17th Mitsui Life Symposium: World Economy after the Global Financial Crisis of 2008-2009

Tosho Conference Hall
3-2-2 Marunouchi, Chiyoda-ku
Tokyo, Japan
July 28, 2009

Opening Remarks

Part 1   
Why the Global Financial Crisis Occurred
Moderator:  Tak Wakasugi (Co-director Mitsui Life Financial Research Center and Professor, Tokyo Keizai University)

Taiji Okusu (Credit Suisse Securities, Managing Director, Head of Investment Banking Department)

Yuko Kawamoto (Waseda Graduate School of Finance, Accounting  and Law, Professor)

Hirofumi Gomi (Nishimura & Asahi, Adviser; Former Commissioner, Financial Services Agency)

Masamoto Yashiro (Shinsei Bank, Chairman of the Board, President and CEO)

World Economy after the Global Financial Crisis
Moderator: Tatsuya Tamura (Japan Independent Directors Network, Chairman)

Masaaki Kan-no (JP Morgan Securities, Chief Economist , Japan)

Charles D. Lake II (Aflac Japan, Chairman and Representative in Japan)

Mitsuhiro Fukao (Japan Center for Economic Research, President)

Toshiro Mutoh (Daiwa Research Institute, Chairman of the Institute;  Former Deputy Governor and Policy Board Member of BOJ)

Closing Remarks


Taiji Okusu
Managing Director, Head of Investment Banking for Japan

Taiji Okusu is a Managing Director of Credit Suisse in the Investment Banking division, based in Tokyo. Mr. Okusu is Head of the Investment Banking Department for Japan. He joined Credit Suisse First Boston in February 2004 from UBS, where he was a Vice Chairman in the Investment Banking Department. Prior to that, Mr. Okusu worked at Schroders as Co-Branch Manager and Morgan Stanley in the M&A Group at the Investment Banking Division Mr. Okusu was involved in many M&A deals, namely, the sale of Shaklee Japan to Yamanouchi Pharmaceutical in 1988; the acquisition of International Digital Corporation, Japan, by Cable & Wireless in 1999; the defense of Hokuetsu Paper from Oji Paper in 2006; the sale of Toyama Chemical’s stake to Fuji Film through TOB in 2008; the acquisition of Lucite International Group Limited by Mitsubishi Rayon Company in an all-cash transaction in 2008; the Japanese consortium’s (The Tokyo Electric Power Company, Inc., Toshiba Corporation, and the Japan Bank for International Cooperation) joint investment in and strategic partnership with Uranium One Inc. in 2009; and Hokuetsu Paper Mills’ acquisition of Kishu Paper in 2009. Mr. Okusu is the Secretary General of Japan Corporate Governance Forum. Mr. Okusu holds a degree in the bachelor of Law from the University of Tokyo.

Yuko Kawamoto
Professor, Waseda Graduate School

Yuko Kawamoto joined the Bank of Tokyo in 1982 and McKinsey & Company in 1988.  At McKinsey, Professor Kawamoto engaged in consulting services serving a wide range of major Japanese and foreign financial institutions. In addition, she has worked extensively with McKinsey Global Institute in Washington on internal research projects. From 1995 to 1999 she worked in Paris.

Kawamoto has significant expertise in macro-economic and governance issues and has served on several Japanese government committees. In 2002, Prime Minister Junichiro Koizumi appointed her to the Road Privatization Panel, and from 2003 to 2005 she worked as an advisor to Finance Minister Heizo Takenaka. In 2004, Ms. Kawamoto became a professor for Waseda University’s MBA course and a member of the board of the Osaka Stock Exchange. From 2006, she has served as an independent director to Resona Bank and Monex Group (internet securities company), and as an independent auditor to the insurance company Tokyo Marine Holdings. She is also a member of the advisory board member of Mitsubishi UFJ Financial Group. In 2007, she was appointed advisor to the Minister of Internal Affairs to examine the “50 million lost pension records” issue. She became a member of the board of Emobile (a mobile company, subsidiary of EAccess). The Minister of State for Economic & Fiscal Policy, Hiroko Ohta, invited her to be a member of a task force for the Council on Economic and Fiscal Policy. Most recently, she became a member of the board of Yamaha Motor.

Kawamoto is also an active writer and thought leader on Japan’s financial and economic sector. She is a columnist for the Nikkei newspaper and Toyo Keizai, a weekly business journal.  Her publications include Nihon o kaeru – jiritsushita min o mezashite (Reforming Japan – aiming for a sustainable private sector), Chuokoron-Shinsha, Inc., 2004; Ginko shueki kakumei (Bank profit revolution), Toyo Keizai Inc., 2000.

Professor  Kawamoto holds a Bachelor’s degree in Social Psychology from the University of Tokyo, and a Master’s degree in Economics from the University of Oxford.  She is married with two sons.

Hirofumi Gomi
Nishimura & Asahi
1972    The University of Tokyo (LL.B.)
1981    Harvard Law School (LL.M.)Professional Experience:
1972–1998    Ministry of Finance
1993-94 Budget Examiner, Budget Bureau
1994-96 Director of Government Financial Institutions Division, Banking Bureau
1996-97 Director of Research Division, Banking Bureau
1998–2001    Financial Supervisory Agency (predecessor to FSA) Director, Inspection Bureau
2001–2007    Financial Services Agency
2000-01   Secretary-General of the Executive Bureau, Securities and Exchange Surveillance Commission
2001-02   Director-General of the Inspection Bureau
2002-04   Director-General of the Supervisory Bureau
2004-07   Commissioner
2007–present     Nishimura &Asahi

Masamoto Yashiro

Chairman of the Board, President and CEO of Shinsei Bank


Mr. Yashiro served as Chairman & CEO (2000 – 2005), Chairman of the Board (2005 – 2006), and Senior Adviser (2006 – 2008) and Chairman of the Board (non-executive) (June 2008-November 2008) Prior to Shinsei, Mr. Yashiro was affiliated with Citicorp from 1989 to 1999, building up Citigroup’s retail franchise and oversaw Citicorp activities in Japan until 1997. His positions at Citicorp included Executive Vice President (Citicorp/Citibank N.A.) and Chairman of Citicorp Japan. Prior to Citicorp, he served Exxon for 30 years, including Esso Japan as President (from 1974 through 1979 and again 1986 to 1989), and Esso Eastern as Executive Vice President (from 1979 until 1986).

Mr. Yashiro serves on several committees. He is a Member of the Council of International Advisers of the China Banking Regulatory Commission. From September 2004 until June 2007, he served as an Independent Director of China Construction Bank, and since June 2007 as Adviser. He also serves as a Member of Temasek International Panel. From March 2008 he serves as Director of Achievo Corporation.

Mr. Yashiro was born in Tokyo in 1929. He has a B.A. in Jurisprudence from Kyoto University and an M.A. in International Relations from Tokyo University.

Charles D. Lake II

Chairman, Aflac Japan and Representative in Japan

Charles Lake became Chairman of Aflac Japan and Representative in Japan in July 2008. In these capacities, he is responsible for strategic initiatives and public policy for Aflac’s operations in Japan, which generated approximately 12.7 billion dollars in total revenues in 2008. Lake was promoted from his previous position of Vice Chairman of Aflac Japan and Representative in Japan, which he held from April 2005. During 2001 to 2004, Lake was responsible for all of Aflac Japan’s operations as Deputy President (July 2001 to December 2002) and as President and Representative in Japan (January 2003 to March 2005). Lake joined Aflac in 1999, and was promoted to Senior Vice President and General Counsel of Aflac Japan by January 2001.

Prior to joining Aflac, Lake practiced law at Dewey Ballantine LLP in Washington, D.C., handling matters in the areas of international trade and competition policy, international litigation, and corporate compliance. From 1990-1994, Lake served in the Office of the U.S. Trade Representative (USTR) in the Executive Office of the President, departing as director of Japan affairs and special counsel. Charles D. Lake II serves as Vice Chairman of the Maureen and Mike Mansfield Foundation and President Emeritus of the American Chamber of Commerce in Japan (ACCJ) – having led the organization in 2006 and 2007 – as well as Chair of the ACCJ Financial Services Forum. He also serves as a director on the board of the Tokyo Stock Exchange Group, Inc., and as a member of the advisory board for the Graduate School of Public Policy at the University of Tokyo. Lake is also a Trustee of the Japan Association of Corporate Executives (Keizai Doyukai) and is a member of the Antimonopoly Study Group of the Japan Fair Trade Commission.

Born in South Carolina in 1962, Lake received a bachelor’s degree in Asian studies and political science from the University of Hawaii at Manoa in 1985 and a juris doctor degree from the George Washington University School of Law in 1990. He was a graduate research fellow at the University of Tokyo and completed the Stanford Executive Program (SEP) at the Graduate School of Business, Stanford University.

Masaaki Kanno

JP Morgan Securities, Chief Economist , Japan

Masaaki Kanno is a Managing Director and Chief Economist, Japan. He is responsible for outlining the firm’s official view on the Japanese economy. Mr. Kanno joined J.P. Morgan in April 1999. Prior to that, he was an Associate Director at the Research and Statistics Department of the Bank of Japan, where he worked since 1974. His career at the BoJ included serving as the Bank’s Deputy Chief Representative in Europe, secretary to the Governor in charge of Diet issues and Chief FX Trader in the International Department as well as secondment to the Japan Center of Economic Research as a Senior Economist.

Mr. Kanno received a BA in Economics from the University of Tokyo in 1974 and an MA in Economics from the University of Chicago in 1979. 

Mitsuhiro Fukao

President, Japan Center for Economic Research
Faculty of Business and Commerce, Keio University

Mitsuhiro Fukao has been a Professor of Economics in the Faculty of Business and Commerce of Keio University in Japan since 1997 and the President of Japan Center for Economic Research since 2005.  His primary fields of expertise are financial regulations, international finance, monetary economics and policy. Fukao has abundant publications in Japanese and in English on international finance, exchange rate policy, corporate governance, and recently on financial system and its crisis.

Prior to joining Keio University, Fukao was the Head of the Strategic Research Division of Research and Statistics Department of the Bank of Japan. During 1991-93, he was a senior economist of the OECD in Paris and a G-10 secretary. In 1989 and 1990, he was a senior economist of the International Department of the Bank of Japan and a member of Danielsson subgroup of the Basel Committee on Banking Supervision. During 1983-85, Fukao served as a senior economist of the Economic Planning Agency of Japan and participated in drafting the official White Paper on Japanese Economy. Born in Japan, Fukao received his bachelor’s degree in Engineering from Kyoto University in 1974.  He was awarded a Ph.D. in Economics from the University of Michigan in 1981.  He is married to Masayo Fukao, and has two children. 

Toshiro Mutoh

Chairman of Daiwa Institute of Research and
Visiting Professor of Tokyo University
Toshiro Mutoh served as the deputy governor of Bank of Japan from 2003 to 2008.Before joining Bank of Japan, he had spent thirty-seven years as a government official since he started out on his career at the Ministry of Finance in April 1966. He served as Administrative Vice Minister of Finance from June 2000 to January 2003, pushing forward with fiscal structural reform through budget planning and revising the tax system. He served as First Secretary at the Embassy of Japan in Washington DC from June 1975 to June 1978. Mr.Mutoh was born on July 2, 1943 in Saitama Prefecture. He passed the National Bar Examination in 1965 and received an L.L.B from the University of Tokyo in 1966.

Tatsuya Tamura

Japan Independent Directors Network, Chairman
Professional Experience :
May 2002 – Present         Representative Director and President,
Global Management Institute Inc.
March 2003 – Present     Chairman(Executive), Japan Independent Directors Network (Non Profit Organization)
April 1996 – Jun 2002   Chairman, A.T. Kearney (Japan)
Jan 1997 – March 1999  Representative Director and President, EDS Japan
Apr 1961 – Apr 1996       Bank of Japan
January 1992                   Executive Director
May 1990                           Director, Credit and Market Management Department
September 1989               Director, Policy Planning Department
June 1989                          Director, Research and Statistics Department
May 1986                           Chief Representative in Europe, London
May 1980                           Division Chief, Planning Division, General Department
July 1972                          Associate Representative in Europe, ParisConcurrent Posts:
June 2008 – Present  Director (Non executive), AUTOBACS SEVEN CO., LTD.
(June 2000 – June 2008)        Director (Non executive), Suruga Bank Ltd.
(June 2006 – June 2007)       Director (Non executive), Sanden Corporation
(June 2003 – June 2007)       Director (Non executive), SKY Perfect Communications, Inc.
(May 2004 – March 2007)      Director (Non executive), Kanebo Cosmetics Inc.
(June 2002 – June 2005)       Director (Non executive), Vodafone K.K.
(June 1999 – June 2006)       Director(Non executive), Orix Corporation

Other Posts:
May 2002 – Present     Auditor, Japan Center for Economic Research Education
1964 – 1965                   University of Pennsylvania, Graduate School of Art and Science (Fulbright Scholarship) M.A. in Economics
April 1957 – March 1961    University of Tokyo; Faculty of Law
April 1954 – March 1957    The Hiroshima University attached high school

Takaaki (Tak) Wakasugi

Professor of Finance, School of Business Administration, Tokyo Keizai University, Professor Emeritus University of Tokyo, Director and General Manager, Japan Corporate Governance Research Institute

Professor Wakasugi is currently Professor of Finance, School of Business Administration, Tokyo Keizai University. He is also Co-director of Mitsui Life Financial Research Center, University of Michigan Ross School of Business. He assumed this post after his stay at Michigan Business School as a visiting scholar from 1988 to 1989. He is also Director and General Manager of Corporate Governance Research Institute and Board Member (Outside Board Member) of Nippon Suisan Kaisha, Ltd.

At present Professor Wakasugi is interested in reforming Japanese companies’ corporate governance. He is an active leader in promoting pension funds’ proxy voting. He was an important founding member of Japan Association of Corporate Directors with several business and academic leaders in order to introduce sound external director system into Japanese companies. He also started annual surveys to score corporate governance of the listed companies on Tokyo Stock Exchange in 2002 and established Japan Corporate Governance Research Institute in 2003 to continue the survey with a firm organization.

Professor Wakasugi is a former President of Japan Financial Studies Society, a vice president of Japan Directories Research Society and a director of Nippon Finance Association. He serves as a member of Councils for Minister of Finance, Minister of Public Management, Home Affairs, Posts and Telecommunications, and Minister of Labor、Health and Welfare. He is currently serving as a member of board of directors of Ricoh. He also contributes to Pension Funds Association as a member of Investment Committee.

Professor Wakasugi received his Master of Economics in 1968 and Bachelor’s degree from the University of Tokyo 1966. Prior to joining Tokyo Keizai University, he was Professor of Finance at University of Tokyo (1983-2004), at Tohoku University (1974-1983), at Yokohama City University (1972-1974), and Assistant Professor at University of Tokyo (1968-1971).