This research seeks to provide a comprehensive picture of lifetime asset allocation in Japan. We evaluate patterns in the level and composition of assets by household type, taking account of home ownership and household claims on social security as well as financial assets and pensions. The...

As Japanese firms have reduced the proportion of debts in their capital structures, they have also increased their debt maturities. Since the shorter debt maturity is more costly for the firms of poor performance, it is argued that the maturity length plays the role of signal as the theoretical...

This note provides an overview of macroeconomic problems that the Japanese economy faces after the global financial crisis and discusses Japan's policy responses, emphasizing the comparison with the United States and European countries.

This paper provides an overview of the sustainability of Japan’s government debt, emphasizing the viewpoint of market participants in the Japanese government bonds (JGB) market. The Japanese government will be able to finance its debt as long as current surpluses continue, meaning there is...

The decline in Japan's household saving rate accelerated sharply after 1998, but then decelerated again from 2003. Such nonlinear movement in the saving rate cannot be explained by the monotonic trend of population aging alone. According to the life cycle model of consumption and saving,...

Using the data from the Financial Statements Statistics of Corporations by Industry (FSSCI), we examine whether the decrease of corporate debt subsequent to the banking crisis in the late 1990s improved the efficiency of factor allocation at the microeconomic level. While the cross-sectoral...

This paper examines the behavior of stock and land prices during the bubble economy of the second half of the 1980s, paying considerable attention to the linkage of the two markets and the effects of monetary policy.In particular, we first examine whether the boom in asset prices can be...