Yen depreciation is often proposed to combat the deflation in Japan. However, there has been surprisingly little empirical research on how price expectation is affected by currency depreciation. This paper focuses on an unusual experience in Okinawan history to evaluate the effect of devaluation...

The Japanese economy has suffered from deflation since the mid-1990s. Despite the importance of overcoming deflation for policymakers and academics in Japan, there has been no recent research on what changes deflationary expectations in Japan. This study emphasizes fact-finding from a unique and...

This paper evaluates the quality and efficiency of the at-home long-term care market in Japan, a market in which for-profit enterprises were allowed to enter after the introduction of the long-term care insurance in Spring of 2000. We take advantage of data from a unique self-conducted survey to...

A number of hypotheses have been proposed to examine why Japan's household saving rate was high. This paper takes advantage of a micro-level data from Public Opinion Survey on Household Financial Assets and Liabilities to reexamine the effects of the bonus system on households' savings. We find...

Japan's employee-based corporate governance is in a far-reaching transition, and has a larger presence of outside directors as board members in the 1990s. We examine how board composition affects measures for employment downsizing by constructing a unique firm-level measurement of excess...

The Japanese economy has experienced price deflation since the mid-1990s. Despite the importance of overcoming deflation, there has been little recent research on price expectations in Japan. This paper takes advantage of an original and rich quarterly household-level data set from the "Kokumin...

This paper investigates determinants and impacts of R&D activities in overseas subsidiaries, using .rm-level panel data for Japanese multinational enterprises. We distinguish between overseas innovative and adaptive R&D according to survey responses and .nd substantial di.erences between the two...

Japan's total fertility rate declined to 1.32 in 2002, the lowest in its modern era. Such a drastic decline in fertility rate is an exception in the world. What the decrease in birthrate brings is an unbalanced demographic composition between a productive and dependent population. This...

We investigate how people coped with unexpected losses caused by the 1995 Hanshin-Awaji earthquake by using some unusually rich household data. Several empirical findings emerged. We found that the coping means were specific to the nature of the loss caused by the earthquake. For example,...

This study explores economic aspects of the market for long term care (LTC) with a special focus on Japan. First, we describe the LTC system in Japan as presently implemented, and we highlight some aspects of the program that are novel and potentially of interest to other countries seeking...