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Organization

Chief Councillor: Kazuo Ueda(Professor, Kyoritsu Women's University)
Councillors: Yoshio Higuchi(Professor, Keio University)
Yuzo Honda(Professor, Kansai University)
Hideki Kanda(Professor, Gakushuin University)
Makoto Kasuya(Professor, The University of Tokyo)
Kazuhiko Ohashi(Professor, Hitotsubashi University)
  Past Councillors
Honorary Advisers: Mark Gertler(Henry and Lucy Moses Professor of Economics, New York University)
Marvin Goodfriend (Friends of Allan Meltzer Professor of Economics, Carnegie Mellon University)
  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 2016, the Group carried out a variety of studies of several topics, such as (1) the optimal rate of inflation using a model with heterogeneous household in terms of life cycle profile, (2) the effects of money illusion by means of an economic experiment, and (3) global supply chains. These studies were published in the IMES Discussion Paper Series. Meanwhile, the Group organized the 3rd Bank of Canada and Bank of Japan Joint Workshop where a member of the Group presented a study of the term structure model of interest rates under the negative interest rate. In addition, the Group deepened exchange with academic circles at home and abroad, mainly by inviting a visiting scholar, Professor Marlene Amstad (Chinese University of Hong Kong, Shenzhen), 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 2016, the Group held a workshop on "Liquidity and Systemic Risk of Japanese Government Bond (JGB) Market" where the studies of (1) the intraday market liquidity of JGB futures, (2) the network analysis and systemic risk, and (3) quantitative easing and market liquidity, were reported. Three reported papers were published in the IMES Discussion Paper Series. Also published were papers on the wrong way risk modeling for the credit valuation adjustment and on the total valuation adjustment incorporating composite effects of financial regulations. In addition, the Group deepened exchange with academic and business circles at home and abroad, mainly by inviting a visiting scholar, Professor Jun Uno (Waseda 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 2016, the Group published a report which summarized the discussion of workshops, "Contemporary Financial Transactions and Their Regulatory Treatment." In the workshops, academics and legal professionals discussed various financial transactions and their regulatory treatments. In the IMES Discussion Paper Series, the Group published legal studies on topics such as regulations on financial advice given by financial institutions and comparative studies on dispute resolution mechanism in labor law. In addition, the Group deepened exchange with academic circles at home and abroad, mainly by inviting visiting scholars, Professor Masami Okino (University of Tokyo) and Professor Ignacio Tirado (Universidad Autónoma de Madrid), 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 2016, the Group carried out studies on topics such as financial reporting of multinational firms, firms’ disclosure behavior of geographic segment information, effects of credit/debt valuation adjustments of derivatives on hedge transactions, and simultaneous estimation of cost of equity and expected earnings of individual firms with the residual income model. These studies were published in the IMES Discussion Paper Series. The Group also organized a workshop with the theme "Financial Reporting of Multinational Firms and International Harmonization of Accounting Standards." In addition, the Group deepened exchange 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 2016, the Group carried out studies on several topics, such as the opening of APIs (Application Programming Interfaces) by financial institutions, security evaluation of biometric authentication systems, and transaction authentication for secure online banking services. These studies were published in the IMES Discussion Paper Series. The Group also organized the Information Security Symposium with the theme "Authentication Techniques for Secure Financial Transactions in the Age of FinTech." 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 exchange 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 2016, ISO/TC 68 discussed issues on ISO 20022, a universal financial industry message scheme, and standardization concerning, for example, mobile financial services, 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 the Meiji and Taisho periods damaged paper records into microfilms for 146 files and long-life DVD discs for 13 files. The Group also repaired four damaged paper records and deacidified 15 paper records for preventing 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 2016, the number of visitors to the museum reached 117,662 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 2016, the Group published a study of the effects of barriers to technology adoption on Japanese prewar and postwar growth in the IMES Discussion Paper Series. The Group carried out studies and related activities on a range of topics including the currency supply policy by the Tokugawa Shogunate using the documents kept in the Currency Museum, as well as an overseas presentation regarding the study of the Bank's monetary policy using the Bank's archives. The Group also conducted contract research with Professor Eisaku Ide (Keio University). In addition, the Group deepened exchange with academic circles at home and abroad, mainly by organizing internal seminars and participating in several academic meetings.

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