December 16th, 2025
【8th Event of IIMA's 30th Anniversary Program】
The Future of the U.S. Dollar–Based International Monetary System and the Japanese Yen
IIMA will hold the eighth 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 "The Future of the U.S. Dollar-Based International Monetary System, and the Japanese Yen."
The declining share of the U.S. economy in the global economy, the deepening of geopolitical fragmentation, and the prospect of “America First” policies under the second Trump administration have raised concerns about risks to the U.S.-dollar-based international monetary system that has underpinned the postwar global economic order.
In this webinar, we will examine developments in the foreign exchange market—including the recent sharp depreciation of the yen and the U.S.-dollar appreciation cycle since the 2010s—alongside current conditions and outlooks for major countries’ fundamentals and policies. We will consider how these factors may affect the medium- to long-term presence of major currencies. Building on this analysis, we will also discuss the future of the international monetary system, which is now anchored by the dollar-based regime, and the outlook for the role of the Japanese yen within that system.
| Date ＆ Time | Tuesday, December 16, 2025, 15:00-16:30 (JST) |
|---|---|
| Hosted by | The Institute for International Monetary Affairs (IIMA) |
| Progress | Panelist Presentations and Panel Discussion |
| Event Style | Virtual Event via Zoom |
| Language | Japanese (Simultaneous English translation available) |
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To Apply |
Panelists
Masahiro Kawai
Professor Emeritus, The University of Tokyo
Masahiro Kawai is Professor Emeritus, University of Tokyo. He is also a Senior Fellow of the Policy Research Institute (PRI) of Japan's Ministry of Finance (MOF) and a Distinguished Research Fellow of the Japan Forum on International Relations. He earned a BA in economics from the University of Tokyo and both an MS in statistics and a PhD in economics from Stanford University. Dr. Kawai began his professional career as Research Fellow at the Brookings Institution and then taught economics at The Johns Hopkins University as an associate professor and at the University of Tokyo as a professor. He also served as: Chief Economist of the East Asia and the Pacific Region of the World Bank; Deputy Vice Minister of Finance and President of the PRI, Japan’s MOF; Special Advisor to the Asian Development Bank (ADB) President; Dean of the ADB Institute; and Representative Director of the Economic Research Institute for Northeast Asia (ERINA). His expertise is in international finance and open macroeconomics, Asian economic integration and cooperation, and global economic governance.
Takahide Kiuchi
Executive Economist, Nomura Research Institute, Ltd.
Takahide Kiuchi joined Nomura Research Institute in 1987. He was first assigned to the Japanese Economy Research Office in the Economic Research Department, and ever since he has built a long career as an economist. In 1990 he joined Nomura Research Institute Deutschland (Frankfurt), and then in 1996 he was transferred to Nomura Research Institute America (New York), where he was in charge of analyzing the European and American economies. In 2004 he switched to Nomura Securities, and then became Head of the Economic Research Department and Chief Economist in 2007, making forecasts for the Japanese economy as Head of the Global Research Team. In 2012 he was nominated by the Cabinet and appointed as a Member of the Policy Board of the Bank of Japan, where he served for five years. He took up his current post in July 2017.
Masashi Hashimoto
Senior Economist, Institute for International Monetary Affairs (IIMA)
Masashi Hashimoto joined The Mitsubishi Bank, Ltd. (now MUFG Bank, Ltd.) in 1994. After working at domestic branches, the Institute for International Monetary Affairs, the Foreign Exchange and Treasury Division (now the Global Markets Sales and Trading Division) Market Analysis Team, and serving as a resident economist at the New York office of the Economic Research Office, he worked in Global Market Research at the Global Markets Sales and Trading Division. He has held his current position since February 2020. He graduated from the Faculty of Economics at Keio University in 1994 and completed the master’s program at the Graduate School of Economics, Hosei University in 2024.
Moderator
Masatsugu Asakawa
President, 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 July 2025, he has been the President of the Institute for International Monetary Affairs (IIMA). He earned a BA from the University of Tokyo in 1981 and an MPA from Princeton University in 1985.