July 22nd, 2025
【4th Event of IIMA's 30th Anniversary Program】
What is required of Japan's Fiscal Management Today?
IIMA will hold the fourth of twelve events in its 30th Anniversary Program "The Turbulent Global Situation and the Future of the Japanese Economy and the Yen," a webinar titled "What is required of Japan's Fiscal Management Today?"
Japan's fiscal year 2025 budget is expected to reach a record high of 115 trillion yen, driven by increases in social security spending and costs associated with free high school tuition. Growing security challenges, the need to secure financial flexibility to prepare for emergencies like natural disasters, and maintaining critical infrastructure, with these issues being reaffirmed fiscal policy is becoming increasingly important.
As we are entering an era with positive interest rates, yields on ultra-long-term bonds have risen to record highs, and increases in interest payments are raising concerns. Also, concerns are rising that due to a decline in confidence in fiscal policy, the possibility of financial market turmoil similar to Truss’s mini-budget crisis in the UK may occur.
This webinar will discuss what kind of fiscal management and initiatives are needed to ensure fiscal sustainability.
| Date ＆ Time | Tuesday, July 22, 2025, 14:00-15:30 (JST)/13:00-14:30 (SGT) |
|---|---|
| Host | Institute for International Monetary Affairs (IIMA) |
| Progress | Panelist Presentations and Panel Discussion |
| Event Style | Virtual Event via Zoom |
| Language | Japanese (Simultaneous English translation available) |
| To Apply | Click Here |
Panelists (in speaking order)
Kazumasa Oguro
Professor, Faculty of Economics, Hosei University
Kazumasa Oguro graduated from the Faculty of Science of Kyoto University and holds a PhD in economics from Hitotsubashi University. In 1997, he joined the Ministry of Finance, Japan (MOF) and worked as Assistant to the Legal Examination Officer at the Administration and Legal Division of the Minister’s Secretariat, Assistant at the Enforcement Division of the Customs and Tariff Bureau, and Research Fellow at the Policy Research Institute of MOF. He later served as Associate Professor at the Institute of Economic Research, Hitotsubashi University, before assuming his current position at Hosei University in April 2015. He is also a Senior Visiting Researcher at the Policy Research Institute, MOF; Consulting Fellow at the Research Institute of Economy, Trade and Industry (RIETI); and serves on several government committees, including the Fiscal System Council. He is a Board Member of the Kajima Institute of International Peace and the Institute for New Era Strategy. His expertise is in public economics.
Naomi Muguruma
Chief Fixed Income Strategist, Investment Research Division,
Mitsubishi UFJ Morgan Stanley Securities
Naomi Muguruma joined Bank of Tokyo (now MUFG Bank) in April 1988. Seconded to Tokyo-Mitsubishi Securities (now Mitsubishi UFJ Morgan Stanley Securities (MUMSS)) in April 1996, analyzing the Japanese economy and the JGB market. Joined Standard & Poor’s MMS in February 2000, working as a senior fixed income analyst (yen bonds) and product manager in Singapore. Joined Mitsubishi Securities (now MUMSS) in February 2004, working as a senior fixed income strategist. Became senior market economist in October 2013, before entering current role as chief fixed income strategist in July 2022. Graduated from Keio University, Faculty of Law. Served as adjunct instructor at the University of Shizuoka, School of International Relations (Oct 2018 - Mar 2019).
Moderator
Masatsugu Asakawa
Advisor, Institute for International Monetary Affairs (IIMA)
Masatsugu Asakawa joined the Ministry of Finance, Japan (MOF) in 1981. At MOF, before being appointed as Vice Minister of Finance for International Affairs (2015-19), he held several senior positions, including Executive Secretary to the Prime Minister (2008-09), Deputy Vice Minister for Policy Planning and Coordination, and Director-General of the International Bureau. He also held senior roles at the IMF and the Asian Development Bank (ADB). Additionally, he served as Chair of the Committee on Fiscal Affairs, OECD (2011-16), and as the President of ADB (2020-25). Since March 2025, he has been the Advisor to the Institute for International Monetary Affairs (IIMA) and is scheduled to become the President of IIMA in July 2025. He earned a BA from the University of Tokyo in 1981 and an MPA from Princeton University in 1985.