Event Details

On 28 April, the yen slumped to the 130 range against the US dollar, a 20-year low. In real terms, it is at its cheapest since the 1970s. A cheaper yen means that exports from Japan become more affordable, benefiting exporters. Conversely, firms that trade yen for imported goods (including raw materials) will have to pay higher prices. While companies on both sides of the equation and consumers at large seek to lock in profits or hedge their bets, everyone turns to economists with the same question: will the yen slide further?


The chief factor for this latest fall has been higher global commodity prices, which has taken a toll on Japan's current account surplus. Nevertheless, the BoJ's consistently doubling down on a loose monetary policy and its sustained purchase of government bonds have put enormous pressure on the yen against the dollar, even as the Fed tightens its own financial controls through higher interest rates. What are the implications of a record-low yen for businesses? How can they prepare and what can they expect in the short run?

Please note that this event is limited to senior-level executives and per invitation only. If you are not an existing member of The Economist Intelligence Corporate Network, but would like to learn how you can attend our events, please contact us.

Agenda

8 AM - 8:30 AM
Registration and Networking
8:30 AM - 10 AM
Discussion and Breakfast

Venue

The Ritz-Carlton, Tokyo : 2F Grand Ballroom

Minato City, Tokyo, Japan

If you have any questions please contact EICN North Asia

Contact Organizer

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Speakers

  • Klaus Meder (President and Representative Director of Bosch Corporation)

    Klaus Meder

    President and Representative Director of Bosch Corporation

    Klaus Meder has held the post of the President and Representative Director Bosch Corporation, Tokyo, Japan since 2017. He is responsible for Japan as a country manager with about 7000 associates and about 4 bn Euro turnover including several activities in Thailand as well.

    Klaus entered Robert Bosch GmbH in 1987 and held numerous positions in the company, including Vice President and Director ASCO Corporation (joint venture Bosch with ZEXEL Corporation), Tomioka, Japan and Board Member of Division Chassis Systems Control, Abstatt, Germany. From 2012 to 2017 he was the President of Division Automotive Electronics, Reutlingen, Germany where he was responsible for one of the biggest divisions of Bosch with close to 30000 employees and 8 production sites including the semiconductor fabs as well.

    He was awarded a degree in telecommunications and electronics from University of Darmstadt in 1987. In addition to native German, he is proficient in English and Japanese languages.

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  • Takehiko Nakao (Chairman of the Institute at Mizuho Research & Technologies, Ltd.)

    Takehiko Nakao

    Chairman of the Institute at Mizuho Research & Technologies, Ltd.

    Mr. Takehiko Nakao is currently the Chairman of the Institute at Mizuho Research & Technologies, Ltd. Concurrently, he teaches as Visiting Professor at the National Graduate Institute for Policy Studies (GRIPS) and Graduate School of Public Policy, the University of Tokyo.

    From April 2013 to January 2020, Mr. Nakao served as President of the Asian Development Bank (ADB), which is based in Manila with membership of 68 countries including 46 regional developing countries.

    Mr. Nakao was the Vice Minister of Finance for International Affairs between 2011 and 2013, and in charge of foreign exchange markets, G20 and G7 processes, ASEAN+3 financial cooperation, and bilateral financial relations with the US, Asian countries and European countries.

    Mr. Nakao has gained extensive experience in international finance and development since he joined the Ministry of Finance in 1978. He was assigned as Minister at the Embassy of Japan in Washington D.C. between 2005 and 2007, and worked as advisor at IMF's Policy Development and Review Department between 1994 and 1997.

    He has published books and numerous papers on financial and economic issues both in Japanese and English. He took an initiative and was a “lead editor” for the ADB’s recent publication of “Asia’s Journey to Prosperity”, a comprehensive account of Asia’s development history in these several decades. He was a Visiting Professor at the University of Tokyo in 2010 and 2011.

    Mr. Nakao holds a BA degree in Economics from the University of Tokyo (1978) and a Master of Business Administration from the University of California-Berkeley (1982).

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  • Tohru Sasaki (Managing Director, Head of Japan Markets Research at JPMorgan Chase Bank, N. A. Tokyo)

    Tohru Sasaki

    Managing Director, Head of Japan Markets Research at JPMorgan Chase Bank, N. A. Tokyo

    Tohru Sasaki is a Managing Director and Head of Japan Markets Research with JPMorgan Chase Bank, Tokyo and JPMorgan Securities Japan Co., Ltd. Prior to joining J.P. Morgan in April 2003, he held several positions with the Bank of Japan, where he had worked since 1992. Sasaki served as a Bank of Japan (BOJ) Representative of the Americas (NY office) between 2000 and 2003 where he was responsible for exchanging market information and views with Federal Reserve Bank of New York and other U.S. financial authorities. He also worked as a senior trader of the Foreign Exchange division at the BOJ Tokyo office between 1994 and 1997, where his responsibilities included the execution of foreign exchange intervention and the provision of foreign exchange market analysis to senior policymakers.

    Sasaki began his career in the Research and Statistics Division at the Bank of Japan in 1992 after receiving his B.A. from Sophia University. He is a Chartered Member of the Security Analysts Association of Japan and Chartered Member of the Security Analysts Association of Japan. Sasaki is author of “Strong currency in a weak country (in Japanese language)”, Nikkei Publishing Inc., Oct. 2011 and “Why inflation won’t increase our salaries (in Japanese language)”, Diamond Inc., Apr. 2013. He was ranked the #1 FX strategist by Nikkei in 2016 and four consecutive years between 2018 and 2021, and was also ranked the #1 Japan Currency & Foreign Exchange analyst in Institutional Investor’s 2019 and 2020 survey. Between July 2019 and July 2020, he was a member of the consultative committee to the Ministry of Foreign Affairs on new funding sources for the achievement of SDGs.

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  • Naoyuki Yoshino (Professor Emeritus at Keio University (former Dean/CEO, ADBI))

    Naoyuki Yoshino

    Professor Emeritus at Keio University (former Dean/CEO, ADBI)

    Dr. Naoyuki Yoshino is Professor Emeritus at Keio University (Economics), Tokyo, Japan and was Dean/CEO of the Asian Development Bank Institute (ADBI)(2014-2020). He served as the Lead-Chair of T20-Japan in 2019. He obtained his PhD from Johns Hopkins University under supervision of Sir Alan Walters who was chief economic advisor to Prime Minister Margaret Thatcher of UK. He received honorary doctorates from University of Goteborg (Sweden) and Matin Luther University of Halle-Wittenberg (Germany). Dr. Yoshino has been a visiting scholar at the Massachusetts Institute of Technology (United States) and a visiting professor at various universities including the University of New South Wales (Australia), Fondation Nationale des Sciences Politiques (France), and University of Gothenburg (Sweden). He has also been an assistant professor at the State University of New York at Buffalo and an economics professor at Keio University (1990-2014). Dr. Yoshino's professional career includes membership in numerous government committees. He has served as Chairperson of the Japanese Ministry of Finance's Council on Foreign Exchange as well as its Fiscal System Council (Fiscal Investment and Loan Program Section). Additionally, he has been a Board Member of the Deposit Insurance Corporation of Japan and President of the Financial System Council of the Government of Japan and President of Japan Academic Association of Financial Planning. He was named Director of the Japan Financial Services Agency's (FSA) Financial Research Center (FSA Institute, Government of Japan) in 2020 and he is also currently an Adjunct Professor at GRIPS and visiting Lecturer at University of Tokyo. He received the International Green Finance Lifetime Achievement Scientific Award from the Central Bank of Hungary held at Planet Budapest 2021 sustainability EXPO summit.

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  • Rodrigo González (Director - Tokyo of Economist Intelligence Corporate Network)

    Rodrigo González

    Director - Tokyo of Economist Intelligence Corporate Network

    Rodrigo González is the Director for Tokyo of Economist Intelligence Corporate Network.

    He works closely with regional business leaders to assist them in economic and market trends, business competitiveness, monetary and fiscal policy and general economic advisory to help them optimise their business strategies and further enhance their connections to their c-suite peers.

    He has vast experience in statistical analysis, strategy consulting and market research in different industries in and outside Japan. Rodrigo is a published author in environmental and transport economics and has spoken at international conferences in global warming and fiscal policy throughout the world.

    Rodrigo holds a PhD in Economics from Keio University and is fluent in Spanish, English, French and Japanese.

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