CENTER ON JAPANESE ECONOMY AND BUSINESS Center on ANNUAL REPORT 2019–2020 Japanese Economy and 475 Riverside Drive Room 312F New York, NY 10115 Email: [email protected] Business Phone: 646-745-8569 Web: www.gsb.columbia.edu/cjeb ANNUAL REPORT 2019–2020 (JULY 2019–JUNE 2020) CJEB Representative Office in Japan c/o Terumi Ota 1-19-18-1003 Shibuya Shibuya-ku, Tokyo 150-0002 Fax: 03-5467-6012 Table of Contents Letter from the Director and the Chairman 2 Special Webinars in Response to COVID-19 38 COVID-19: Economic Implications for Japan and the United States 38 CJEB Team 4 The Role of Central Banks in the COVID-19 Pandemic: Leadership and Staff 4 The U.S., Japan, and Beyond 38 Core Faculty 7 Developing Your Career and Designing Your Future during a Period of Crisis 39 Research and Faculty Engagement 10 What Japan Should Do Now in Preparation for Japan’s Design/Production: “My Career as an Economist on Japan and the Asia-Pacific” New Normal 39 by Hugh Patrick 10 Events Postponed or Canceled Due to COVID-19 40 Columbia Creative Current Research Highlights 20 Corporate Governance and Regional Banking Reform: Office of Communications and Public Affairs The Key to Japan’s Future Success 40 Faculty Engagement 22 Is Korea Following in Japan’s Footsteps? An OECD Research Paper Series 24 Perspective on the Two Economies 40 Editors: A Wave of Shareholder Activism Hits Japan’s Shores 40 Ryoko Ogino CJEB Programs 26 Multilateral Development Banks (MDBs) and the Sarah Santana Program on Public Pension and Sovereign Funds 26 Role of Japan 40 Corporate Governance and Stewardship Program 26 550 Years in Bloom: Revitalizing a Traditional Flower Arranging Family Business in Modern Era Japan 41 Assistant Editors: Program on Japan’s Role in the Evolving Global Economic System 27 The Frontier of Driving Innovation through Design Thinking 41 Emiko Mizumura The Future of Global Interdependence: Environment, Japanese Management Leadership Program 28 Shoko Nakamoto Trade, and Politics 41 The New Global Financial Architecture 29 The Japan Project Meeting with Joint ESRI International Julio “JP” Perez Conference 41 CJEB Contributions to Columbia Business School Courses 30 Photography: Resources 42 Eileen Barroso Events 31 Faculty Advisory Committee 42 Michael DiVito Conferences 31 2019–2020 Visiting Fellows 43 Anastasia Gracheva Conference on Public Pension and Sovereign Funds 31 2019–2020 Visiting Fellow Activities 44 Symposia 32 2020 Visiting Fellow Reunion Reception and Annual Shoko Nakamoto U.S.-Japan Relations in a Turbulent World 32 Visiting Fellow Business Field Trips 45 Julio “JP” Perez Research Associates 46 Knocking Down Walls: Making Japanese Companies Sarah Santana Responsive to Their Shareholders 32 Professional Fellows 47 ESG Investing: A Local, Not a Global, Issue 33 International Advisory Board 48 Lectures 33 Special Luncheon with Minister Shinjiro Koizumi 33 Promoting Exchange of Ideas 49 The Seventh Year Stretch: Structural Reform Still Needs a Hit 34 CJEB in the News 49 Lunchtime Seminars 34 Enhancing the MBA Experience 50 Turning Japanese? Lessons from Japan‘s Lost Decades and Enhancing the Columbia Experience 52 Challenges for the World 34 Visits from Japan to Columbia 53 Making Cross-Border M&A Work: A Success Story 34 Fellowship and Scholarship Programs 54 Banking in a New Age: Responding to Future Paradigm Shifts 35 Library and Data Resources 55 The New Role of Board Director in Japan: A Global Context 35 Discussion Groups 56 Servant Leadership 35 Japan Economic Seminar 56 The Invisible Minority: Are Asians Under-Represented in Leadership Positions in the United States? 36 U.S.-Japan Discussion Group 56 Workshops 36 Effective Knowledge Transfer Workshop 36 Financial Support 57 Japan-Focused Design Thinking Workshop 37 Sponsorship Program 58 Speechwriting and Speech Delivery Workshop 37 Center on Japanese Economy and Business The preeminent academic center in the United States on Japanese business and economics Established at Columbia Business School in 1986 under the direction of its chairman, Professor Hugh Patrick, and led currently by its director, Professor David Weinstein, the Center on Japanese Economy and Business (CJEB) promotes knowledge and under- standing of Japanese business and economics in an international context. CJEB is a research organization widely recognized for its vigorous research activities, international symposia, conferences, and lectures, held in New York City and Tokyo, which provide prominent speakers from the public and private sectors a forum for collaboration and reflection on Japan, the United States, and the global economy. Under the leadership of Professors David Weinstein and Takatoshi Ito, CJEB’s associate director of research, CJEB supports research projects and library and computer-based resource initiatives. Other core faculty members are Japan specialists drawn from Columbia’s Business School, School of International and Public Affairs, Department of Economics, and Department of Political Science. While CJEB is an independent and non- partisan research center that takes an objective stance on political or economic policies, we encourage our researchers and scholars to hold their own individual perspectives. Funding and resources are provided by corporate sponsors, foundations, individuals, Columbia Business School, and the University. For more than 34 years, CJEB has developed, grown, and evolved in order to carry out its mission effectively in a changing Japan and a changing world. In this way, CJEB has been able to build and maintain its status as the preeminent academic center on Japanese business and economics anywhere outside Japan. Further information about CJEB can be found on the Center’s website: www.gsb.columbia.edu/cjeb. CJEB Annual Report 2019–2020 | 1 LETTER FROM THE DIRECTOR AND THE CHAIRMAN Letter from the Director and the Chairman Dear Friends, all business travel, both domestic and foreign (p. 41). We had another excellent program planned this year, includ- The 2019–2020 academic year was a momentous year for ing our keynote by Gerald L. Curtis, Burgess Professor Columbia Business School’s Center on Japanese Economy Emeritus of Political Science at Columbia University, and and Business. For more than 34 years, CJEB has continued panels titled “ESGs and SDGs in 2020 and Beyond” and to promote an understanding and appreciation of Japanese “Bilateralism Resurgent: The Changing Nature of Trade business and economics in domestic, U.S., Asian, and Relations.” Along with Columbia Business School, CJEB has David E. Weinstein, international contexts. We have used our resources and aimed to provide resources to help the school’s students Director networks to provide engaging programs and support inno- and CJEB’s wider network better understand how the situ- vative research. And we will continue to do so. ation affects the United States, Japan, and the world. Unfortunately, this year, the Center, Columbia Business In response to government shutdowns in New York and School, Columbia University, Japan, the U.S., and indeed the rest of the world, CJEB held two timely, successful the whole world have been facing an unimaginable and webinar events in conjunction with the APEC Study Center all-encompassing crisis in the form of COVID-19. While of Columbia University and Japan Society, in addition to information regarding the virus, its origins, and its long- a special webinar for Columbia students as part of our term effects is still emerging, this is undoubtedly one of the Japanese Management Leadership Program and a webinar Hugh Patrick, most horrific tragedies of the modern era. With over 180 for “The Japanese Economy in the COVID-19 Era” series Chairman countries affected by the virus to date, the coronavirus initiated by Professor Takatoshi Ito. The first webinar, pandemic has forced us to face our humanity and recon- titled “COVID-19: Economic Implications for Japan and sider personal, economic, and societal morals and values. the United States,” was held on April 29 and drew over The future remains uncertain as countries around the world 540 registrants (p. 38). The second webinar, “The Role of continue to grapple with the virus. Central Banks in the COVID-19 Pandemic: The U.S., Japan, and Beyond,” was held on May 1 and drew over 430 regis- The United States has been particularly hard hit with a trants (p. 38). The third webinar, “Developing Your Career significant percentage of world infections and deaths. and Designing Your Future during a Period of Crisis,” was Emergency workers—including doctors, researchers, police also held on May 1; this special seminar connected a group officers, farmers, grocery store workers, and delivery peo- of Columbia students with an expert panel of Japanese ple, among others—have been working tirelessly to keep us professionals from government, academia, the media, and all safe and healthy, and to maintain basic functioning while the private sector, in order to give the students access to much of the population follows shelter-in-place orders. pertinent, useful advice on how to navigate the crisis (p. Though the situation is still far from over, we thank those at 39). The fourth webinar, “What Japan Should Do Now in Columbia, in New York, and around the world who continue Preparation for Japan’s New Normal,” was held on June 17 to work to support us all. (p. 39). Only time will tell when and how we will emerge from the In addition to these webinar events, CJEB held many current situation and what shape our new normal will take. well-attended, impactful seminars, symposia, and lec- CJEB faculty and staff continue to work remotely, essen- tures in the 2019–2020 academic year. For example, tially at home, after a University-wide policy was instituted on September 25, CJEB was honored to hold a special in mid-March. Columbia University has switched all teach- luncheon at Columbia with His Excellency Shinjiro Koizumi, ing to remote learning, moved the students out of the dor- minister of the environment of the Cabinet Office of the mitories, closed libraries, changed all grading to pass/fail, Government of Japan (p.