CONTEMPORARY JAPANESE ECONOMY A(Sponsored Course)

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CONTEMPORARY JAPANESE ECONOMY A(Sponsored Course)

Subtitle	A new hope, with great uncertainty (Sponsored by Kyokuto Securities Ltd., Co.)
Lecturer(s)	KAWAMOTO, AKIRA
Credit(s)	2
Academic Year/Semester	2025 Spring (1st Half)
Day/Period	Tue.4,5
Campus	Mita
Class Format	Face-to-face classes (conducted mainly in-person)
Registration Number	14695
Faculty/Graduate School	ECONOMICS
Department/Major	ECONOMICS Type A, B
Year Level	3, 4
Field	MAJOR SUBJECTS
Grade Type	This item will appear when you log in (Keio ID required).
Course Description	The course will explain the development of the Japanese economy from post-war to the present by focusing on the Japanese corporate system, composed of Japanese corporate relations and labor-management relations. We will pay particular attention to the competitiveness of Japanese companies and social problems in the Japanese economy.
K-Number	FEC-EC-34162-212-07

Course Administrator	Faculty/Graduate School	FEC	ECONOMICS
Course Administrator	Department/Major	EC	ECONOMICS
Main Course Number	Level	3	Third-year level coursework
	Major Classification	4	Major Subjects Course- Core Course
	Minor Classification	16	Lecture - Modern Economy
	Subject Type	2	Elective required subject
Supplemental Course Information	Class Classification	2	Lecture
	Class Format	1	Face-to-face classes (conducted mainly in-person)
	Language of Instruction	2	English
Academic Discipline		07	Economics, business administration, and related fields

Course Contents/Objectives/Teaching Method/Intended Learning Outcome

Japanese economy did not grow remarkably in 2024 in real term, even though nominally its annual growth rate has been higher than 2% for 3 years, a dramatic change of landscape after 20 years of deflationary stagnation. Main reason of lower-than-expected real growth is weak domestic demand, especially consumption, which has been dampened by persistent inflation since 2022. Despite the fastest wage rise in 20 years, real income has grown little.
While wage prospects this year remain upward, Japanese economy in 2025 faces daunting challenges. For example, demographic change never ceases to put financial pressure on social security. Downside impact from trade and other international policy of Trump administration cannot be overlooked.
This course will ask you how the economy can navigate through those challenges. We first consider macro-economic policy mix that best suits the current situation. The post-bubble Japan saw too many“false dawns”, where ill-considered monetary or fiscal policies have squandered chances of recovery. The virtuous cycle of wage-price increases now evolving at last should be safeguarded from too early, excessive macro policy tightening, while well-defined fiscal discipline is maintained.
Then we look at labor market dynamics as a force of change. Correction of long-hour working and underlying labor shortage is not only resulting in higher wages but driving firms to adopt labor saving/productivity enhancing technologies. Thirdly, our attention is directed to various issues to enhance economic growth. Throughout the economy, the drive for higher returns is needed while dealing with higher risks that inevitably accompany them. Outdated regulations discouraging new entry to markets should be reformed swiftly. At the same time, government should play its proper role more vigorously in areas such as data privacy protection or electricity grid expansion.
Drawing on lecturer's experiences at government, international organization as well as in business, the course tries to deepen our understanding of today's economic problems with the help of economics and through interactive discussion based on data.
This course is followed by "Contemporary Japanese Economy b", lectured later in this semester. It is recommended to take both a and b for the comprehensive understanding of Japanese economy, but it is possible to take one of them. Non-PCP students can also register for this course.

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Reference Books

The Japanese Economy (The MIT Press) (2020, 2nd Edition)
Takatoshi Ito, Takeo Hoshi

Lab / Skill-development / On-site training	An educational approach in which students deepen their understanding of educational content through first-hand experience and trial-and-error by initiating their own activities at facilities and accommodations both on and off campus.
Fieldwork	An educational approach in which students conduct surveys and observations on their own to collect information both on and off campus.
Presentations	An educational approach in which students deepen their understanding of educational content by preparing materials and delivering presentations in class.
Discussions, Debates	An educational approach in which students deepen their understanding of educational content through sharing and discussing their opinions on designated topics.
Group work	An educational approach in which students are divided into small groups and assigned tasks on issues related to educational content.
Role-playing	An educational approach in which students deepen their understanding of educational content by being assigned specific roles to play, thus allowing them to experience different viewpoints.
Flipped classroom	An educational approach in which students study the course lecture in advance, and questions and discussions relating to that content are then held in class.
Problem-based learning	An educational approach in which students acquire knowledge and skills related to educational content by attempting to tackle specific projects or problems posed to them.