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Organization

Chief Councillor: Kazuo Ueda(Professor, Kyoritsu Women's University)
Councillors: Shin-ichi Fukuda(Professor, The University of Tokyo)
Hideki Kanda(Professor, Gakushuin University)
Makoto Kasuya(Professor, The University of Tokyo)
Kazuhiko Ohashi(Professor, Hitotsubashi University)
Etsuro Shioji(Professor, Hitotsubashi University)
  Past Councillors
Honorary Advisers: Athanasios Orphanides (Professor of the Practice, Global Economics and Management, Massachusetts Institute of Technology)
  Past Honorary Advisers
Director-General: Shigenori Shiratsuka

Organization

Groups

Economic Studies Group

The Economic Studies Group conducts fundamental research on monetary and economic issues from a perspective of economic analysis. In 2017, the Group carried out a variety of studies of several topics, such as (1) the term structure model of interest rates under the negative interest rate, (2) the effects of economic fluctuations on real wages, (3) trend inflation and inflation dynamics under a Phillips curve, (4) inflationary or deflationary equilibrium in an evolutionary game theory approach, (5) sectoral inflation dynamics under imperfect common knowledge, (6) the transactions demand for paper and digital currencies. These studies were published in the IMES Discussion Paper Series. The Group also organized the 2017 BOJ-IMES Conference entitled "Monetary Policy: Lessons Learned and Challenges Ahead." In addition, the Group deepened exchanges with academic circles at home and abroad, mainly by inviting visiting scholars Professor Hikaru Saijo (University of California, Santa Cruz) and Dr. Taisuke Nakata (Federal Reserve Board), organizing internal seminars, and participating in several academic meetings.

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Financial Studies Group

The Financial Studies Group conducts fundamental research on monetary and economic issues from a financial perspective. In 2017, the Group held a workshop on "Developments in Financial Studies under a Negative Interest Rate Environment" where studies on topics such as the central bank policy announcement and changes in investment behavior, and the analysis of macroeconomics based on artificial intelligence and text data, were discussed. Also published were papers on the implied bail-in probability from the contingent convertible securities market and the market implied distribution with negative interest rate models. In addition, the Group deepened exchanges with academic and business circles at home and abroad, mainly by inviting visiting scholars Professor Jun Uno (Waseda University) and Professor Parantap Basu (Durham University), organizing internal seminars, and participating in several academic meetings.

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Legal Studies Group

The Legal Studies Group conducts fundamental research on monetary and economic issues from a legal perspective. In 2017, the Group published a report, "Distributed Ledger Technology and Securities Settlement System," which summarized the discussion of the workshops. In the workshops, academics and legal professionals discussed the applicability of distributed ledger technology (DLT) to the securities settlement system under the Act on Book Entry of Corporate Bonds and Shares, and the new securities settlement system which will be introduced by DLT. In the IMES Discussion Paper Series, the Group published a legal study on international funds transfer and intermediary banks, comparative studies on legal arrangements and regulation of P2P lending, a legal study on misapplication of bank funds under the U.S. law, and a legal study on banking crises and the Japanese legal framework. In addition, the Group deepened exchanges with academic circles at home and abroad, mainly by inviting a visiting scholar, Professor Masami Okino (University of Tokyo), organizing seminars, and participating in several academic meetings.

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Accounting Studies Group

The Accounting Studies Group conducts fundamental research on monetary and economic issues from an accounting perspective. In 2017, the Group carried out studies on topics such as the role of accounting information in debt contracts, and the relationship between main bank monitoring and the role of accounting information. These studies were published in the IMES Discussion Paper Series. The Group also organized a workshop with the theme "Role of Accounting Information in Debt Contracts." In addition, the Group deepened exchanges with academic and business circles at home and abroad, mainly by conducting joint research with a visiting scholar, Associate Professor Akinobu Shuto (University of Tokyo), organizing internal seminars, and participating in several academic meetings.

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Center for Information Technology Studies (CITECS)

The Center for Information Technology Studies (CITECS) was established on April 1, 2005 to help the financial industry cope with new challenges facing an IT society by (1) promoting international standardization, (2) improving the information-sharing framework in the financial industry, and (3) conducting research and development on new technologies for information security. The CITECS is part of the Financial Infrastructure Studies Division and consists of the IT Studies Group and the International Standardization Group.

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IT Studies Group

The IT Studies Group conducts fundamental research on monetary and economic issues from an IT perspective. In 2017, the Group carried out studies on several topics, such as vulnerability and security measures of online financial transactions using APIs (Application Programming Interfaces) of financial institutions, countermeasures against malware targeting mobile devices, and the feasibility of applying advanced encryption schemes to financial services. These studies were published in the IMES Discussion Paper Series. The Group also organized the Information Security Symposium with the theme "Advanced Encryption Schemes Supporting New Financial Services." In addition, the Group carried out studies on virtual currencies and distributed ledger technologies from an interdisciplinary perspective involving IT, the legal system, and accounting. Moreover, the Group deepened exchanges with academic and business circles as well as governmental organizations at home and abroad, mainly by organizing internal seminars and participating in several academic, business, and governmental meetings.

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International Standardization Group

The International Standardization Group promotes and supports activities for international standardization related to fundamental research on monetary and economic issues from an IT perspective. The Group also functions as the secretariat for Japan's national mirror committee for the 68th Technical Committee of the International Organization for Standardization (ISO/TC 68). Specifically, the Group participates in relevant international meetings together with other national members of the committee, and provides information on developments in international standardization to the committee's members. In 2017, ISO/TC 68 discussed issues related to the use of ISO 20022 (a universal financial industry message scheme) in JSON (JavaScript Object Notation, a lightweight data-interchange language) and APIs (Application Programming Interfaces), standardization concerning, for example, digital currencies, and Third Party Providers.

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Archives Group

The Archives Group preserves the Bank's corporate memory by acquiring, preserving, and making accessible records of continuing value that describe the Bank's origins, policies, interests, evolution, functions, and activities. In fiscal 2016, the Group received 3,366 historical records from each section within the Bank, and filed historical records that had already been received. As a result, the number of records listed in the Archives Catalogue increased to 95,747 by the end of March 2017. To preserve the historical records, the Group conducted media conversion of damaged paper records from the Meiji and Taisho periods into microfilm for 146 files and long-life DVD discs for 13 files. The Group also repaired four damaged paper records and deacidified 15 paper records to prevent further decay. In addition, during fiscal 2016, the Group received 177 requests from the public to use the Bank's historical records.

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Currency Museum Group

The Currency Museum Group collects, conserves, studies, and exhibits a variety of cultural and historical materials related to currencies. The Currency Museum reopened on November 21, 2015. The permanent exhibition on the history of Japanese currency presents a range of stimulating materials on the nature of money, examining how money has been created and used, and showing why stability in the value of money is essential. The exhibition introducing the latest research findings in academia is highly rated by a wide range of visitors because it is comprehensible and interactive. In 2017, the number of visitors to the museum reached 107,964 in total.

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Monetary History Studies Group

The Monetary History Studies Group conducts fundamental research on monetary and economic issues from a historical perspective. In 2017, the Group published a study of the postwar financial policy in Japan, the contract research with Professor Eisaku Ide (Keio University) in the IMES Discussion Paper Series. The Group carried out studies and related activities on a range of topics including the currency supply policy of the Tokugawa Shogunate using documents kept in the Currency Museum. In addition, the Group deepened exchanges with academic circles at home and abroad, mainly by organizing internal seminars and participating in several academic meetings.

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