Sayuri Shirai is a visiting scholar at the Asian Development Bank Institute.
Sayuri Shirai is a guest professor at Keio University, where she will become a full professor in the fall of 2016. She was a member of the Policy Board of the Bank of Japan (BOJ) from April 2011 to March 2016. During her term she made 22 official speeches at major central banks, the International Monetary Fund (IMF), universities, think tanks, and other institutions (all speeches are on the BOJ website). Topics include the negative interest rate policy; the BOJ’s quantitative and qualitative monetary easing (QQE) and past monetary easing policies; a comparison of the unconventional monetary policies of the Federal Reserve Board (FRB), Bank of England, European Central Bank (ECB), and BOJ; inflation expectations; European crises; global financial flows; and inflation targeting frameworks of emerging Asia.
Sayuri started her teaching career as an assistant professor of international finance and macroeconomics at Keio University in 1998, and became a professor in 2006. She taught at the university until March 2011. Before that she was an economist at IMF (1993–1998). She earned her undergraduate degree from Keio University and a PhD in economics from Columbia University. She has written numerous articles in professional journals. She has published 11 books examining Japan’s macroeconomic policy, IMF policy, official development assistance policy, and the European sovereign debt crisis. She co-authored a book on the People’s Republic of China’s exchange rate system. Her most recent book focuses on BOJ, ECB, and FRB monetary policies (translated title: Unwinding Super-Easy Monetary Policy [August 2016]).
Tokyo as a Leading Global Financial Center: The Vision Under the Spotlight AgainTokyo could become a regional financial center, but it faces challenges as Japan’s cross-border transactions are mainly with developed economies such as the US and Europe.
Mission Incomplete: Reflating Japan's EconomyIn April 2013 the Bank of Japan launched an unprecedented quantitative and qualitative monetary easing policy. It was thought that a 2% price stability target could be achieved within 2 years; 4 years on and we are still mission incomplete.
Japan has endeavored to develop its capital, Tokyo, as one of the major global financial centers — circulating domestic capital and capital from abroad and invite foreign financial institutions and firms to establish businesses in Tokyo — for many decades.
It’s been almost four years since the Bank of Japan’s Governor Haruhiko Kuroda launched his signature quantitative and qualitative easing program (QQE). At the time, he was certain he could overcome Japan’s chronic mild deflation, with a target of 2% inflation within two years. Yet today the mission remains incomplete, with inflation well below 2%. What went wrong?
As QE and negative rates run out of room, helicopter money could be a last resort for overstretched central.
Former policy board member says the Bank of Japan’s current policies are not sustainable, recommending a rethink of policy mix and communication strategy.
After five years with the BOJ Sayuri Shirai returns to academia and Keio University.
ADBI visiting fellow interviewed by NHK World News on BOJ stimulus measures.