Economics, Journal of Economics and Business, Journal of Housing Economics, Journal of International Economics, Journal of International Financial Markets, Institutions & Money, Journal of International Money and Finance, Journal of Macroeconomics, Journal of Money, Credit and Banking, Journal of Risk and Financial Management, Manchester School, Pakistan Development Review, Scottish Journal of Political Economy, Singapore Economic Review, South African Journal of Economics, Spatial Economic Analysis,  Sustainability, World Economy