Japan's Deflation, Problems in the Financial System, and Monetary Policy

This paper offers three analyses of Japan's macroeconomic experience during the post-1990 period. First, we analyze various facets of deflation during the period, arguing that the deflation of general prices has by no means been a major factor for the stagnating economy. In contrast, the deflation of asset prices was closely related to the economic difficulty of the period. In particular, the negative shocks generated by sharp declines in asset prices in the early 1990s have been propagated and amplified by their interaction with the deterioration in the condition of the financial system. Some statistical evidence supports this view. Second, we analyze the effects of monetary policy adopted by the Bank of Japan (BOJ) to fight deflation since the late 1990s. Given that short-term interest rates were already nearly zero in the mid-1990s, policy measures have focused on creating monetary easing effects beyond those created by zero interest rates alone. We show that the zero interest rate policy, which includes a commitment to maintain a zero interest rate for a longer period than that suggested by a baseline monetary policy rule, has produced strong effects on expected future short-term interest rates and thus the entire yield curve. Third, we argue that the BOJ has successfully prevented a repetition of the 1997-98 type liquidity crisis by directing market operations at addressing the financial-sector problems. These operations have taken the form of containing risk and liquidity premiums, particularly in the money market, through proactive provision of liquidity as well as the BOJ's own risk- taking activity.

Towards monolithic integration of germanium light sources on silicon chips

Germanium (Ge) is a group-IV indirect band gap semiconductor, and therefore bulk Ge cannot emit light efficiently. However, the direct band gap energy is close to the indirect one, and significant engineering efforts are being made to convert Ge into an efficient gain material monolithically integrated on a Si chip. In this article, we will review the engineering challenges of developing Ge light sources fabricated using nano-fabrication technologies compatible with Complementary Metal-Oxide-Semiconductor (CMOS) processes. In particular, we review recent progress in applying high-tensile strain to Ge to reduce the direct band gap. Another important technique is doping Ge with donor impurities to fill the indirect band gap valleys in the conduction band. Realization of carrier confinement structures and suitable optical cavities will be discussed. Finally, we will discuss possible applications of Ge light sources in potential photonics-electronics convergent systems

ダンセイ ホイクシ ノ ジュヨウ ニツイテ ノ カダイ

　男性の保育者が，保育園で長く勤務し定着していくことに関する研究．男性が資格をもって保育所で働くようになり36 年になるが，余り増えていない．保育士の質と量が求められている現在，この課題の克服が求められている．男性保育士の受容に関する意識調査と関係者への聞き取りを行うと，女性保育士への期待と厳しい現実認識，多様性について示唆があった．This study examines the long-term employment of men as nursery school teachers and their retention. It has been 36 years since it became possible for men with the required qualification to work at nursery schools, but they are still few in number and have not increased. Currently, this issue, as well as the issue of improvement of the quality and quantity of nursery school teachers, needs to be addressed. Attitude surveys about acceptance of male nursery school teachers were conducted, revealing issues involving expectations of female teachers

A Universal Lagrangian for Massive Yang-Mills Theories without Higgs Bosons

A universal Lagrangian that defines various four-dimensional massive Yang-Mills theories without Higgs bosons is presented. Each of the theories is characterized by a constant k contained in the Lagrangian. For k=0, the Lagrangian reduces to one defining the topologically massive Yang-Mills theory, and for k=1, the Lagrangian reduces to one defining the Freedman-Townsend model. New massive Yang-Mills theories are obtained by choosing k to be real numbers other than 0 and 1.Comment: 9 pages, latex, no figure

ADH Responses to Thoracic and Abdominal Surgery under Epidural Anesthesia

Changes of plasma ADH concentration were studied during thoracic and abdominal operations under epidural anesthesia comnbimed with nitrous oxide inhalation. In abdominal surgeries, ADH level was elevated by operative invasion as usually reported, significantly by peritoneal irritation particularly. In thoracic surgeries, on the other hand, ADH level showed a rise by operative invasion, but little significant change was observed by irritation to the pleura. There was no significant difference in ADH level between the high frequency positive-pressure ventilation group and the intermittent positive-pressure ventilation group

Direct observations of spin fluctuations in spin-hedgehog-anti-hedgehog lattice states in MnSi1−x_{1-x}Gex_x (x=0.6x=0.6 and 0.80.8) at zero magnetic field

The helimagnetic compounds MnSi$_{1-x}$Ge$_{x}$ show the three-dimensional multiple-$q$ order as referred to as spin-hedgehog-anti-hedgehog (SHAH) lattice. Two representative forms of SHAH are cubic-3$q$ lattice with $q \| \langle100\rangle$ and tetrahedral-4$q$ lattice with $q \| \langle111\rangle$, which show up typically for $x=1.0-~0.8$ and for $x=0.6$, respectively. Here, we have investigated the spin fluctuations in the MnSi$_{1-x}$Ge$_{x}$ polycrystalline samples with $x=0.6$ and $0.8$ by using the time-of-flight (TOF) neutron inelastic scattering and MIEZE-type neutron spin echo techniques to elucidate the microscopic origin of the unconventional Hall effect in the SHAH lattice states. This research is motivated by the observation of a sign change in the unconventional Hall resistivity as a function of temperature [Y. Fujishiro et al., Nat. Comm. $\textbf{10}$, 1059 (2019)]. The present results reveal the correspondences between the temperature ranges where the positive Hall resistivity and spin fluctuations are observed. These results agree well with the theoretical model of the conduction electrons scattered by the fluctuating spin clusters with a non-zero average of sign-biased scalar spin chirality as a mechanism of the positive Hall resistivity [H. Ishizuka and N. Nagaosa, Sci. Adv. $\textbf{4}$, eaap9962 (2018)].Comment: 10 pages, 8 figure

Alternative mRNA Splicing in Three Venom Families Underlying a Possible Production of Divergent Venom Proteins of the Habu Snake, Protobothrops flavoviridis

Snake venoms are complex mixtures of toxic proteins encoded by various gene families that function synergistically to incapacitate prey. A huge repertoire of snake venom genes and proteins have been reported, and alternative splicing is suggested to be involved in the production of divergent gene transcripts. However, a genome-wide survey of the transcript repertoire and the extent of alternative splicing still remains to be determined. In this study, the comprehensive analysis of transcriptomes in the venom gland was achieved by using PacBio sequencing. Extensive alternative splicing was observed in three venom protein gene families, metalloproteinase (MP), serine protease (SP), and vascular endothelial growth factors (VEGF). Eleven MP and SP genes and a VEGF gene are expressed as a total of 81, 61, and 8 transcript variants, respectively. In the MP gene family, individual genes are transcribed into different classes of MPs by alternative splicing. We also observed trans-splicing among the clustered SP genes. No other venom genes as well as non-venom counterpart genes exhibited alternative splicing. Our results thus indicate a potential contribution of mRNA alternative and trans-splicing in the production of highly variable transcripts of venom genes in the habu snake