Official Responsible for Japan's 'Three Arrow' Strategy towards Economic Growth Shares Progress, Way Forward in Expert Panel

Hitting the Mark? The Third Arrow in Sharper Focus

Wednesday, April 30, 2014, 8:00 am, at Japan Society


New York, NY - The three arrows of Abenomics have made measurable progress in Japan’s efforts to rid itself of deflation. The fifty-seven percent rise in the Nikkei in 2013 was a sign of early optimism, but recent skepticism about the scale of structural reforms and the ability of the Abe administration to follow through has led to renewed calls for further steps to put the Japanese economy on a self-sustaining growth cycle.

In response to questions from investors and the public at large, Japan Society presents Hitting the Mark? The Third Arrow in Sharper Focus. The Honorable Yasutoshi Nishimura, Senior Vice-Minister of the Cabinet Office and the person responsible for the three arrows strategy of Abenomics, will give remarks on the progress and timeframe of Prime Minister Abe’s growth strategy. Professor Heizo Takenaka of Keio University, a leading scholar on structural reforms, also shares his views. Following their speeches, they will discuss Japan’s present and future place within the global economy with experts including adviser to Prime Minister Abe Koichi Hamada, Standard & Poor’s Ratings Services' chief economist Paul Sheard, and Columbia University's David E. Weinstein, who moderates. The panel takes place Wednesday, April 30, at Japan Society.

Agenda: 8:00 am, registration and breakfast; 8:30, keynote speeches; 9:00-10:00, panel and Q&A.

Admission: This is a free event open to the public; pre-registration is mandatory. Seating is available on a first come, first served basis. To register or for more information, please email, visit, or call 212-715-1208.

Yasutoshi Nishimura (speaker and panelist) was appointed Senior Vice-Minister of the Cabinet Office in December 2012. His responsibilities include economic revitalization, economic and fiscal policy, the total reform of social security and tax, and the Trans-Pacific Partnership (TPP), among others. He was first elected to the House of Representatives in 2003. Since then, he has been elected to four consecutive terms, and in 2008, served as the Parliamentary Vice-Minister for Foreign Affairs. He has also held the positions of Shadow Minister of Economy, Trade and Industry, the Liberal Democratic Party (LDP), Deputy Chairman, Policy Research Council, LDP, and Acting Chairman, Special Committee on Energy Policy, LDP. Before his election to the House of Representatives, Mr. Nishimura was appointed Director of the Environmental Protection and Industrial Location Bureau in the Ministry of International Trade and Industry (MITI) in 1999. He entered MITI in 1985 after graduating from Tokyo University’s Faculty of Law (1985). He is also a graduate of the University of Maryland’s Graduate School of Public Affairs (1992).

Heizo Takenaka (speaker and panelist) is a professor of Faculty of Policy Management and director of the Global Security Research Institute at Keio University in Japan, and was formerly Minister for Internal Affairs and Communications (2005-2006). In his capacity as an economist and as part of his social activities, he also serves on several advisory boards and committees including: Senior Research Fellow, Japan Center for Economic Research (JCER); Director, Academyhills and Chairman, Pasona Group Inc. He was named to the Foundation Board of the World Economic Forum in 2007. Professor Takenaka’s research interest is in economic policy. In 2001, Prime Minister Junichiro Koizumi named Professor Takenaka the Minister for Economic/Fiscal Policy, in which position he chaired the Council on Economic and Fiscal Policy and steered macroeconomic policy. Over the next five and a half years, he spearheaded Japan’s economic structural reform. In 2002, Professor Takenaka was named the Minister for both Financial Services and Economic/Fiscal Policy. In 2004, he was elected to the House of Councilors, and was named the Minister for both Economic/Fiscal Policy and Privatization of the Postal Services. In this capacity, he realized the privatization of Japan Post, the biggest public enterprise in Japan. In 2005, he was named the Minister for both Internal Affairs and Communication, and Privatization of the Postal Services. The following year, Professor Takenaka returned to Keio University, leaving both the Cabinet and the House of Councilors when Prime Minister Koizumi resigned. Professor Takenaka received his B.A. in economics from Hitotsubashi University and his Ph.D in economics from Osaka University. He is the author of numerous books, including The Economy in which Fast Movers Win (1998), Policy Crisis and the Japanese Economy - A Search for the Causes of the Economic Slowdown in the 1990s (2001) and The Structural Reforms of the Koizumi Cabinet (2008).

Koichi Hamada (panelist) is Tuntex Professor of Economics at Yale University, where he specializes in the Japanese economy and international economics, and Professor Emeritus at the University of Tokyo, where he taught before coming to Yale in 1986. Hamada’s work on policy coordination, one of which first applied game theory to international finance, was published as The Political Economy of International Monetary Interdependence (MIT Press, 1985), and some of his economic articles are collected in Strategic Approaches to the International Economy: Selected Essays of Koichi Hamada (Edward & Elgar, 1996). Hamada was the President of the Japanese Association of Economics and Econometrics (now the Japan Economic Association) from 1994 to 1995 and was the founding President of the Japan Law and Economics Association in 2003 (now its honorary fellow). He was a recipient of Nikkei Tosho Bunka Prize (1967) for “Economic Growth and Capital Movements,” the Ekonomisuto prize (1980) for “Banking Behavior and Monetary Policy.” He was also awarded the Otto Eckstein Prize (1988) by the Eastern Economic Association for “The Impact of the General Theory in Japan,” recognized as the best article in the Eastern Economic Review for the year. In 2006 he was awarded the imperial decoration, the Order of the Sacred Treasure, Gold and Silver Star, which is given to those who have accumulated distinguished achievements for Japan.

Paul Sheard (panelist) was named Chief Global Economist and Head of Global Economics and Research for Standard & Poor’s Ratings Services in June 2012. Sheard leads a team of over 50 economists, researchers and quantitative analysts responsible for the macroeconomic forecasts used by Standard & Poor’s analysts during the ratings process, critical cross-sector research projects and ratings performance reporting. He is a member of the Standard & Poor’s Executive Committee. Previously, he had been Global Chief Economist and Head of Economic Research at Nomura Securities, where he led a team of 35 economists in seven countries and was responsible for the firm’s global economic forecasts, outlooks and analyses. Earlier in his career, Sheard spent eight years at Lehman Brothers where he held a similar position and also served as Asia Chief Economist. Before that, Paul was Head of Japan Equity Investments at Baring Asset Management. He has held faculty positions at Osaka University and the Australian National University, and visiting positions at Stanford University and the Bank of Japan. He is the author of several books and articles on corporate governance and the Japanese economy. His book The Crisis of Main Bank Capitalism (Toyo Keizai Shinposha) earned him the Suntory-Gakugei Prize in the Economics–Politics Division. He was a member of the World Economic Forum Global Agenda Council on the International Monetary System in 2010-12. Heard received his bachelor’s degree from Monash University in Australia, a master’s degree in Economics and a Ph.D. from the Australian National University.

David E. Weinstein (moderator) is Carl S. Shoup Professor of the Japanese Economy, Director of Research at the Center on Japanese Economy and Business, and Chair of the Department of Economics at Columbia University. He is also Research Director of the Japan Project at the National Bureau of Economic Research and a Member of the Council on Foreign Relations. Previously, Professor Weinstein was a Senior Economist and a consultant at the Federal Reserve Bank of New York and at the Federal Reserve Bank of San Francisco and the Federal Reserve Board of Governors. Prior to joining the Columbia faculty, Professor Weinstein held professorships at the University of Michigan and Harvard University. He also served on the Council of Economic Advisors from 1989 to 1990. He is the recipient of many grants and awards including five National Science Foundation grants, an Institute for New Economic Thinking grant, and a Google Research Award.

Founded in 1907, Japan Society is a multidisciplinary hub for global leaders, artists, scholars, educators, and English and Japanese-speaking audiences. At the Society, more than 100 events each year feature sophisticated, topically relevant presentations of Japanese art and culture and open, critical dialogue on issues of vital importance to the U.S., Japan and East Asia. An American nonprofit, nonpolitical organization, the Society cultivates a constructive, resonant and dynamic relationship between the people of the U.S. and Japan.

Japan Society is located at 333 East 47th Street between First and Second avenues (accessible by the 4/5/6 at 42nd Street-Grand Central Station or the E and M at Lexington Avenue and 53rd St.) For further information call 212-832-1155 or visit

This event is co-organized with the Consulate General of Japan in New York and JETRO New York. It is presented with support from Citi, Deloitte, United Airlines, Mizuho Financial Group, Toyota Motor North America, and WL Ross & Co. LLC.

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Media Contacts:
Shannon Jowett, 212-715-1205,
Kuniko Shiobara, 212-715-1249,

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