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Visiting Fellows

Sayuri Shirai

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]).

7 March 2017 Japan’s Mistake of Negative Interest Rates - The Wall Street Journal

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?

27 July 2016 Helicopters Bearing Gifts - Central Banking

As QE and negative rates run out of room, helicopter money could be a last resort for overstretched central.

15 July 2016 Shirai urges BoJ to change course - Central Banking

Former policy board member says the Bank of Japan’s current policies are not sustainable, recommending a rethink of policy mix and communication strategy.

6 April 2016 Shirai Returns to Academia - Central Banking

After five years with the BOJ Sayuri Shirai returns to academia and Keio University.

29 July 2016 Former BOJ Board Member Speaks on Central Bank Decision - NHK World News

ADBI visiting fellow interviewed by NHK World News on BOJ stimulus measures.