Precautionary Savings and Income Uncertainty: Evidence from Japanese Micro Data

This paper tests the existence of precautionary savings using subjective or self-reported measures of income uncertainty drawn from Japanese household data (primarily from those in their 30s). Two subjective measures are tested: one concerning labor earnings and the other concerning public pension benefits. The results show that, among either nuclear family households or households that do not receive income transfers from parents, there exist precautionary savings due to uncertainty concerning public pension benefits. As the respondents are primarily in their 30s, we find that those households start to save based on precautionary motives early in their lives. The finding that the effect of public pension uncertainty concerning savings is manifested in nuclear family households suggests that intergenerational risk-sharing reduces risk and therefore wealth accumulation. Precautionary savings are found to take the form of relatively low-risk assets; no precautionary savings are found in securities. No evidence has been found for precautionary savings being motivated by uncertainty over labor earnings when economic prospects are utilized as the measure of labor income uncertainty.

Changes in the Japanese Employment System in the Two Lost Decades

Despite changes in the economic and social environment following the burst of the bubble economy in the early 1990s, studies on the Japanese employment system so far have detected few major changes in seniority-based wage or lifetime employment patterns. Using recent microdata from the Basic Survey on Wage Structure, this paper takes another look at developments in these two key elements of the Japanese employment system. In contrast with previous studies, we do find evidence that the two practices are eroding and that, hence, the traditional employment system overall has begun to unravel. Specifically, with regard to seniority wages, we found, for example, that the age-wage profile has become flatter in recent years, especially for employees in the middle and final phase of their career. And as for lifetime employment, we found a clear downward trend in the share of lifetime employees among younger, university-educated workers from the early 2000s. Taken together, the findings suggest that a growing share of educated younger workers choose to leave indefinite-contract jobs due to the poor prospects for seniority-based wage progression, while older workers choose to stay in their present job despite stagnating or falling wages, since it is more difficult for them to find alternative employment.Seniority-based wages, Lifetime employment, Japan

How Does the First Job Matter for an Individual’s Career Life in Japan?

Exploiting annual career records of female workers constructed from the Japanese Panel Survey of Consumers (JPSC), this paper examines how the first job matters for an individual’s future job career. Using the regional unemployment rate in the year of graduation as an instrument for the first job status (i.e., regular job or not), we confirm that an individual’s first job status matters significantly for the future job status even for female workers in Japan, although the effect gradually declines over the years and effectively disappears within around ten years from graduation. However, the observed first job effect appears to depend on the post-graduation career path taken by an individual, in the sense that someone who was unsuccessful during the first job hunt at the time of graduation can make up for the negative effect if she is lucky enough to secure a job as a regular employee within a reasonable time period.youth labor market, initial labor market conditions, cost of recessions, Japan

Dissaving by the Elderly in Japan: Empirical Evidence from Survey Data

This study empirically examines the (dis)saving behavior of the elderly in Japan using two micro-datasets of household surveys. The long-run dataset, which covers 20 years, indicates that on average, the elderly in Japan dissave, but the pace of dissaving of retired elderly is excessively slow in light of the standard life cycle/ permanent income hypothesis. Analysis results suggest that one likely factor is the desire to leave a bequest. The saving rate and pace of wealth decumulation show that retired households slowly dissave if the head plans to leave a bequest. Retired elderly who intend to have savings for precautionary purposes are unlikely to slowly dissave, except for those who do not plan to leave a bequest to their children

Credit, housing collateral and consumption: evidence from the UK, Japan and the US

The consumption behaviour of U.K., U.S. and Japanese households is examined and compared using a modern Ando-Modigliani style consumption function. The models incorporate income growth expectations, income uncertainty, housing collateral and other credit effects. These models therefore capture important parts of the financial accelerator. The evidence is that credit availability for U.K. and U.S. but not Japanese households has undergone large shifts since 1980. The average consumption-to-income ratio shifted up in the U.K. and U.S. as mortgage downpayment constraints eased and as the collateral role of housing wealth was enhanced by financial innovations, such as home equity loans. The estimated housing collateral effect is roughly similar in the U.S. and U.K., while land prices in Japan still have a negative effect on consumer spending. Together with evidence for negative real interest rate effects in the U.K. and U.S. and positive ones in Japan, this suggests important differences in the transmission of monetary and credit shocks between Japan and the U.S., U.K. and other credit-liberalized economies.Households - Economic aspects ; Consumption (Economics) ; Credit ; Business cycles ; Financial markets ; Economic conditions - United States ; Economic conditions - Japan ; Economic conditions - Great Britain

Clinical Significance of Carbapenem-Tolerant Pseudomonas aeruginosa Isolated in the Respiratory Tract

We often come across difficult to treat infections—even after administering appropriate antibiotics according to the minimal inhibitory concentration of the causative bacteria. Antibiotic tolerance has recently started to garner attention as a crucial mechanism of refractory infections. However, few studies have reported the correlation between clinical outcomes and antibiotic tolerance. This study aims to clarify the effect of antibiotic tolerance on clinical outcomes of respiratory tract infection caused by Pseudomonas aeuginosa (P. aeruginosa). We examined a total of 63 strains isolated from sputum samples of different patients and conducted a retrospective survey with the medical records of 37 patients with imipenem-sensitive P. aeruginosa infections. Among them, we selected 15 patients with respiratory infections, and they were divided into high-tolerance minimal bactericidal concentration for adherent bacteria (MBCAD)/minimal inhibitory concentration for adherent bacteria (MICAD) ≥ 32 (n = 9) group and low-tolerance MBCAD/MICAD ≤ 16 (n = 6) group for further investigations. The findings indicated that the high-tolerance group consisted of many cases requiring hospitalization. Chest computed tomography findings showed that the disease was more extensive in the high-tolerance group compared to the low-tolerance group. Regarding the bacterial phenotypic characterization, the high-tolerance group significantly upregulated the production of the virulence factors compared to the low-tolerance group. Our study provided evidence that carbapenem tolerance level is a potent prognostic marker of P. aeruginosa infections, and carbapenem tolerance could be a potential target for new antimicrobial agents to inhibit the progression of persistent P. aeruginosa infections

Anatomical characteristics of the rectus abdominis and transversus abdominis muscles related to ultrasound-guided rectus sheath block for analgesia around the umbilicus in healthy adult Japanese volunteers

Background: The rectus abdominis muscle partially overlaps with the transversus abdominis muscle belly when following cephalad. This study aimed to evaluate the overlapping properties between the rectus abdominis muscle and the transversus abdominis muscle belly in relation to the performance of ultrasound-guided rectus sheath block for analgesia around the umbilicus.Methods: After obtaining institutional approval and written informed consent, ultrasound examinations of bilateral abdominal walls were performed in healthy adult Japanese volunteers. The craniocaudal distance from the level of the umbilicus to the point where the rectus abdominis muscle and the transversus abdominis muscle belly begin to overlap on the ultrasound image was measured.Results: Sixty hemi-abdominal walls were examined in 30 volunteers (15 males, 32±6 years old, and 15 females, 31±5 years old). The craniocaudal distance from the level of the umbilicus to the point where the rectus abdominis muscle and the transversus abdominis muscle belly begin to overlap on the ultrasound image (left side/right side) was 17.4±11.8/18.8±13.3 mm in male subjects and 19.5±11.5/21.2±12.4 mm in female subjects, respectively. At the level of the umbilicus, overlapping of the two muscles was observed only in 2 of 60 subjects. At 45 mm cephalad from the level of the umbilicus, the two muscles began to overlap in 58 of 60 subjects (96.7%).Conclusions: The position where the rectus abdominis muscle and transversus abdominis muscle belly begin to overlap as detected by ultrasound imaging is approximately 20 mm cephalad to the umbilicus

Essential role of autoactivation circuitry on Aurora B-mediated H2AX-pS121 in mitosis

Shimada, M., Goshima, T., Matsuo, H. et al. Essential role of autoactivation circuitry on Aurora B-mediated H2AX-pS121 in mitosis. Nat Commun 7, 12059 (2016). https://doi.org/10.1038/ncomms1205

A novel homozygous variant of the thrombomodulin gene causes a hereditary bleeding disorder

ArticleBlood Advances. 5(19): 3830-3838 (2021)journal articl

Evaluation of atherosclerotic lesions using dextran- and mannan–dextran-coated USPIO: MRI analysis and pathological findings

Magnetic resonance imaging (MRI) can detect atherosclerotic lesions containing accumulations of ultrasmall superparamagnetic iron oxides (USPIO). Positing that improved USPIO with a higher affinity for atherosclerotic plaques would yield better plaque images, we performed MRI and histologic studies to compare the uptake of dextran- and mannan–dextran-coated USPIO (D-USPIO and DM-USPIO, respectively) by the atherosclerotic walls of rabbits. We intravenously injected atherosclerotic rabbits with DM-USPIO (n = 5) or D-USPIO (n = 5). Two rabbits were the controls. The doses delivered were 0.08 (dose 1) (n = 1), 0.4 (dose 2) (n = 1), or 0.8 (dose 3) (n = 3) mmol iron/Kg. The dose 3 rabbits underwent in vivo contrast-enhanced magnetic resonance angiography (MRA) before and 5 days after USPIO administration. Afterwards, all animals were euthanized, the aortae were removed and subjected to in vitro MRI study. The signal-to-noise ratio (SNR) of the aortic wall in the same region of interest (ROI) was calculated in both in vivo and in vitro studies. Histological assessment through measurement of iron-positive regions in Prussian blue-stained specimens showed that iron-positive regions were significantly larger in rabbits injected with DM- rather than D-USPIO (P < 0.05) for all doses. In vivo MRA showed that the SNR-reducing effect of DM- was greater than that of D-USPIO (P < 0.05). With in vitro MRI scans, SNR was significantly lower in rabbits treated with dose 2 of DM-USPIO compared with D-USPIO treatment (P < 0.05), and it tended to be lower at dose 3 (P < 0.1). In conclusion, we suggest that DM-USPIO is superior to D-USPIO for the study of atherosclerotic lesions in rabbits