Naoyuki Yoshino, Professor of Economics at Keio University and expert on Japanese monetary and fiscal policy, discussed Abenomics and lessons about structural reform in Asia's financial markets.
Japanese Prime Minister Shinzo Abe's economic platform--Abenomics--is a "three arrow" policy package based on
- aggressive monetary easing with inflation targeting;
- flexible fiscal policy; and
- structural reforms to reignite growth.
These three arrows aim to lift Japan's economy out of chronic deflation and stagnation, creating a path of sustainable growth.
The lecture discussed whether Abenomics is rejuvenating Japan's economy given its inherent structural problems, such as the ageing population. It will also draw relevant lessons about structural reform in Asia's financial markets.
ADB senior management and staff were invited, as well as representatives from the Philippine government, development community, business, academia, and civil society.
As professor in one of Japan's leading economics departments, Professor Yoshino has published many books and papers in leading journals such as the Review of Economics and Statistics, covering macroeconomics and finance, among others. He has held teaching positions in many universities across the world. An expert on monetary and fiscal policy, he has been Director of Financial Research at Japan's Financial Services Agency (FSA) since 2004. He was appointed Chair of the US-based Financial Planning Standard Board (FPSB) in 2007. He has been President of the Ministry of Finance Foreign Exchange Council since 1990 and is chairperson of the Fiscal Council (FILP Section).
He is currently Board Member of Japan's Federal Deposit Insurance Corporation, Chairperson of Japan's Government Bond Investors' Meeting (MOF) and President of the Financial Council of Japanese Government. He was nominated to the "Who's Who in the World 2009, 2010" and received the World Top 100 Educators Award in the United Kingdom in 2009. In recognition of his research and contributions to economic policy, Professor Yoshino received an Honorary Doctorate from Goteborg University, Sweden in 2004, and an Honorary Doctorate from Martin Luther University in Halle-Wittenberg, Germany in 2013.