In this paper, we analyze how the risk premiums in the Tokyo international interbank markets went through under the financial crisis. First, we briefly look back upon the financial situations under Japan's financial crisis at the end of the 1990s and under the global financial crisis that...

Empirical studies in corporate finance have long been interested in the role of banks in reducing the costs of financial distress. The purpose of this paper is to investigate how various measures of bank health and how defaults of major trading partners affected the probability of bankruptcy...

After prolonged recessions, the Japanese economy finally recovered in the first half of the 2000s, and recorded sustained growth until summer 2007. The purpose of this paper is to examine, from both macro and micro perspectives, the role of international trade with China in the recovery of...

‘Abenomics' refers to a new unconventional economic policy regime in Japan since late 2012. It consists of the three arrows: unconventional monetary policy (the first arrow), expansionary fiscal policy (the second arrow), and economic growth strategies to encourage private investment (the...

In this paper, we explore whether unconventional monetary policy in Japan had a negative spillover effect on the rest of the world. After Prime Minister Abe advocated the new policy regime, the Japanese yen depreciated substantially which raised a concern that it would have a beggar-thy-neighbor...

Empirical studies in corporate finance have long been focused on the role of banks in reducing the costs of financial distress. The environment and events in Japan provide a "natural experiment" that allows such empirical studies. The number of bankruptcies steadily increased throughout the...