Messages from Scholarship Students
Tomohito Okuda ITO FOUNDATION U.S.A.-FUTI Scholarship (2020) MIT Sloan School of ManagementMBA Candidate 2022Harvard University Kennedy SchoolMPA/ID Candidate 2022 Despite the unprecedented challenges posed by the pandemic, MIT bravely began providing the fall semester in a hybrid model in September. Its business school, MIT Sloan School of Management, is known for the intimate communications among students. Acknowledging the risk and having a strong desire to have in-person communications, over 90% of the students came to Boston from all over the world, attending the in-person classes. The school’s commitment is extraordinary. In addition to the requirements to wear masks and keeping everyone 6 feet apart, everyone must take the COVID-19 test twice a week, and the flow of people in the building is strictly controlled. I have been in Boston since last year, but my experience has completely changed. There have been increases in unexpected expenses such as getting food delivery and electronic devices to attend remote classes, but I can continue my study thanks to FUTI’s support. Lili YU FUTI Global Leadership Program (2020) Stanford University Global Energy Dialogues [Online]MIT International Colloquia on Thermal Innovation [Online] UTokyoDep’t of Mechanical EngineeringDoctoral Student 3rd year This year has been engraved on my mind forever because of COVID-19. Everything in my daily life and doctoral study at UTokyo changed suddenly and dramatically in late January. However, the scholarship from Friends of UTokyo, Inc. really helped me through the tough period by supporting me with access to better electronic devices and internet as well as tuition payment to join online lectures at U.S. universities. My research is mainly about the mass and heat transfer in HVAC (heating, ventilation, and air conditioning) systems for Net-Zero-Energy buildings aiming to attain energy saving and CO2 emission reduction in the future. My original plan was to attend in person the summer course at Stanford University, but I had to change my plan to take online courses at Stanford and MIT. Fortunately, it turned out to be a more productive and efficient way to broaden my research horizons since the courses helped me to communicate with truly leading scientists in my research field without the limit of space and time. Taro Kunimitsu ITO FOUNDATION U.S.A.-FUTI Scholarship (2020) University of ChicagoHarris School of Public Policy At the University of Chicago, most activities have stayed online throughout the COVID-19 pandemic, but we are now gradually returning to in-person activities. The university has provided abundant support to keep the community connected, and with the additional opportunities that would have been difficult before, such as online seminars from remote locations, I feel that my current experience is by no means inferior to the in-person version before the pandemic. Under these circumstances, I have been able to touch on many policy areas of interest, learning about the regional innovation strategies of Chicago on one day, modeling the economics of Wyoming oil wells on another, and developing machine learning libraries for energy consumption prediction in between. I am truly grateful for FUTI’s support for everything that I have been able to learn and experience here. Note: Many scholarship winners selected in March were forced to temporarily halt or give up the study plans, due to the cancellation of short-time programs for foreign students, the online shift of graduate school programs, etc., which were caused by the Covid-19 pandemic. Since US applicants and UTokyo undergraduates were most severely affected, these three essays were written by graduate or post-graduate students. Articles in this newsletter:
FUTI Scholarship Programs in 2020
The year 2020 has seen the entire world turned upside down due to Covid-19, and FUTI’s Scholarship activities have not been an exception. To begin with, the 2019 ITO FOUNDATION U.S.A.-FUTI Scholarship recipients who were in the middle of their studies in the United States had to switch to online learning in the first coronavirus wave in April to May, 2020. After considering the highly infectious nature of the virus and the massive spread in the US, and discussing the matter with FUTI, some have decided that going back to Japan and attending the online courses there would be a safer choice. This decision of course had its disadvantages in that they had to take courses in the middle of the night in Japan’s time zone. Fortunately, both students who decided to return to Japan and those who stayed in the US seemed to have successfully accomplished their goals. With all the changes to study plans, FUTI had to quickly adapt and announce new policies to calculate scholarship amounts. In the end, no scholarship paybacks occurred because the calculations were forgiving enough so that students won’t be financially strapped for making a decision to protect their own health and safety amidst a situation which was at no fault of their own. Selections for the 2020 Scholarship awards were made before the first coronavirus wave occurred in the US, with 13 US students and seven UTokyo students selected for the Global Leadership Award supporting short-term summer studies, and 10 UTokyo students/alumni selected for the ITO FOUNDATION U.S.A.-FUTI Scholarship supporting mid- to long-term studies. Although selections were made with the anticipation that an alternate plan would be needed for programs affected by Covid-19, the exceeding spread of the virus in the US and Japan almost immediately following scholarship selections, called for urgent countermeasures. For the short-term summer programs, it began with the occasional cancellations by students urged by worried parents, but soon after, all programs both at UTokyo and at universities in the US were cancelled and travel between countries became impossible. In the end, only three UTokyo students were able to attend US university programs online from Japan, which FUTI happily supported. For the mid- to long-term studies, UTokyo has cancelled their programs to send out students abroad. US universities have halted reception of international students. Some students have decided to delay their study abroad plans altogether to avoid having to do their studies entirely online. It is with a heavy heart to see students who have made painstaking plans and preparations to study abroad, only to have everything grind to a halt just as they were about to embark on their journey. Ultimately, six recipients had no choice but to cancel due to Covid-19, and only four were able to receive the scholarship for their studies in 2020. There is the slight chance that there will be one to two additional recipients who may be able to study in the spring semester. Of the four who received a scholarship, two were already studying in the US and were continuing their studies online, and the other two just made it in time to the US after successfully getting or renewing their visa. With the news of vaccines, it is the hope that 2021 will be more favorable to the study abroad situation, but the call for scholarship applications must advance with caution. It is FUTI’s plan to support those who from the beginning seek to take online courses or MOOC while staying in their home country. One could only wish for a speedy end to the Covid-19 crisis. Articles in this newsletter:
A Report on the ITO FOUNDATION U.S.A.-FUTI Scholarship Online Get-Together
Through an idea proposed by President Iwao Ojima and Shohei Koide, FUTI Scholarship Committee member, a get-together meeting with ITO FOUNDATION U.S.A.-FUTI Scholarship recipients took place on December 4 with Shig Matsushita, Scholarship Committee Chair, presiding as host of the event. This is the first official event where Scholarship recipients have met and reported on their studies to Scholarship Committee members. A total of 20 people participated in the meeting and joined from Japan, US, and Norway. A second meeting also took place two weeks later, on December 18, in which there were 17 participants including three scholarship recipients who could not make the first meeting. The first meeting on December 4 began with a greeting given by President Ojima where he emphasized the importance of FUTI’s mission of nurturing the next generation of leaders to bring societal unity in a time when society is destabilized by COVID-19 and the US presidential election. Yoshikazu Tohyama of the Ito Foundation then gave a brief history of the Ito Foundation and spoke of its mission. It was founded by the former president of Seven & i Holdings, Masatoshi Ito, to give back to society and show gratitude for the financial support he received as a youth for his education, in a time when all of Japan was impoverished. This support gave him the driving force to success. The Ito Foundation has already awarded more than a thousand scholarships, and with the ITO FOUNDATION U.S.A.-FUTI Scholarship they hope that the recipients not only delve in their studies but to learn other cultures, meet people and expand their network, and never forget the feeling of gratitude. After the greetings, a recipient from the first year of the ITO FOUNDATION U.S.A.-FUTI Scholarship, Eri Furusawa, and seven of the 2019-2020 Scholarship recipients, spoke of their current situation and activities. At the end, Yuki Haba gave a greeting as a representative of the FUTI Alumni Association. After receiving her master’s degree in Urban Planning at the Columbia GSAPP, Eri Furusawa (2016-2017 Scholarship recipient) worked in the New York City Department of City Planning and at HR&A Advisors, Inc., and spoke of her experience: I chose architecture for my undergraduate studies at the University of Tokyo. As I learned more about architectural design, however, my interest gradually shifted from the site-specific design (designing a specific building on a predetermined site) to urban policy (designing what gets built in the first place), which led me to pursue Urban Planning as my major for graduate school. At the New York City Department of City Planning, my first job after graduating from Columbia, I supported the City’s zoning amendments through scenario modeling and hosting public meetings. My passion in public policy and community engagement led me to my current position at HR&A Advisors, Inc., an urban policy and economic development consulting firm based in New York. Currently, I work on multiple projects related to inclusive community engagement that reflect the needs of residents. Lately, in the wake of the Black Lives Matter movement, I have sought to strengthen my understanding of the history of race and its impact on current-day urban planning and policy through participation in learning opportunities and discussions within and outside of the firm. Informed by my experience pursuing a graduate degree outside Japan and working in New York, I have identified some lessons learned, summarized below: • Find a good mentor. In my case, at each turning point in my career (studying abroad, finding my first job, switching jobs), I was extremely fortunate to be able to seek the guidance of mentors who were several steps ahead, both personally and professionally. • Be completely immersed in the U.S. I have only been in the U.S. for a little over four years and my understanding of its historic, cultural, and political context is still in development. It is my belief, however, that strengthening my grasp of these topics is crucial to my work and to make my experience in the U.S. more fulfilling. • Make bold decisions. In my interactions with my peers at Columbia and at work, I was fascinated by their ability and willingness to change the course of their personal and professional lives. Not only is it common for people to select a different major for their undergraduate and graduate studies, people often switch jobs to enter different sectors or industries, and relocate to accommodate their partner’s career needs (regardless of gender). I found their boldness and agility to be extremely liberating. In addition, current recipients reported on doing well and being active. Below is a summary. Harvard University Kennedy School Public Policy and MIT MBA double-degree student: I have an interest in urban planning and have a goal of distributing water line infrastructure to the world. In contrast to my first year of study abroad, I am now able to not only learn, but to teach other students, and by teaching I am able to see things that I did not realize before which allows me to experiment with my teaching methods. I am socializing as much as I am able with the help of the various coronavirus protocols set in place by the school. Columbia Teachers College Arts Administration master’s student: One of my big goals is to expand the diversity of participants in arts activities, and to achieve this we do various projects such as creating arts programs that make it possible for the disabled to participate. In the US, I have been inspired by the number of people who, even if they are within an organization, exhibit great intrapreneurship and take initiative by creating new programs themselves. Chicago University Harris School of Public Policy master’s student: I have traveled abroad to study public policy. Aside from my master’s courses, I am doing research at the Computer Science department on estimating the power consumption using machine learning. Additionally, I am studying machine learning and artificial intelligence at the Toyota Technological Institute at Chicago which is on the same campus. Currently I
FUTI Online Dialogue Series – 1: “Learning from Covid19: New York and Tokyo”
On July 29 Friends of UTokyo (FUTI) presented an online dialogue between Prof. Peter J. Macotullio (Director, Institute for Sustainable Cities at Hunter College; UTokyo professor, 2001-2006) and Dr. Geeta Mehta (Adjunct Professor, Architecture and Urban Design, Columbia University; UTokyo, PhD). Together they have several decades of experience about global cities in America, Asia, Africa and Europe. More than 40 alumni participated in the event. During the presentation and Q & A session, the audience asked many questions resulting in a lively exchange of opinions. Following the formal session, participants, many of whom were international alumni, stayed on for the after-session gathering and enjoyed each other’s company. This is the inaugural event in a series created to bring together UTokyo international alumni in the US and others interested in FUTI’s work. ABSTRACT Covid19 infection and death rates have been very different in New York and Tokyo, the two mega-cities with among the highest densities in the world. While the two cities are not lacking in financial capital, could social capital be the reason for such different outcomes? The speakers will present their research and analysis of the possible answers to this and show how social capital is the essential wealth of communities in not only preparing for future health or climate shocks, but also in addressing the ongoing issues of social inequity and social justice. Biosketches of Lecturers Peter J. Marcoutullio Prof. Peter J. Marcotullio is Professor of Geography and Director of the Institute for Sustainable Cities at Hunter College, City University of New York (CUNY). He is also Adjunct Professor of Urban Planning at Columbia University, Graduate School of Architecture Planning and Preservation (GSAPP). Prior to 2006, Prof. Marcotullio was Lecturer (1999-2001) and Professor (2001-2006) of Urban Planning in the Urban Engineering Department, University of Tokyo and held several positions at the United Nations University, Institute for Advanced Studies, Japan (1997-2008). Geeta Mehta Dr. Geeta Mehta is an adjunct professor at Columbia University and the founder/president of Asia Initiatives (asiainitiatives.org) where she developed Social Capital Credits (SoCCs), a community currency for social good that was recognized by Fast Company as the “World Changing Idea” this year. Geeta is also the co-founder of “URBZ: User Generated Cities” (urbz.net). She has been recognized as One of the 21 Leaders of the 21st Century by Women’s eNews. She currently serves on New York Mayor’s Advisory Board for Waterfront Development, and several non-profit boards. Articles in this newsletter:
Online Dialogue with Ms. Akiko Sakaedani, on Her Recent Book: “Do You Hear the Sound of Hope?: Starting a Children’s Radio Program in Rwanda”
On September 12, Satsuki-kai America and Friends of UTokyo (FUTI) hosted an online dialogue with Ms. Akiko Sakaedani, formerly with UNICEF’s Rwanda Office. She has recently published a book titled “Do you hear the sound of hope?” which discusses how she started Rwanda’s first radio program for children. https://www.choubunsha.com/book/9784811327457.php The event was attended by about 20 participants. More than a half of them were UTokyo undergraduate or graduate students. Active exchange of Q&A followed the talk. Questions included: “Reasons for becoming interested in a UN career”, “Managing family life in the context of an international career”, and “Necessary mind-set for starting a program like Ms. Sakaedani’s radio program in Rwanda”. The event concluded with a standing ovation with the attendees asking Ms. Sakaedani to come back for another talk. Abstract Rwanda is a beautiful country with thousands of green hills. Many families in the villages do not own a TV, and radio is the main media. Back in 2013, there was no radio program for small children, however. It was all about news, sports, and pop songs. As a believer in Early Childhood Development, Akiko decided to create the first children’s radio program in Rwanda. Biosketch Akiko Sakaedani Petrovic is an international development worker with 16 years of experience in Eastern Europe, Sub-Saharan Africa and the Middle East. She mostly works in the areas of health communication, partnership and donor relations. She was the co-director of the Egypt Japan Education Partnership in 2019-2020, and currently works at the UNICEF Regional Office for Eastern and Southern Africa to coordinate the communication response to COVID-19. Based on her experience in Rwanda from 2013-2018, she published a book in June 2020 from Chobunsha publishing company titled Kibo Kikoeru (Do you hear the sound of hope?). She was born in Tokyo, and graduated from the University of Tokyo in 2001, majoring in anthropology. She holds a Master of Arts Degree in Intercultural Communication, and Master of Science in Public Health. She is married and has a son. Articles in this newsletter:
FUTI Appoints Board of Directors, Advisory Committee Members, and Scholarship Committee Members
At the Board meeting held on September 26, 2020, the Friends of UTokyo’s Board approved the following appointments. The terms of the appointments are for one year, beginning the close of the Board meeting on September 26, 2020 and ending at the close of the 2021 Board meeting. Members of the Board Iwao Ojima (Chair)*, Yuichiro Kuwama**, Shigenori Matsushita***, Nobuko Sakurai****, Teruo Fujii, Takatoshi Ito, Geeta Mehta, Junji Takegami *Director of University Relations**Director of Financial Affairs***Director of Scholarship Programs****Director of Relations with FUTI Alumni Association Officers Iwao Ojima – President, Yuichiro Kuwama – Vice president and Treasurer, Masako Osako – Acting Secretary Advisory Committee Members Masaaki Yamada (chair), Tetsunosuke Fujisaki, Sadaoki Furui, Koichi Hamada, Hisashi Kobayashi, Yoshinari Ikiri, Akiko Koide, Shohei, Koide, Takeshi Komoto, Geeta Mehta, Yasuo Okamoto, Yuriko Suzuki, Ko-Yung Tung, Erika White Advisory Committee Ex-officio Members Tai Hasegawa, Koichi Sato, Akiko Koide, Katsuyuki Yamaguchi Scholarship Committee members Shigenori Matsushita (chair), Shohei Koide, Iwao Ojima, Masako Osako, Nobuko Sakurai, Masaaki Yamada President Emeritus Hisashi Kobayashi, Masaaki Yamada Honorary Director Hiroshi Komiyama Managing Director of Operations Masako Osako Articles in this newsletter:
FUTI Campaign
FUTI has grown steadily over the years and contributed to the globalization of UTokyo. Since its inception in 2007 FUTI has cumulatively supported more than 110 UTokyo students to study in the US and 90 US students to undertake internships or studies at UTokyo, providing them with invaluable experiences. The programs were made possible solely because of the generosity of supporters. We would greatly appreciate your continuing support. Please read FUTI President’s message here. Articles in this newsletter:
Scholarship Selection Results for FY 2020
FUTI manages two types of scholarships, the Global Leadership Award supporting short-term study abroad and the ITO FOUNDATION U.S.A.-FUTI Scholarship for mid-long term study abroad. [For further information on these programs, please visit friendsofutokyo.org/scholarships-grants.] At its meeting on March 14, 2020, the Scholarship Committee determined that “while the effects of COVID-19 are very difficult to assess, the scholarship selection should proceed as usual at this time.” However, the effects of the virus have turned out to be far greater than initially anticipated. As program cancellations were announced one after another, the Committee’s plans inevitably had to be changed. At this point, short-term (summer) programs have already been affected extensively and mid-long term studies are also beginning to feel the impact of the pandemic. Furthermore, there is a distinct possibility that the situation will continue to worsen. Scholarship Committee Chair, Dr. Shigenori Matsushita stated: Thanks to our supporters, we were able to select many impressive, highly goal-oriented students. However, due to COVID-19 pandemic, many of these students were deprived of the opportunity to study abroad or are in danger of losing those opportunities. This year, working within these constraints, we hope to contribute still to the globalization of the University of Tokyo and its students.” [FUTI Global Leadership Awards] For this program, the Scholarship Committee originally selected 12 US university students to study at UTokyo during the summer of 2020. However, due to program cancellations at both US universities and UTokyo, none of the US students will be able to utilize their scholarships. Of the seven UTokyo students selected by the Committee to participate in US university summer programs, only a few are likely to realize their plan. Two of these students had to cancel their plans because program coordinators at the UTokyo withdrew support; two cancelled of their own personal accord; two decided to take online programs offered in place of their original in-person courses at US universities; and one is still hoping to study abroad at a US university. Thus, in total, only three students will receive their scholarships. The chart below illustrates the number of awards granted with the 2020 figures representing “current numbers” and the number of original committee selections inside the parenthesis. FUTI Global Leadership Award Recipients, 2016-2020 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 US University to UTokyo 9 10 12 9 0 (12) UTokyo to US University 6 8 6 8 3 (7) [ITO FOUNDATION U.S.A.-FUTI Scholarships] Of the ten students initially selected by the Scholarship Committee for mid-long term studies, four were disqualified or became ineligible due mostly to the COVID-19 pandemic. 1) UTokyo placed a ban on its study abroad program (one student affected); 2) one US host university postponed receiving foreign students for one year (one student); 3) fall semester plans were postponed until spring (two students); 4) one student decided to go to Australia rather than to the US; and 5) due to restrictions on receiving multiple scholarships, one student declined a scholarship from FUTI. Due to these circumstances, the Committee subsequently chose two students from the waitlist, bringing the total number of selected students to eight (including those in (3) above). However, the possibility of being able to commence studies in the fall remains contingent on whether the US will reopen visa applications and lift travel restrictions in time for the fall semester. In the Table below, the 2020 figures represent “current numbers” with the Committee’s original selection numbers in parentheses. ITO FOUNDATION U.S.A.-FUTI Scholarship Recipients, 2016-2020 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Total 9 10 12 9 8 (12) FUTI’s 2019 scholarship recipients who were already in the US when the Covid-19 pandemic struck are continuing their studies through online courses. Of those students, two have sought FUTI’s approval for a modification of their plans, as they felt it would be safer to go back to Japan and complete their online courses there rather than to stay in the US. These students made the decision to return to Japan after careful consideration of their academic and financial situation. They are taking their online classes in the middle of the night in Japan while it is daytime in the US. This year the Past Graduates (those who already graduated UTokyo in the past) category included many applicants with unique and exceptional backgrounds, leading to a very competitive field. Those who were selected included a student on a leave of absence from work to study in the US on his own (rather than waiting for his seniority-based “turn” for a study abroad opportunity in his government office), one who left a job at a large trading company to study overseas, and a Japanese lawyer who wanted to become a licensed lawyer in the US in his specialty. [Zoom Sessions] As COVID-19 spread rapidly in New York in the spring of 2020, making in-person meetings a high-risk activity, the Scholarship Committee conducted its meeting online for the first time, using Zoom. With ample preparation and talking points communicated through email before the meeting, the selection process proceeded smoothly and efficiently. The selection process for the ITO FOUNDATION U.S.A.-FUTI program includes an interview which was also conducted through Zoom this year. The online sessions accomplished the objective of these interviews proving that online sessions are a viable and effective alternative tool. [In the first online interview, a Committee interviewer was surprised to find the student interviewee dressed rather formally. For his subsequent interviews, he reached out in advance to his interviewees, encouraging them to dress casually.] Articles in this newsletter:
Financial Situation of Ph.D. Students in US Universities
***This article is reprinted with the permission of the site sponsor from the website XPLANE (http://xplane.seldoon.net/), which contains helpful information about the life of being a graduate student in the U.S. English translation by FUTI.*** “In the U.S., graduate students earn a salary while studying.” Many aspiring Japanese students must have started to consider pursuing graduate studies in the U.S. based on this dream-like statement. However, it is also true that when one seriously starts thinking about studying abroad, one always comes back to a critically important issue: Money. In this article we (that is, the XPLANE working team) investigated the graduate students’ financial status by polling about 100 Japanese Ph.D. students currently studying in the U.S. Ph.D. Student Salary First, we asked a couple of basic questions, “Can a graduate student really receive a salary? “Can he/she live comfortably on his/her salary?” According to survey responses from 78 Japanese graduate students studying in the U.S., 97% were making enough money to live comfortably while concentrating on their studies by receiving scholarships and working as a research assistant (RA) or a teaching assistant (TA). Further, according to collected data, the graduate students’ salaries were somewhere between $2,000 to $3,500 per month (median amount being $2,900). If converted to Japanese Yen, it amounts to about ￥20,000 to ￥35,000 which is more than what is offered to students by the Japan Society for Promotion of Science. How are graduate students securing funds? In this survey, the students were asked to select any of the choices that apply to them including a) scholarships provided by the U.S. university (which does not have to be repaid), b) scholarships from Japanese organizations, and c) TA, and/or RA stipends. Two out of three surveyed chose “scholarships from Japan” and “RA” as a main source of funds, whereas a good number of those depended on scholarships and TA stipends from a U.S. university. Of those currently studying in the U.S., one out of three are living without a scholarship from Japan but are able to secure more than enough funds by wisely managing their RA salary and U.S. university scholarship. If an RA position is not available with your faculty advisor due to their department budget constraint, one can still earn money as a TA in the short run. Additionally, nearly three-quarters of those surveyed had multiple sources of income from the day they entered U.S. graduate school. If one is lucky enough to earn a stable RA position at a U.S. university or a scholarship from Japan with a long-term contract, it is possible to survive by relying on one source of funding. However, in most cases, students combine their RA or TA salaries with other sources of income. As shown by these findings, in order to secure funding, one must commit their time to apply for scholarships, RA positions, and TA positions. Luckily, although some amount of effort must be put into working as an RA or TA, nearly 100% of the case, graduate students earn sufficient amount for living. This situation makes graduate studies in America very attractive. Although this article does not go into detail about this topic, tuition is often waived for Ph.D. degree candidates in the U.S. This is because RA, TA, and scholarships cover not only living expenses but tuition as well. In summary, in this 100-person survey, we found out that graduate students in Ph.D. programs in the U.S. are able to receive adequate funding from scholarships, RA and TA positions to pay for their living expenses. This is encouraging data for those considering studying abroad, but the situation varies greatly depending on the university, department, and research lab. We would recommend those who have some reservations or questions to have a discussion ahead of time with advisors of the program you are applying for. If you have any questions, do not hesitate to reach out to XPLANE by Seldoon (seldoon.info [at] gmail.com). Articles in this newsletter:
Prof. Takatoshi Ito Lectures in New York: “Managing Currency Risk: How Japanese Firms Choose Invoicing Currency”
On January 30, 2020, Professor Ito gave the above referenced lecture in mid-Manhattan. The talk was hosted by Satsuki-kai America and co-hosted by Friends of UTokyo and New York Icho-kai. The lecture was held in commemoration of the 62nd Nikkei Economic Book Culture Award given to “Managing Currency Risk” (Edward Elgar Publishing) which was co-authored by Prof. Ito with Professors Koibuchi, Chuo University; Kiyotaka Sato, Yokohama National University; and Junko Shimizu, Gakushuin University. This book summarizes the results of a research project at the Research Institute of Economy, Trade and Industry, IAA in which Professor Ito worked as a researcher for a number of years until 2015. This project deals with the central theme, “Why the use of Japanese yen does not spread in import and export transactions of Japanese companies?” This question was empirically researched using a method that is unconventional in economics, namely, interviews and questionnaire surveys with companies. Despite being held on a weekday night, the event attracted more than 20 participants, mainly employees of finance and trading companies, manufacturers, and government officials. Several members of Josuikai, an alumni association of Hitotsubashi University, of which Prof. Ito is an alumnus, also participated. First, Professor Ito explained the background of his research and the current situation in which “yen-denominated transactions are not widely used” even though “there is wide interest in using yen in international transactions.” In economics, it is common to use published data (including import-export data by the Ministry of Finance). However, available data is grossly insufficient in respect to detailed information by industry. Therefore, Professor Ito and his team decided to conduct a wide range of interviews and questionnaire surveys with Japanese companies. Based on the answers from the companies and the historical trend of the yen exchange rate, he observed the following: The currency used in the consumer market for the products being traded is a strong determinant for the choice of currency used in transactions. Large companies tend to consolidate management of their risks at their headquarters rather than incurring currency risks at their overseas subsidiaries. Large companies do not necessarily have the bargaining power in determining transaction settlement currencies; on the other hand, SMEs with a high global market share tend to succeed in having yen-denominated export contracts. One reason for the growth of local currency transactions not only in the US but also in Asian markets is the increase of local production by Japanese companies. Participants actively shared their work experience supporting these points. The discussion further covered a variety of topics such as the Japanese government’s currency strategy; the Japanese export industry structure (which tends to be “reliant on the yen” because it cannot immediately reflect currency risk in product prices); Japan’s corporate culture with a weak pursuit of shareholder interests; the decline in competitiveness of Japanese companies; and the future of the Chinese yuan. It was a truly lively discussion reflecting the participants’ extensive involvement in international business. In concluding the session, Mr. J. Asaki, Deputy President of the NY Ichokai, thanked Professor Ito and commented, “Let’s work together to strengthen Japan’s competitiveness.” Participants thanked Prof. Ito for the lecture and congratulated him for the Nikkei award. Translation by FUTI Articles in this newsletter: