This paper attempts to explain possible reasons and objectives behind the 35 trillion yen (7% of GDP) interventions conducted by the Japanese monetary authorities from January 2003 to March 2004, and to discuss whether the interventions achieved the presumed objectives: making the movement of...

The objective of this paper is two-fold. First, we describe and compare the gift and bequest (estate) tax systems in the United States and Japan. Second, we use tax data to estimate the magnitude of inter-generational transfers. The magnitude of intergenerational transfers provides aid...

This paper examines the efficiency of the forward yan/dollar market using micro survey data. Conventional tests of unbiasedness do not correspond directly to the zero-profit condition. Instead, we use the survey data to calculate potential profits of individual forecasters based on a natural...

This paper examines the causes for dramatic declines in (gross) exports among Asian countries in 1995-96. Common factors are the overvaluation of the exchange rate, partly due to yen depreciation in 1995-96, declines in export prices, especially for semi-conductors, and simultaneous declines in...

This paper presents an overlapping generation model for the framework of analyzing the long-run trend in land prices, with the following propositions: First, it is possible to define a steady state in which land price measured in terms of the commodity price is rising. The land price increase in...

The object of this paper is two-fold. First, the paper evalutes U.S. pressure for economic liberalization in Japan. Second, its implications for economic and political aspects of the East Asian regional future will be discussed. I will argue that there have been three types of the U.S. pressure...