Journal of the Japanese and International Economies最新文献

What did the Bank of Japan do under the yield curve control policy?

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-02-18 DOI: 10.1016/j.jjie.2025.101352

Shigenori Shiratsuka

{"title":"What did the Bank of Japan do under the yield curve control policy?","authors":"Shigenori Shiratsuka","doi":"10.1016/j.jjie.2025.101352","DOIUrl":"10.1016/j.jjie.2025.101352","url":null,"abstract":"<div><div>This paper provides a comprehensive analysis of the Bank of Japan’s (BOJ) recent experience in implementing the yield curve control (YCC) in the Japanese Government Bond (JGB) market. The YCC policy started in September 2016 with targets on two interest rates with different maturities: overnight policy interest rates at -0.1% and the longer-term 10-year JGB yields at zero percent, with a fixed but adjustable fluctuation allowance range. The YCC policy was highly effective in stabilizing interest rates at low levels, from short to long term, at least up to early 2022. This paper addresses the question of what the BOJ did under the YCC policy through the lens of the yield curve dynamics in the JGB and overnight index swap (OIS) markets. Empirical evidence demonstrates two points. First, the BOJ had very limited policy space to extract monetary easing effects by manipulating the yield curve at the introduction of the YCC policy. Second, the BOJ took the seemingly aggressive but actually reactive actions of outright JGB purchases to counter market pressures on the YCC cap. These findings indicate that the BOJ introduced a sustainable monetary policy framework of the YCC policy with the intention of shifting its focus to maintaining an extremely low interest rate environment for as long as necessary.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"76 ","pages":"Article 101352"},"PeriodicalIF":2.6,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143487192","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Position in global value chains, trade duration, and firm survival: Empirical evidence from China

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-02-11 DOI: 10.1016/j.jjie.2025.101353

Qizhong Yang , Tomohiko Inui

引用次数: 0

Aggregate implications of changing industrial trends in Japan

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2025-01-04 DOI: 10.1016/j.jjie.2024.101351

Toyoichiro Shirota , Satoshi Tsuchida

引用次数: 0

Global competition and labor-intensive production in SMEs: Firm-level evidence from Japan at the threshold of the lost decades

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2024-12-21 DOI: 10.1016/j.jjie.2024.101350

Yuki HASHIMOTO

引用次数: 0

The transmission of monetary policy shocks: Evidence from Japan

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2024-12-18 DOI: 10.1016/j.jjie.2024.101349

Ritsu Yano, Yoshiyuki Nakazono, Kento Tango

引用次数: 0

Tokenism in gender diversity on board of directors

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2024-11-28 DOI: 10.1016/j.jjie.2024.101342

Kan Nakajima , Yoko Shirasu , Eiji Kodera

{"title":"Tokenism in gender diversity on board of directors","authors":"Kan Nakajima , Yoko Shirasu , Eiji Kodera","doi":"10.1016/j.jjie.2024.101342","DOIUrl":"10.1016/j.jjie.2024.101342","url":null,"abstract":"<div><div>This study examines the existence of tokenism in Japanese companies following the implementation of corporate governance reforms. We focus on the appointment of female outside directors. The existence of tokenism on corporate boards is an important issue for companies worldwide because it deals with gender diversity in the appointment of board members. Following the Abenomics policy of empowering females, Japan introduced “Japan's Corporate Governance Code” (the Code), which included board reforms such as appointing at least two outside directors. Using our sample period after the introduction of the Code, we examine whether tokenism occurs in Japan, a country with low female participation in business. The empirical analysis reveals the occurrence of tokenism at the start of the Code's introduction. Companies appoint two outside directors to meet the formal requirements of the Code. They appoint a male outside director first and a female director later as a token. However, tokenism is not observed when busy female directors with extensive experience are appointed to the board, presumably because they have expertise and skills.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"75 ","pages":"Article 101342"},"PeriodicalIF":2.6,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143173080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Intergenerational associations between paternal job loss and children's educational attainment in Japan 日本父亲失业与子女受教育程度的代际关系

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2024-11-17 DOI: 10.1016/j.jjie.2024.101341

Kazuma Sato

{"title":"Intergenerational associations between paternal job loss and children's educational attainment in Japan","authors":"Kazuma Sato","doi":"10.1016/j.jjie.2024.101341","DOIUrl":"10.1016/j.jjie.2024.101341","url":null,"abstract":"<div><div>This study explores the association between paternal job loss and children's educational attainments using the Keio Household Panel Survey (KHPS), which provides representative panel data for Japan. Because of the data limitation, the intergenerational consequences of a father's job loss have not been examined in depth in Japan. This study addresses this issue using retrospective data from the school and work history of KHPS and examines the influence of paternal job loss before their children complete compulsory education. In addition, this study employs not only the OLS and logit model but also several matching methods, such as propensity score matching, to examine these relationships properly. The empirical results present two findings. First, the father's job loss is negatively related to the children's educational attainments. Children whose fathers experienced job loss are less likely to graduate from university. In addition, the number of years of education for children whose fathers have lost their jobs is lower. Those results remain the same, despite using several matching methods. Second, even after considering the declines in fathers' income, the negative association of a father's job loss with children's educational attainments is observed.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"75 ","pages":"Article 101341"},"PeriodicalIF":2.6,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142743177","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Margins, concentration, and the performance of firms in international trade: Evidence from Japanese customs data 边际利润、集中度和企业在国际贸易中的表现：来自日本海关数据的证据

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2024-11-14 DOI: 10.1016/j.jjie.2024.101340

Keiko Ito , Masahiro Endoh , Naoto Jinji , Toshiyuki Matsuura , Toshihiro Okubo , Akira Sasahara

{"title":"Margins, concentration, and the performance of firms in international trade: Evidence from Japanese customs data","authors":"Keiko Ito , Masahiro Endoh , Naoto Jinji , Toshiyuki Matsuura , Toshihiro Okubo , Akira Sasahara","doi":"10.1016/j.jjie.2024.101340","DOIUrl":"10.1016/j.jjie.2024.101340","url":null,"abstract":"<div><div>This study is the first to comprehensively investigate international trade at the firm-level using Japan’s customs data for the 2014–2020 period. We first decompose international trade into the intensive and extensive margins and show that the intensive margin accounts for around 30% and 40% of the variation in partner country-specific exports and imports, respectively. We next find a substantial concentration of trading firms: in 2017, the top 10% of exporters accounted for 96.6% of all exports, while the top 10% of importers were responsible for 94.6% of all imports. Finally, we match the customs data with other firm-level datasets and estimate the performance premia of exporting firms. Our findings indicate that exporting manufacturing firms outperform non-exporting manufacturing firms in all aspects we consider: sales, value added, the number of employees, the capital-labor ratio, productivity, and wages. Interestingly, the exporter premia of manufacturing firms for value added, labor productivity, and total factor productivity decreased between 2014 and 2016 and then increased until 2019, whereas the exporter premium for the average wage steadily increased.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"75 ","pages":"Article 101340"},"PeriodicalIF":2.6,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142720141","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Labor market of regular workers in Japan: A perspective from job advertisement data

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2024-11-07 DOI: 10.1016/j.jjie.2024.101339

Kakuho Furukawa , Yoshihiko Hogen , Yosuke Kido

{"title":"Labor market of regular workers in Japan: A perspective from job advertisement data","authors":"Kakuho Furukawa , Yoshihiko Hogen , Yosuke Kido","doi":"10.1016/j.jjie.2024.101339","DOIUrl":"10.1016/j.jjie.2024.101339","url":null,"abstract":"<div><div>We present an analysis of wages and labor market tightness for regular workers (full-time permanent workers) in Japan, utilizing a novel dataset of online job advertisements spanning the period from 2015 to 2022. Despite the importance of online job advertisements for the labor market, little has been studied for the case of Japan. Our study documents labor market conditions reflected in online job advertisement data and investigates how posted wages are related to the labor market tightness, and how they affect actual wages of existing workers. The results uncover several aspects of the labor market which are not captured by official statistics. First, we find that posted wages for regular workers increased at a pace faster than wages for existing regular workers in the sample period, with some heterogeneity across industries and skill requirements. Second, we find that the estimated job-filling rate observed from the dataset declined in recent years, which suggests difficulties that firms faced in hiring workers, and that this was associated with an increase in posted wages. Third, we find that an increase in posted wages positively affects the wages of existing regular workers after some time lag. Our empirical findings suggest that spillovers are driven by underlying mechanisms such as retention of existing workers, and fairness norms to maintain a balance in wages between newly hired workers and existing workers.</div></div>","PeriodicalId":47082,"journal":{"name":"Journal of the Japanese and International Economies","volume":"75 ","pages":"Article 101339"},"PeriodicalIF":2.6,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143173082","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Automation and disappearing routine occupations in Japan 日本的自动化和日常职业的消失

IF 2.6 3区经济学

Journal of the Japanese and International Economies Pub Date : 2024-11-06 DOI: 10.1016/j.jjie.2024.101338

Shinnosuke Kikuchi , Ippei Fujiwara , Toyoichiro Shirota

引用次数: 0