Mamoru Ishida

For Mamoru Ishida's latest contributions to The Japan Times, see below:

Jun 22, 2012

An East Asian community?

The leaders of the Association of Southeast Asian Nations and Japan, China and South Korea (ASEAN-plus-3) announced in December 2005 their determination to realize the East Asian Community. EAC has remained a dream so far because of the complexities of East Asia, particularly the ...

Aug 12, 2010

Japan's experience highlights perils for China

Until the global financial crisis hit, China had achieved export-led high economic growth by keeping its currency at an undervalued level. It is now abundantly clear that the growth model is not sustainable. The People’s Bank of China reinstated the “managed floating exchange rate ...

Apr 11, 2008

Regional role for China's yuan

It is likely that a renminbi (RMB) area emerges in East Asia. When RMB was pegged to the dollar, most of ASEAN currencies were also pegged to the dollar. That was because a large part of their trade was denominat- ed in dollar. Since ...

Jan 31, 2005

Key to a common currency

The Economist magazine forecast in a recent issue that a future multiple reserve currency system could include the Chinese yuan: “The world might drift toward a multiple reserve currency system shared by the dollar, the euro and the yen, or indeed the yuan at ...

Aug 10, 2004

Asian currency zone beckons

There is no doubt that the stable renminbi (RMB) exchange rate, pegged at about 8.25 yuan to the U.S. dollar, has helped China’s economic development. It has brought about enormous production capacity in the export industries. Meanwhile, the sharp increase in exports to the ...

Nov 10, 2003

China can learn from Japan

China faces mounting pressure to revalue its allegedly undervalued yuan. I am concerned that China could repeat the mistakes that Japan made in exchange-rate policy. China can learn much from Japanese experiences in economic management and currency diplomacy. What were the mistakes made in ...

Aug 4, 2003

Responsibility for Hiroshima

As Aug. 6 approaches each year, I cannot help wondering how my best friend perished in the atomic bombing of Hiroshima in 1945. Possibly, like many other children, he was burned to death under a collapsed school, where I found the scattered, burned bones ...

Apr 22, 2003

Regulation remains a problem

In his policy speech to the Diet earlier this year, Prime Minister Junichiro Koizumi announced that the government would double foreign direct investment in Japan in five years to increase employment. The outstanding balance of foreign direct investment in Japan is only one-sixth that ...

Jan 20, 2003

The folly of inflation targets

Prime Minister Junichiro Koizumi said recently the next governor of the Bank of Japan must take aggressive action to fight deflation, giving rise to expectations of inflation targeting among government and ruling coalition officials. I doubt, however, that inflation targeting will cure deflation. In ...