The DNA Data Bank of Japan (DDBJ, http://www.ddbj.nig.ac.jp) has made an effort to collect as much data as possible mainly from Japanese researchers. The increase rates of the data we collected, annotated and released to the public in the past year are 43% for the number of entries and 52% for the number of bases. The increase rates are accelerated even after the human genome was sequenced, because sequencing technology has been remarkably advanced and simplified, and research in life science has been shifted from the gene scale to the genome scale. In addition, we have developed the Genome Information Broker (GIB, http://gib.genes.nig.ac.jp) that now includes more than 50 complete microbial genome and Arabidopsis genome data. We have also developed a database of the human genome, the Human Genomics Studio (HGS, http://studio.nig.ac.jp). HGS provides one with a set of sequences being as continuous as possible in any one of the 24 chromosomes. Both GIB and HGS have been updated incorporating newly available data and retrieval tools.
DNA Data Bank of Japan (DDBJ) began its activities in 1986 in collaboration with EMBL in Europe and GenBank in the United States. DDBJ developed a data submission tool called Sakura, by which researchers can submit their newly sequenced data on WWW from every corner of the world. The data bank also built a database management system (Yamato II), incorporating the techniques and functions of the object-oriented database, in order to efficiently process the data it has collected. A number of research activities in information biology are also going on at DDBJ. Two such activities are also briefly introduced in this report.
We at the DNA Data Bank of Japan (DDBJ) (http://www.ddbj.nig.ac.jp) have recently begun receiving, processing and releasing EST and genome sequence data submitted by various Japanese genome projects. The data include those for human, Arabidopsis thaliana, rice, nematode, Synechocystis sp. and Escherichia coli. Since the quantity of data is very large, we organized teams to conduct preliminary discussions with project teams about data submission and handling for release to the public. We also developed a mass submission tool to cope with a large quantity of data. In addition, to provide genome data on WWW, we developed a genome information system using Java. This system (http://mol.genes.nig.ac.jp/ecoli/) can in theory be used for any genome sequence data. These activities will facilitate processing of large quantities of EST and genome data.
The DNA Data Bank of Japan (DDBJ) (http//:www.ddbj.nig.ac.jp) has developed a software system for mass submissions to cope with a recent expansion of EST and genome data submissions. The system is composed of four parts, the WWW data submission, large-scale submission, submission management and storing. Using this system one can submit data on a large number of sequences or a very long sequence while checking the consistency between the annotation and sequence without much effort. DDBJ has received large scale data of Homo sapiens, Arabidopsis and Pyrococcus from Japanese researchers who made full use of the new submission system.
The DNA Data Bank of Japan (DDBJ, http://www.ddbj.nig.ac.jp) has collected and released more entries and bases than last year. This is mainly due to large-scale submissions from Japanese sequencing teams on mouse, rice, chimpanzee, nematoda and other organisms. The contributions of DDBJ over the past year are 17.3% (entries) and 10.3% (bases) of the combined outputs of the International Nucleotide Sequence Databases (INSD). Our complete genome sequence database, Genome Information Broker (GIB), has been improved by incorporating XML. It is now possible to perform a more sophisticated database search against the new GIB than the ordinary BLAST or FASTA search.
The DNA Data Bank of Japan (DDBJ; http://www.ddbj.nig.ac.jp) maintains and provides archival, retrieval and analytical resources for biological information. The central DDBJ resource consists of public, open-access nucleotide sequence databases including raw sequence reads, assembly information and functional annotation. Database content is exchanged with EBI and NCBI within the framework of the International Nucleotide Sequence Database Collaboration (INSDC). In 2011, DDBJ launched two new resources: the ‘DDBJ Omics Archive’ (DOR; http://trace.ddbj.nig.ac.jp/dor) and BioProject (http://trace.ddbj.nig.ac.jp/bioproject). DOR is an archival database of functional genomics data generated by microarray and highly parallel new generation sequencers. Data are exchanged between the ArrayExpress at EBI and DOR in the common MAGE-TAB format. BioProject provides an organizational framework to access metadata about research projects and the data from the projects that are deposited into different databases. In this article, we describe major changes and improvements introduced to the DDBJ services, and the launch of two new resources: DOR and BioProject.
This dissertation examines the rise of the modem fiscal state, which enabled the state to use centrally collected revenues from indirect taxes to mobilize financial resources either through long-term borrowing or issuing paper notes. The modem fiscal state greatly enhanced state capacity and stimulated financial development; it thus represented a crucial stage in the transformation from early modem to modem state and economy. My comparative analysis of England, Japan, and China shows multiple sequences and outcomes. All three cases had well-established early modem states and sophisticated market economies. Under the pressure of increasing spending demands, state actors conducted similar experiments, such as short-term borrowing, issuing of paper notes, and the collection of taxes upon domestic consumption. England became a modem fiscal state by the 1750s when its government used the revenues from excises and the customs to service its massive long-term debt. Japan made the leap in the late 1880s when tax revenues were employed to back up paper money, i.e., banknotes issued by the Bank of Japan. China, however, failed to develop into a modem fiscal state. I put forward a temporally-based causal mechanism which resulted from the interactions between a profound state credit crisis and socio-economic conditions. Such credit crises were caused by excessive dependence upon fictitious credit instruments such as bills of short-term borrowing unfunded by tax revenue in England or non-convertible paper notes in Japan. As these credit crises were an unintended consequence of earlier policies or events...
At our last meeting of the Shadow Open Market Committee, in April, I discussed Japanese monetary policy. Specifically, I argued (i) that it has been overly restrictive for almost a decade, (ii) that the Bank of Japan’s policy changes of March 19, 2001, are welcome but probably insufficient, (iii) that a desirable strategy would be to create new base money more rapidly by unsterilized purchases of foreign exchange, and (iv) that such a policy would not be detrimental to the U.S. or Asian economies and should not be opposed by the United States. In addition, some incomplete and highly preliminary estimates of the effects of such a policy were offered. Since that time, the Japanese economy has moved toward outright recession and calls for additional stimulus from the Bank of Japan (BOJ) have become more prominent.
In the current paper, accordingly, I will continue this discussion of Japanese monetary policy. The specific issues to be covered are as follows. First, for a proper understanding of the current situation it is important to recognize that purchase of non-traditional assets is necessary for monetary policy to be helpfully stimulative. Second, the BOJ has been very reluctant to purchase the most promising type of asset—foreign exchange—partly because of a belief that such a policy would be inconsistent with its legal charter. Third...
Monetary policy by central banks other than the Federal Reserve is of proper concern to the SOMC for two reasons: (i) monetary conditions in the rest of the world have significant effects on U.S. macroeconomic performance and vice-versa, and (ii) policy procedures, institutions, and developments elsewhere may have important lessons for the United States. In recent years, Japanese monetary policy has been the topic of a great deal of discussion, commentary, and debate. Accordingly, this paper considers issues relating to recent and prospective policy measures of the Bank of Japan (BOJ).
This paper focuses on Tohoku University in Sendai in the nonmetropolitan area of Japan. Both a long historical and comparative perspective and a spacial perspective are essential to discuss the relevance of university-local industry linkages to local regional economic development. The conjunction of these linkages and economic development has been affected by two evolutionary processes: institutional configurations and territorial dynamics in the national innovation system. In addition, university-local industry linkages have been complicated by top-down regionalization and bottom-up regionalism.
From the early 1950s until quite
recently, the Japanese government took an active role in
promoting a bank debenture market. This Note explains how
the Japanese bank debenture market developed and what role
these debentures played in establishing a bond market. The
debenture market started life at a time when massive amounts
of long-term capital were needed for reconstruction. Capital
markets had not yet developed, and market-base long-term
funding was seen as too risky by both investors and
The institutions of bankruptcy have been
at the center of the great economic events of the last
decade, ranging from the Asian economic crisis, to the
transition from socialism to capitalism. Our understanding
of the economic, and legal structure of these institutions,
as well as of their impact on economic development, has
advanced considerably during this period as well. This study
provides valuable information on the advances for resolution
of financial distress, through theoretical studies,
historical data, and evidence from recent worldwide
experiences. It illustrates the possibilities, and methods
of beneficial legal reform of bankruptcy procedures, as well
as the pitfalls of misguided political action. The study is
a timely, and valuable resource for economists, lawyers, and
all others interested in institutional reform in emerging
This study provides an overview of the
issues and challenges related to the private financing of
hydropower projects in developing countries. From the very
limited pool of projects that have already reached or are
nearing financial closure, ten have been chosen for the
study from five countries with the most active in promoting
private hydro development. Collectively the case study
projects provide a reasonable cross-section of private hydro
schemes that have been or are being developed. The financing
of greenfield private infrastructure on a limited-recourse
basis in developing countries faces certain common issues
irrespective of the type of project. However, hydropower
faces additional difficulties caused by the site-specific
nature of projects, high construction risk and long
construction periods, their capital-intensive nature with a
high proportion of local costs, unpredictable output subject
to river flows and broader water management constraints,
complex concession process to achieve transparency in the
award and pricing of output...
This is the main volume in a series of
publications based on a study cosponsored by the government
of Japan and the World Bank to examine the future sources of
economic growth in East Asia. The study was initiated in
2000 with the objective of identifying the most promising
path to development in light of emerging global and regional
changes, signaled by the crisis of 1997-98 and the
challenges faced by the crisis-hit countries as they sought
to resume rapid growth. This volume explores each issue and
consequent policy choices in greater detail. The principal
message is that sustained economic growth in East Asia will
rest on retaining the strengths of the past -stability,
openness, investment, human capital development- on
overcoming the sources of current weakness in financial,
corporate, judicial, and social sectors, and on implementing
the changes required by the evolving economic environment.
East Asia needs to sustain its hard-earned stability by
recalibrating its fiscal and exchange rate policies.
Strengthening social safety nets and governance...
As the Eurozone crisis drags on, it is
evident that a part of the problem lies in the architecture
of debt and its liabilities within the Eurozone and, more
generally, the European Union. This paper argues that a
large part of the problem can be mitigated by permitting
appropriately-structured cross-country liability for
sovereign debt incurred by individual nations within the
European Union. In brief, the paper makes a case for
amending the Treaty of Lisbon. The case is established by
constructing a game-theoretic model and demonstrating that
there exist self-fulfilling equilibria, which would come
into existence if cross-country debt liability were
permitted and which are Pareto superior to the existing outcome.
The 2008 financial crisis has highlighted the challenges associated with global financial integration and emphasized the importance of macro financial linkages. In the financial sector, attention is being directed toward macro prudential regulations that are geared toward the stability of the financial system as a whole. The Third Basel Accord (Basel III) aims to dampen the pro-cyclicality of the financial sector and to reduce cross sectional systemic risks partly by introducing measures to address liquidity and issues of banks being too big to fail. In the macro arena, the facts that price stability was not sufficient to guarantee macroeconomic stability and that financial imbalances developed despite low inflation and small output gaps have highlighted the need for additional tools (macro prudential policies) to complement monetary policy in countercyclical management. Emerging markets face different conditions and have key structural features that can have a bearing on the relevance and efficacy of the measures. The chapters in this volume discuss the challenges of dealing with macro financial linkages and explore the policy toolkit available for dealing with systemic risks with particular reference to emerging markets. This report is organized as follows: chapter one is adapting macro prudential approaches to emerging and developing economies; chapter two is adapting micro prudential regulation for emerging markets; chapter three presents capital flow volatility and systemic risk in emerging markets: the policy toolkit; chapter four presents monetary policy and macro prudential regulation: whither emerging markets; chapter five deals with macro prudential policies to mitigate financial vulnerabilities in emerging markets; chapter six presents sailing through the global financial storm; and chapter seven presents operation of macro prudential policy measures.
This paper studies the role of the yen/dollar exchange rate in the Bank of Japan’s monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999. The results show a temporary impact of the exchange rate on monetary policy around 1978/79 and a persistently increasing impact of the yen/dollar exchange rate after 1986. The ris ing importance of the yen/dollar exchange rate for Japanese monetary policy is in line with increasing efforts to stabilize the yen/dollar exchange rate by foreign exchange intervention after March 1999, when the nominal interest rate reached the zero boundary.
This brief country case study on Turkey
aims to summarize the fundamental developments in the
banking sector, which represents almost 90 percent of the
financial sector in the country. The brief has two parts.
The first covers the 2001 financial crisis and the
developments until end of 2007, the year before the global
financial crisis of 2008 started. The second part focuses on
the macro-prudential policies applied by the Central Bank of
the Republic of Turkey in response to the global financial
crisis in three phases: (i) full liquidity support after
Lehman Brothers' collapse (September 2008), (ii) the
exit strategy (April 2010), and (iii) the new policy mix
(final quarter of 2010).
The environment surrounding companies is constantly changing. and that change forces companies into paradigm shifts. If a company cannot cope with change, it faces the distinct possibility of being be weeded out of the industry. Today, Japanese companies are facing dramatic environmental change. For example, the introduction of new global accounting rules is changing the behavior of equity holders. The long and deep recession following the collapse of the Japanese "bubble" economy continues to sap the economic energy of many Japanese companies, and most leaders of those companies still struggle to find new ways to exit from this dark tunnel. What is happening to corporate organizations in Japan in this changing external environment? To manage a corporate organization in today's changing world, one must understand that the dynamics of corporate culture are important. They are invisible but powerful, influencing peoples' business behavior and organizational business performance as a basic and vital factor of human activity. In this thesis, I analyze corporate culture dynamics in detail, and then develop a case study of the Bank of Tokyo-Mitsubishi, with special focus on Mitsubishi Bank's perspective.; (cont.) My purpose is not to evaluate the efficiency or effectiveness of any specific corporate culture but to understand how cultural problems occur during environmental change and the importance of culture management.; by Hirofumi Hojo.; Thesis (S.M.)--Massachusetts Institute of Technology...
This paper reviews the empirical evidence on the monetary policy of the Bank of Japan (BOJ). The main findings confirm [McKinnon, R., Ohno, K., Dollar and Yen, Resolving Economic Conflict between the United States and Japan. MIT Press, Cambridge, MA, USA, 1997] thesis that the BOJ has tried to stabilize exchange rate. The interest rate is counter-cyclical to the exchange rate and the coefficient of inflation, which is not weakly exogenous, is significantly smaller than 1. Impulse response analysis confirms the BOJ’s sensitivity not only to inflation and output gap but also to exchange rate. Finally, historical decomposition reveals a major role for exchange rate in explaining cyclical patterns of the interest rate, especially during the bubble period.