Research ArticleArticle Japanese Studies Journal Special Issue : Regional Cooperation for Sustainable Future in Asia Monetary and Financial Cooperation in East Asia: ResearchFrom and the EducationPerspective at of Shizuok Exchangea University, Rate Policy Japan: Coordination Searching for SustainabilityYozo Nishimura of Cooperation College of Policy Science,Noriko R Matsuda,itsumeikan University, Japan International Center,ABSTRACT Shizuoka University, Japan Following the Asian currency and financial crisis,ABSTRACT the East Asian countries began to work on regional monetary and financial cooperation. The cooperation for crisis prevention substantially progressed. Chiang“Internationalization” Mai Initiative ofMultilater the higheralization education, (CMIM), universities a US ordollar other liqui institutionsdity support, has arrangementbeen one of theamong im- ASEAN+3portant issues (Japan, all over China, the Korea) world: member In these countries circumstances, for US$120 Shizuoka billion, University, became effective which markedin 2010. its 63rd Onanniversary the other of hand, the foundation there has in been 2012, no promote cooperation the several on coordinated programs forregional internationalization exchange rate in policy. Shizuoka, In- tra-regionalwhich is famous trade asand the investment “Prefecture has of beenMt. Fuji”expanding blessed and with Emerging a rich natural Asia includingenvironment, China as haswell beenas a catching“Manufacturing up to Asian Prefecture” NIEs (Chinese which hasTaipei, flourished Hong Kong, as an Korea, important and trafficSingapore) terminal and Japanand been at a rapiddeveloping pace. Consequently,various industries. intra-regional The active exchange collaborations rate stability with partne hasr beenuniversities more important as well as for research the economic institutions growth and andindustries stability have of Eastled Shizuoka Asian economy. University In addition, to creation ex changeof new rateeducation regimes programs of the East, such Asian as “Double economies Degree as a wholeProgram” have (DDP) become which more enables flexible the and student will beto morereceive flexible, education due and to theresearch economic guidance growth by andsupervisors the devel- of opmentShizuoka of University financial systemand home/host of these universityeconomies. to Thoberefore,tain two possible kinds of excessive doctoral degreesvolatilities conferred and misalign- by both mentsuniversities of the, currenciesas well as of “National these economies InterFacing should Engineers be reduced Education by regional Program(NIFEE)” exchange rate policy for South coordina- East tion.Asian students who wish to learn technology along with knowledge of Japanese language, culture, and the Fromtradition. the globalToday, point these of new view, programs exchange with rate partner policies univ ofersities/countries the East Asian countries, form a basis which for couldsustainability prefer un- of dervaluationcooperation ratherand also than serve overvaluation as a source of their of thecurrencie newests, aretheoretical important and in appliedreducing developments global imbalances. for the It couldacademic be more progress important and achievement. in the future, as the presence of East Asian economy is growing. This paper explores the way how to prepare for regional exchange rate policy coordination in East Asia byKeywords: using the internationalization, AMU (Asian Monetary University, Unit). industries, double degree, Asia Keywords: regional cooperation, exchange rate policy, Asian Monetary Unit I. INTRODUCTION OF SHIZUOKA UNIVERSITY, JAPAN Table 1 – International students studying at Shizuoka: “Internationalization” of the higher education, univer- US$120high rank billion countries is the (as amount of May committed1, 2011). to support Ko- I. INTRODUCTION sities or other institutions, has been one of the important rea in the CMIM.Country However, whenNumber the Bankof students of Korea issuesFollowing all over the the Asianworld: currencyin Japan, andwe canfinancial see "300,000 crisis, entered1 into a currencyChina swap agreement 176with the US Fed leadersForeign ofStudents the 10 ASEANPlan", project member for countriespromoting along universi- with in October2 2008Korea in order to mitigate the adverse37 effect on theties’ PRC activity (People’s as well Republic as exchange of China), with Japan, Asia and and Korea the their currency3 andVietnam financial markets of the28 Global Finan- startedUnited theStates, ASEAN+3 etc.; in Europe,process thein 1997.reform They of higher began edu- to cial Crisis,4 the sizeIndonesia of the agreement was22 up to US$30 workcation on toward regional the monetaryestablishment and financialof the “Eu cooperationropean Higher for billion.5 Malaysia 18 㩷㩷 㩷 㩷 macroeconomicEducation Area”, and along financial which stability. the program “Erasmus” to In the¦ CMIM, a ¦crisis-affected member ¦requesting li- promote the mobility of students and academic staffs The cooperation for crisis prevention substantially quidity8 support Thailandcould obtain financial assistance5 for the being broaden beyond Europe as “Erasmus Mundus”, progressed. The Chiang Mai Initiative (CMI) as the re- first 20% of the committed amount, and the remaining gion’setc. currency liquidity support arrangement was 80%environments would be rich provided in nature to theand requesting industries, member our university under launchedIn these in circumstances,2000. It is useful Shizuoka for crisis University, prevention which and anhas IMF developed program. its The high-quality CMIM is linkededucation to IMF and programs creative crisismarked management. its 63rd anniversary The CMI of is the a networkfoundation of inbilateral 2012, inresearches: this way. the “CreatioThis isn ofdue a Base to ofthe Nano-Vision lack of Sci-the liquiditypromote supportthe several arrangements programs amongfor internationalization the ASEAN+3 well-functioningence” program, selected regional as surveillance“21st Century mechanism. COE (Center The of memberthrough itscountries. six faculties It was (Humanities upgraded andto theSocial Chiang Sciences, Mai EconomicExcellence) Review Program” and byPolicy MEXT Dialogue, innovates (ERPD), “image a sur-en- InitiativeEducation, Multilaterali Sciences, zationAgriculture, (CMIM), Engineering a “self-managed and In- veillancegineering” mechanismby utilizing “photonic/electronicunder the ASEAN+3 nano process,-domain reserveformatics), pooling” eight arrangementgraduate schools, governed and twoby a professionalsingle con- shouldcontrol” be and improved aims at further the creation in order of to aweaken base for the a link-new tractualdegree programs,agreement soin that2010. the It studentsis now a fromUS dollar Asian liquid- coun- ageacademic of the CMIMfield of with “nano IMF-vision programs. science”; the “Environ- itytries support studying arrangement at Shizuoka among University ASEAN+3 are increasing. (Japan, China, mentalOn the Leadership other hand, Program”, there has beenselected no consensusas “International on co- Korea)Shizuoka member Prefecture, countries where for US$120 our campuses billion. (Shizuoka ordinatedEnvironment regional Leaders exchange Training rate Program policy.” byHowever, Japan Scin-i- andAlthough Hamamatsu) the cooperationare situated, issubstantially famous as theprogressed, “Prefec- tra-regionalence and Technology trade and investmentAgency, will has foster been expandingenvironmental and leaders who will protect the coastal and terrestrial thereture of still Mt Fuji”remain blessed several with challenges. a rich natural The environme total sizent, Emerging Asia including China has been catching up to ecosystem to build a sustainable coexisting society; the shouldas well beas aincreased. “Manufacturing It is set Prefecture” at US$120 which billion has flounow.r- Asian NIEs (Chinese Taipei, Hong Kong, Korea, and efforts of several Faculties (Informatics, Engineering, However,ished as an it importantwould not traffic be enough, terminal considering and been develop- the ex- Singapore) and Japan at a rapid pace. Consequently, in- Agriculture) have also been financially supported by perienceing various of industries.Korea in Surrounded2008. US$ by 19.2 these billion out of tra-regional exchange rate stability has been more im- MEXT (“Support Program for Distinctive University 98 99 .indd 98 5/21/12 11:09 AM Japanese Studies Journal Special Issue : Regional Cooperation for Sustainable Future in Asia Education [Distinctive Good Practice]” and “Support II. DOUBLE DEGREE SPECIAL PROGRAM (DDP) AT SHI- Program for Contemporary Education Needs [Contem- ZUOKA UNIVERSITY porary Good Practice]”), etc. Double Degree Special Program (DDP) is the program In this paper, we will present some recent new educa- which enables the student to obtain two kinds of doctoral tion programmes promoted at Shizuoka University, but degrees which are conferred by Shizuoka University and before that, let us refer to some aspects on research ac- its partner university. DDP student enrolls in the both tivities at SU. universities simultaneously and receive education and Today, SU has chosen 4 priority research fields as fol- research guidance by supervisors in both universities. lows: Supervisors discuss the educational and research plan closely and give academic advice to DDP student, who y Asian studies will stay at each university in turn according to the re- y Ultimate image analysis search and education plan. y Nanobio Science y Green science and Technology.