Productivity and the Business Cycle in Japan: Evidence from Japanese Industry Data

Constructing thirty-seven industries database, we examines whether measured productivity in Japan is procyclical and investigates the sources of that procyclicality using the production function approach employed by Hall (1990) and Basu and Fernald (1995). At the aggregate level, the measured Solow residual shows procyclicality. Large numbers of industries show constant returns to scale. No significant evidence for the presence of thick-market externalities is found. Our results also hold when we consider labor hoarding, part-time employment, and the adjustment cost of investment. The results suggest policies to revitalize the Japanese economy should concentrate on promoting productivity growth.

Revisiting Productivity Differences and Firm Turnover: Evidence from product-based TFP measures in the Japanese manufacturing industries

Following Foster, Haltiwanger, and Syverson (2008), we construct physical output based TFP (TFPQ) measures using data from the Census of Manufactures. We find that productivity differences among business establishments using TFPQ are larger than those using the traditional revenue-based TFP measures (TFPR). The negative correlation between physical output and output prices implies that establishments are facing a downward demand curve and the traditional measures of TFP are affected by idiosyncratic demand shocks. Probit estimations regarding exit behavior show that the combined effects of physical productivity improvement and higher prices through the increase in demand result in a lower probability of exit. Breaking down aggregate productivity growth using TFPQ, we find that the contribution of the net entry effects the largest factor to productivity improvement, in contrast to previous Japanese studies. Our results provide a more positive foundation for "creative destruction" policies than previous studies suggest.

Productivity and the Business Cycle in Japan -Evidence from Japanese Industry Data -

Constructing thirty-seven industries database, we examines whether measured productivity in Japan is procyclical and investigates the sources of that procyclicality using the production function approach employed by Hall (1990) and Basu and Fernald (1995). At the aggregate level, the measured Solow residual shows procyclicality. Large numbers of industries show constant returns to scale. No significant evidence for the presence of thick-market externalities is found. Our results also hold when we consider labor hoarding, part-time employment, and the adjustment cost of investment. The results suggest policies to revitalize the Japanese economy should concentrate on promoting productivity growth.

The Role of Intangible Assets on the Economic Performances in Japan and Korea (Japanese)

Though the economies of both Japan and Korea suffered during the 1997-1998 financial crisis, economic performances in both countries have diverged somewhat after the financial crisis. The Korean economy recovered swiftly and has maintained an economic growth rate of 4%, but Japan's economic growth rate has remained low. Following the McGrattan and Prescott model, which includes intangible assets in the standard real business cycle (RBC) model, we explain the differences in the economic performances of Japan and Korea. According to our simulation results, the shares of intangible assets in Japan and Korea are 10% and 7%, respectively. Growth accounting (using the simulation results) shows that the accumulation of intangible assets and higher total factor productivity (TFP) contributed to the economic growth recorded in Korea, while the low accumulation of both tangible and intangible assets in Japan contributed to its low economic growth.

Investment-based Capital Asset Pricing Model カラ ミタ トウシ ト シサン シュウエキリツ

本稿は，資産収益率の要因を，投資変動を使って説明するInvestment-based Capital Asset Pricing Model（I-CAPM）を使って，日米の投資規模と資産収益率の関係及び無形資産規模の影響を考察した。I-CAPM によれば，投資規模が大きくなると投資に付帯する費用によって資産収益率が低下するが，単純に投資規模別に分けた資産収益率を調べると，日米ともにI-CAPM の妥当性が検証される。しかしFama and French（1995）によるThree Factor Model など他の要因も加えると，日本では投資規模が明示的に資産収益率に影響を与える効果は検出できなかった。しかし米国では無形資産規模が大きい場合，I-CAPM の妥当性が成立することがわかる。また有形資産投資に無形資産投資を加えると収益率格差が縮小する現象も見られた。このことは，有形資産投資に伴う費用を無形資産投資が一部代替している可能性を示している，日本が今後IT 化を進める際にはハード面の投資だけでなく，無形資産投資も合わせて実施することで，付帯費用に伴う収益率低下を防ぐ必要がある

Quantitative Analysis of Macular Inner Retinal Layer Using Swept-Source Optical Coherence Tomography in Patients with Optic Tract Syndrome

Objective. To evaluate macular inner retinal layers using swept-source optical coherence tomography (SS-OCT) in patients with homonymous hemianopia due to optic tract syndrome (OTS). Methods. Sixteen eyes of 8 patients with OTS were studied. The macular retinal nerve fiber layer (mRNFL), ganglion cell layer and inner plexiform layer (GCL + IPL), and mRNFL and GCL + IPL (GCC) were measured by SS-OCT (DRI OCT-1 Atlantis®).The scanned area was divided into eight regions and two hemiretinae. Each retinal thickness of the OTS group was compared with that of the 25 control subjects. Results. The GCC thickness in the ipsilateral eyes was significantly reduced in all regions, although predominant thinning of the GCC in the contralateral eyes was found in the nasal region. The GCC + IPL thickness was preferentially reduced at the temporal regions in the ipsilateral eyes and at the nasal regions in the contralateral eyes. The reduction rate of the GCL + IPL thickness was 29.6% at the temporal hemiretina in the ipsilateral eyes and 35.2% at the nasal hemiretina in the contralateral eyes. Conclusion. We found preferential loss of the GCC + IPL thickness corresponding to the hemifield defects in each eye. Quantitative analysis by SS-OCT is capable of detecting the characteristic RGC loss due to OTS

ユウロウセイ ノウキョウ ニタイシテ EWS オ モチイタ キカンシ ジュウテンジュツ ト ロウコウナイ フィブリンコ チュウニュウ ノ ヘイヨウ ガユウコウ デアッタ 1レイ

Background : Empyema with a bronchial fistula is difficult to treat. Recently, bronchial occlusion using endobronchial Watanabe Spigot（EWS）ris reported to be useful for treatment of intractable pneumothorax and thoracic empyema. Case : A ６０ year old man presented fever and left chest pain. He was diagnosed with empyema. Video－ assisted thoracoscopic debridement and decortication for the empyema cavity and drainage for the abscess cavity were performed. Air leak appeared at postoperative day１３. We performed EWS embolization and intrapleural administration of fibrin glue, and the persistent air leak disappeared. Conclusion : We experienced empyema with a bronchial fistula successfully treated with EWS embolization and intrapleural administration of fibrin glue

Efficacy and safety of nintedanib in Japanese patients with progressive fibrosing interstitial lung diseases : Subgroup analysis of the randomised, double-blind, placebo-controlled, phase 3 INBUILD trial

Background: The efficacy of nintedanib in progressive fibrosing interstitial lung diseases (ILDs) was demonstrated in the randomised, double-blind, placebo-controlled INBUILD trial. This subgroup analysis evaluated the efficacy and safety of nintedanib in the Japanese population. Methods: Patients with progressive fibrosing ILDs (evaluated by physicians within 24 months of screening) were randomised (1:1) to twice-daily 150-mg nintedanib or placebo; treatment continued until the last patient completed 52 weeks. The primary endpoint was the annual rate of decline in forced vital capacity (FVC) over 52 weeks. Time-to-first acute ILD exacerbation or death and time-to-death up until the last patient had completed the week 52 visit were evaluated. This subgroup analysis included 108 Japanese patients. Results: The adjusted annual rates of FVC decline (mL/year) over 52 weeks for Japanese patients were −148.31 (nintedanib) and −240.36 (placebo), adjusted difference: 92.05 (95% CI: −10.69–194.80) and for non-Japanese patients were −67.41 (nintedanib) and −177.65 (placebo), adjusted difference: 110.24 (95% CI: 64.97–155.52). No heterogeneity in treatment effect between Japanese and non-Japanese subgroups was observed (treatment-by-subgroup interaction, p = 0.75). The risks of “acute exacerbation or death” (hazard ratio, 0.30 [95% CI: 0.10–0.91]) and mortality (hazard ratio, 0.54 [95% CI: 0.14–2.11]) in Japanese patients were numerically lower for nintedanib than placebo. There were no new or unexpected safety findings. Conclusions: In Japanese patients, nintedanib slowed ILD progression, evidenced by a reduction in the annual rate of decline in FVC vs placebo. The efficacy and safety of nintedanib in Japanese patients were consistent with the overall INBUILD population