J-GLOBAL         Last updated: Apr 6, 2019 at 10:49
Sapporo Gakuin University
Faculty of Business Administration
Job title

Research Areas


Academic & Professional Experience

Apr 2009
Professor, Faculty of Business Administration, Sapporo Gakuin University
Apr 2005
Mar 2009
Professor, Hokkaidou Information University
Apr 1997
Mar 2005
Professor, Sapporo Kokusi University
Jan 1995
Mar 1997
General Manager of the divison, Asset management Division, Paribas Asset Manegement
Jun 1991
Dec 1994
Director and General Manager of 2nd Investment Department, 2dn Investment Department, yasuda Kasai Brinson Investment manegement Company
Apr 1987
May 1991
Deputy Manager, 2nd Section, Equity Department, Yasuda Fire and Marine Insurance Company
Apr 1986
Mar 1987
Sales Representative, Financial Institution Department, Nomura Securities
Aug 1984
Mar 1986
Investment Strategist, Institutional Research and Advisory Department, Nomura Securities
Apr 1982
Aug 1984
Sales Representative, Sales Department, Nomura (Middle East) Invetment Bank
Aug 1981
Mar 1982
Analyst, Institutional Research and Advisory Department, Nomura Securities
Apr 1981
Jul 1981
Researcher, Nomura Research Institute
Apr 1976
Mar 1981
Staff, Overseas Division, Hitachi Cable, Ltd


Faculty of Economics, Hitotsubashi University

Published Papers

JapanLoves US Treaury
No.12 1-12   Jan 2019
On a Clear day, you can see 40,000yen for Nikkei Stock Average
(11) 1-16   Oct 2017
Is Bitcoin a Money?
10 1-46   Sep 2016
Black Swans in the Stock/Bond/Commodity Markets
8 1-24   Aug 2015
Black Swans in the Foreign Exchange Market
7 1-41   Feb 2015
Commodity Prices and the Stock Prices
6 1-10   Mar 2014
Dis Real Estate Myth of Japan Disapear?
5 918   Mar 2013
Estimates of Bank Capital Shortfall in Euro Crisis
4 21-31   Mar 2012
Tobin q and Financial Accelerator
(46) 255-260   Jul 2011
Testing the Financial Accelerator Theory
(3) 67-77   Mar 2011
Hiden Assets on Calculating Tobin q
(2) 31-38   Aug 2010
Loss Estimates on Subprime Loan Related Bubble Burst
(46) 130-134   Jul 2010
Loss Estimates on the US Mortgage Loan Burst
(1) 135-143   Aug 2009


There certainly was a real estate bubble in the US. But it has already been over.
Weekly "Toyo Keizai"   (1.22) 24-25   2000
Key currency advantage supported US soaring equity prices.
Mainichi Shimbun Weekly "Economist"   (3.21) 64-65   2000
Liquidity squeeze to halt the US growth.
Weekly "Tokyo Keizai"   (2.6) 14-16   1999
Hokkaido as the "Glocal" community.
REC Technical Report   (0029)    1999
World Liquidity and the United States Equity market.
Journal of Sapporo International University   (3月)    1999
In retrospect' of the past 100 years, US stock prices are overvalued.
Mainichi Shimbun Weekly "Economist"   (5.11) 68-70   1999
Instability of US economy and its stock markets.
"Economic Survey" Kokumin Keizai Kenkyu Kyokai   (7.20) 16-19   1999
The US economy and its equity market.
Presentation at the Spring 1999 Conference of Japan Society of Monetary Economics   (5.30)    1999
The US financial bubble and world economy
Journal of Sapporo International University   (March) 77-86   1998
The world economy after US stock market crush.
Mainichi shimbun weekly 'Economist'   (4.28) 34-37   1998
Is the US stock market in speculative bubble?
Weekly Toyo Keizai   (2.28) 58-60   1998
US stock value which was pushed up at the price of wage shall fall down.
Mainichi shimbun weekly 'Economist'   (3.24) 40-41   1998
Adjustment is likely in the US stock market. How Japanese stock market react?
Mainichi Shimbun Weekly "Economist"   (8.25) 59-61   1998
Prosperity depending on "Dividend of Peace"
Keizai Seminar   (8月) 32-36   1998
Dollar collaps, the worst case
Weekly "Tokyo Keizai"   (9.12) 62-63   1998
Will the US accept dollar fall to protect world equity collaps?
Mainichi Shimbun Weekly "Economist"   (9.29) 22-23   1998
Is it practical tp regulate Hedge Funds?
Mainichi Shimbun Weekly "Economics"   (11.3) 58-59   1998
What are these monsters "Hedge Funds"?
Sangyo Shinchou   (11月)    1998
Euro representing obsolete balance of power.
Weekly Nikkei Business   (3.24)    1997
Stock market asks for responsible operation of Japanese banks.
Weekly Nikkei Business   (97.3) 29   1997
Asian turmoil causes US stock market turn about
Weekly Toyo Keizai   (10.11) 62-63   1997
World liquidity cycle and commodity prices.
Weekly Nikkei Business   (9.16)    1996
Japan's high real long term interest rates
QRI Report   (96.1)    1996
The US economic slowdown does not necessarily mean lower long term bond yield.
Weekly Nikkei Business   (2.6) 16   1996
Private Capital Formation is a key to growth.
Weekly Nikkei Business   (4.1) 18   1996
Increasing velocity of money in Japan.
Weekly Nikkei Business   (6.24) 16   1996
Easing money is the only way for reflation.
Weekly Nikkei Business   (12.6) 16   1996
Easy monetary policy is needed stop yen appreciation and stock market collapse. Unemployment rate adjusted PPP suggests overvalued yen.
Nihon Keizai Shimbun. Study of Economics   (5.19)    1995
Growth by Investment sacrificing employment opportunity.
Weekly Nikkei Business   (7.24)    1995
Return on Equity vs Bond Yield, as a leading indicator to equity/bond relative performance
Weekly Nikkei Business   (10.23)    1995
Market mechanism began to work to induce consumer demand.
Weekly Nikkei Business   (3.31) 16   1995
Base money creation is the only way to do.
Weekly Nikkei Business   (5.15) 28   1995
Long-term prospect for Japanese economy and financial market.
Quarterly Capital Market Research   (94.1)    1994
No producer price increase, no improvement in corporate profit.
Weekly Nikkei Business   (2.21)    1994
Unemployment rate gap adjusted PPP suggests 100yen/dollar.
Weekly Nikkei Business   (5.30)    1994
Hokkaido Yen, a given purchasing power which Hokkaido does not deserve of.
Weekly Nikkei Business   (8.8/15)    1994
Changing terms of trade between industrial goods and commodities.
Weekly Nikkei Business   (10.31) 18   1994
Japanese T-Bill market is too small to increase High Powered Money.
Weekly Nikkei Business   (1.18)    1993
Increasing Japanese Unemployment Rates
Weekly Nikkei Business   (3.1)    1993
Let's talk about Nominal Growth of the World Economy.
Weekly Nikkei Business   (6.21)    1993
Increasing liquidity preference produces higher yen.
Weekly Nikkei Business   (8.30)    1993
Declining growth rate of high powered money in the US
Weekly Nikkei Business   (4.26) 34   1993
Tax cut does not work under current labor market situation.
Weekly Nikkei Business   (10.25) 34   1993
Money and economy
Research Reort of The Non-Life Insurance Institute of Japan   (11.1) 2-17   1993
Ineffective Fiscal Policy Another interpretation on IS-LM model
Weekly Nikkei Business   (8.31)    1992
Increasing probability of world wide recession
Weekly Nikkei Business   (2.17) 34   1992
Necessary shape up of the American economy
Weekly Nikkei Business   (4.27) 34   1992
Disclosure is the most critical measure to solve Japanese financial crisis
Weekly Nikkei Business   (6.22) 34   1992
Global Deflation due to Financial Crisis in Japan
Weekly Toyo Keizai. Special issue for Japanese Diplomacy   (1.25)    1991
Insufficiency of World savings caused by unexpected demand from countries in transit
Weekly Nikkei Business   (8.19) 34   1991
Limited efficiency of monetary policy at the initial stage of deflation
Weekly Nikkei Business   (10.14) 34   1991
Slow money supply increase suggests stagnant consumption
Weekly Nikkei Business   (12.9) 34   1991
Weakening Yen caused by Recovery of the US and political Turmoil in Japan
Weekly Toyo Keizai. Special Issue for Economic White Paper   (8.25)    1989

Books etc

Monetary economy and portfolio investment
Apr 2016   
"Hokkaido, An Island for New Tourism" Chapter (]G0004[)
Nakanishi Shuppan   1999   
Theory and prictice in establishing investment strategy
Toyo Keizai Shinpousha   1989   

Conference Activities & Talks

On a Clear day, you ca see 40,000yen for Nikkei Stock Average [Invited]
18 Jun 2017   
Commodity Prices and Stock Prices
15 Jun 2014   

Research Grants & Projects

Correlation between International Liquidity and Economic Activity and Financial market.
Determinant factors of foreign exchange rates
Determinant factors of stock prices