Contemporary Monetary Policy and Financial System Issues of Japan

2005-04It is well-known internationally that Japan has been experiencing serious economic and financial difficulties since the 1990s. This chapter aims to explain the current important issues regarding the Japanese monetary policy and financial system. Struggling with unprecedented deflation, the Bank of Japan has employed unusual policy tools, such as reducing target interest rates to zero and buying stocks. The financial system of Japan is having trouble with financial intermediation, risk sharing and liquidity services. It is notable that the Japanese financial system is quite different from that of a decade ago. In recent years, the Japanese household and business enterprise sectors as a whole are lenders, and the government and foreign sectors are borrowers. As a result, the business model of Japanese banks during the high growth period when banks collected money from households as deposits and lent it to large enterprises is no longer sustainable. In terms of households’ portfolio investments, safe assets such as bank deposits and traditional insurance make up substantial shares and risky assets such as stocks are marginal. A bank-centered financial system like Japan’s faces financial difficulties when the risk taking ability of financial institutions decreases, which actually occurred due to the huge non-performing loans of the 1990’s. The government initiated the Japanese Big Bang to vitalize the financial market in Japan, but a satisfactory outcome has yet to be seen.departmental bulletin pape

On basic characteristics of cross-flow fan with high aspect ratio

クロスフローファンの最も単純なモデルを調査した．このモデルは，アスペクト比が5.8と非常に高く，ケーシングを持たない貫流羽根車であり，静止した流体中で回転する．ケーシングの代わりに影響の少ないスプリッタープレートを配置した．従来の流れの可視化と熱線速度計測に加えて粒子画像速度計測法により，スパン中間面上の流速ベクトルの瞬間的な計測を行い， レイノルズ数Re＝300～2500における流れの詳細を明らかにした．The authors investigate the simplest model of cross-flow fans. The model is a cross-flow impeller with a very-high aspect ratio of 5.8 and without any casings, and surrounding fluid is stationary. The authors place a splitter plate with minimal influence instead of casings. Instantaneous measurements of flow-velocity vectors on the mid-span plane are conducted using particle-image-velocimetry technique, in addition to conventional flow visualisations and hot-wire-velocimetry measurements and the authors reveal the details of flow at the Reynolds number Re = 300-2500.application/pdfdepartmental bulletin pape

Measurement of Time-Dependent CP-Violating Asymmetries in B0→ϕKS0, K+K-KS0, and η′KS0 Decays

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