Takatoshi Ito
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View article: Understanding the Normalization of the Japanese Economy
Understanding the Normalization of the Japanese Economy Open
This paper focuses on three aspects of the Japanese economy that deviated from “normalcy”—unconventional monetary policy, unsustainable fiscal policy, and declining growth and productivity. Non‐normality in Japan has developed over the pas…
View article: Comment on “Flexible Inflation Targeting and Macroeconomic Performance: Evidence from <scp>ASEAN</scp>”
Comment on “Flexible Inflation Targeting and Macroeconomic Performance: Evidence from <span>ASEAN</span>” Open
My research interests include: (i) why did Thailand, the Philippines, and Indonesia adopt flexible inflation targeting (FIT)?; (ii) how do the institutional details of FIT differ among the three countries?; and (iii) how do we evaluate the…
View article: Invoicing Currency Choice: Strategic Complementarities and Currency Matching
Invoicing Currency Choice: Strategic Complementarities and Currency Matching Open
Japanese exporters' choice of invoice currencies is investigated using newly available official Customs declaration data, which records detailed information, including the trading partners' names, invoicing currency, and product descriptio…
View article: Invoice Currency Choice in Intra-Firm Trade: A Transaction-Level Analysis of Japanese Automobile Exports
Invoice Currency Choice in Intra-Firm Trade: A Transaction-Level Analysis of Japanese Automobile Exports Open
This study empirically investigates how the invoice currency choice differs between intra-firm and arm's-length exports.We also examine whether other firm-and product-level characteristics affect the choice of invoice currency.This study i…
View article: Comment on “International Finance and Geopolitics”
Comment on “International Finance and Geopolitics” Open
The Chinese Yuan (RMB) has emerged as a potentially serious challenger to the US Dollar as a reserve currency in the international monetary system. Although the status of the RMB as an international currency currently is much lower on ever…
View article: Comment on “Higher Education in the United States: Laissez‐Faire, Differentiation, and Research”
Comment on “Higher Education in the United States: Laissez‐Faire, Differentiation, and Research” Open
I read Urquiola (2023) with a keen personal interest as well as an academic interest. In my 47-year professional life, half was spent in US academia and the other half in Japanese academia. From time to time, I have compared Japanese unive…
View article: The <scp>COVID</scp>‐19 Pandemic and Asia: Editors' Overview
The <span>COVID</span>‐19 Pandemic and Asia: Editors' Overview Open
The COVID-19 pandemic has been both a public health and a socio-economic crisis on a global scale. Asian countries have reported somewhat lower numbers of COVID cases and deaths than countries in other regions like the USA and Europe, whic…
View article: Comment on “Economic Impacts of <scp>SARS</scp>/<scp>MERS</scp>/<scp>COVID</scp>‐19 in Asian Countries”
Comment on “Economic Impacts of <span>SARS</span>/<span>MERS</span>/<span>COVID</span>‐19 in Asian Countries” Open
Tanaka (2022) is an excellent survey of the economic impact of and the policy responses to SARS, MERS, and COVID-19 in Asia. The paper shows some interesting facts, such as the correlation between gross domestic product (GDP) per capita an…
View article: Price discovery and liquidity recovery: Forex market reactions to macro announcements
Price discovery and liquidity recovery: Forex market reactions to macro announcements Open
Using the EBS high-frequency data, the post-macro announcement forex market quality has been examined. Considering the rise of high-frequency traders, the market quality is conjectured to have improved. However, after the macro announcemen…
View article: An Assessment of Abenomics: Evolution and Achievements
An Assessment of Abenomics: Evolution and Achievements Open
This paper evaluates the first two arrows of Abenomics. The first arrow, aggressive monetary policy, was successful in lifting the Japanese economy out of deflation, although the 2% inflation target was not achieved. The real economy and f…
View article: Economic Reform in <scp>ASEAN</scp>: Editors' Overview
Economic Reform in <span>ASEAN</span>: Editors' Overview Open
The world is richer in aggregate than ever before, global poverty is declining, infant mortality is falling sharply, average life expectancy is rising, and global inter-personal inequality is declining. Yet these trends are not reflected i…
View article: Comment on “The Southeast Asian Economies in the Age of Discontent”
Comment on “The Southeast Asian Economies in the Age of Discontent” Open
Basri and Hill (2020) ask the question whether the recent global trend of authoritarian populism has influenced Southeast Asian countries. Their short answer is “No,” and they provide several reasons. If the authoritarian populism in the a…
View article: Price Discovery and Liquidity Recovery: Forex Market Reactions to Macro Announcements
Price Discovery and Liquidity Recovery: Forex Market Reactions to Macro Announcements Open
We examine whether the forex market quality, measured by the speed of price discovery and liquidity recovery after macro statistics announcements, has improved using the EBS highfrequency data for 20 years.Considering the recent rise of co…
View article: Execution Risk and Arbitrage Opportunities in the Foreign Exchange Markets
Execution Risk and Arbitrage Opportunities in the Foreign Exchange Markets Open
With the high-frequency data of firm quotes in the transaction platform of foreign exchanges, arbitrage profit opportunities-in the forms of a negative bid-ask spread of a currency pair and triangular transactions involving three currency …
View article: Japanese Foreign Exchange Interventions, 1971-2018: Estimating a Reaction Function Using the Best Proxy
Japanese Foreign Exchange Interventions, 1971-2018: Estimating a Reaction Function Using the Best Proxy Open
We analyze the history of Japanese foreign exchange interventions from 1971 to 2018.First, we provide the best proxy for monthly interventions for the period from 1971 to 1990, when the intervention timings and amounts were not officially …
View article: Comment on “Indian Monetary Policy in the Time of Inflation Targeting and Demonetization”
Comment on “Indian Monetary Policy in the Time of Inflation Targeting and Demonetization” Open
Mohan and Ray (2018) describe and evaluate Indian monetary policy from 2008 to 2017. One of the major events during this period was India's adoption of a flexible inflation targeting (FIT) framework in 2015. Mohan and Ray, however, are ske…