IS IMBALANCES AND CURRENT ACCOUNT SURPLUSES IN JAPAN: IN MEMORY OF PROFESSOR RONALD I. MCKINNON

In this paper, I find (1) that Japan showed massive and persistent current account surpluses from at least 1981 and until at least 2011, (2) that Professor Ronald McKinnon was correct, at least in the case of Japan, and that these large and persistent current account surpluses were due primarily to Japan's large and persistent IS imbalances (the excess of saving over investment), (3) that the specific causes of the IS imbalances have changed dramatically over time, and (4) that future trends in Japan's IS imbalances (current account surpluses) are difficult to project but that they will probably not change dramatically in either direction in the foreseeable future

Explaining Foreign Holdings of Asia's Debt Securities: The Feldstein-Horioka Paradox Revisited

In this paper, we find that home bias is still present in all economies and regions, especially in the case of short-term debt securities, but that there are substantial variations among economies and regions in the strength of home bias, with the Eurozone economies, the US, and developing Asia showing relatively weak home bias and advanced Asia, especially Japan, showing relatively strong home bias. We then examine trends over time in foreign holdings of debt securities and find that capital has been flowing from the US and the Eurozone economies to both advanced Asia (especially Japan) and developing Asia and that foreign holdings of debt securities have been increasing in advanced as well as developing Asia but for different reasons. The main reason in the case of advanced Asia (especially Japan) appears to be higher riskadjusted returns, whereas the main reason in the case of developing Asia appears to be the growth of debt securities markets combined with relatively weak home bias and (in the case of short-term securities) lower exchange rate volatility. Finally, we find that since the Global Financial Crisis, foreign holdings of debt securities have declined (i.e., that home bias has strengthened) in all economies and regions except developing Asia, where they have increased (except for a temporary decline in 2008) but where their share is still much lower than the optimal share warranted by the capital asset pricing market model

Toward inertial confinement fusion energy based on heavy ion beam

Heavy ion inertial fusion (HIF) energy would be one of promising energy resources securing our future energy in order to sustain our human life for centuries and beyond. The heavy ion beam (HIB) has remarkable preferable features to release the fusion energy in inertial confinement fusion: in particle accelerators HIBs are generated with a high driver efficiency of ~ 30-40%, and the HIB ions deposit their energy inside of materials. Therefore, a requirement for the fusion target energy gain is relatively low, that would be ~50-70 to operate a HIF fusion reactor with the standard energy output of 1GW of electricity. The HIF reactor operation frequency would be ~10~15 Hz or so. Several-MJ HIBs illuminate a fusion fuel target, and the fuel target is imploded to about a thousand times of the solid density. Then the DT fuel is ignited and burned. The HIB ion deposition range would be ~0.5-1 mm or so depending on the material. Therefore, a relatively large density-scale length appears in the fuel target material. The large density-gradient-scale length helps to reduce the Rayleigh-Taylor (R-T) growth rate. The key merits in HIF physics are presented in the article toward our bright future energy resource.Comment: 17 pages. arXiv admin note: substantial text overlap with arXiv:1511.06508, arXiv:1608.0106