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MARCH 5-9, 2012

Event Schedule

*Opportunity to meet with USJI Board Members on Wednesday, March 7 (Newly Added)
*Event 4 has been cancelled due to unforeseen circumstances.

March 5 (Mon.)
Event1
(1:00pm-3:00pm)
Biomass Based Energy Use after March, 2011
March 6 (Tue.)
Event2
(10:00am-1:00pm)
The Interaction of Young People in the U.S. and Japan
Event3
(3:00pm-5:00pm)
Prospects for U.S.-Japan Human and Cultural Exchange
March 7 (Wed.)
Added
Opportunity to meet with USJI Board Members (9:30am-11:30am, 1:30pm-3:00pm) (Added)
Event4
(1:00pm-3:00pm)
Resilience, Sustainability, Innovation and Enterprise
-Laying the Foundations for Serving Humanity in the Aftermath of the 3.11 Multiple Disasters- (Cancelled)
March 8 (Thu.)
Event5
(9:00am-10:30am)
Japan-U.S. Security Relationship after March 11.
Event6
(11:00am-5:00pm)
Workshop on U.S.-India-Japan Business Alliance (USINJA)
March 9 (Fri.)
Event7
(9:00am-6:15pm)
Risk Management -From Natural Disaster to Economy-
(6:30pm-8:00pm)
Reception

Admission is free but seating for these events is limited.

Event 1: Biomass Based Energy Use after March, 2011

[Summary]

Date and Time

March 5 (Mon.) 1:00pm-3:00pm

Venue

Conference Room, JSPS/JST Washington Office,
2001 L Street NW, Suite 1050, Washington D.C. 20036

Abstract

Biomass based energy has been promoted as alternative to fossil sources of energy. The conflict with food security in land use has been a concern for the use of biofuel. This seminar elaborates the current energy policies after the nuclear power incidence in Fukushima and discusses the future directions of the use of biomass based energy sources.

Welcome Remarks
uchida_201302
Katsuichi Uchida
President, USJI / Vice President, Professor, Waseda University
Moderator
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Masahiko Gemma
Operating Adviser, USJI / Professor, Waseda University
Presentations
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Kaoru Yamaguchi
Manager, New and Renewable Energy Group, The Institute of Energy Economics
“Bio-energy Production and Use in Japan and Asia after March 2011”
[Presentation Slides (2.3MB)]
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Douglas Tiffany
Assistant Extension Professor, University of Minnesota
“Considering Greater Use of Biomass in Japan: a U.S. Perspective”
[Presentation Slides (2.7MB)]
Discussant
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Keith Fuglie
Branch Chief for Resource, Environmental and Science Policy Economic Research Service, U.S. Department of Agriculture
[Presentation Slides (0.4MB)]
Co-host by

Waseda University Organization for Japan-US Studies (WOJUSS)

Event 2: The Interaction of Young People in the U.S. and Japan

[Summary]

Date and Time

March 6 (Tue) 10:00am-1:00pm

*Lunch will be served.
*The use of cameras and video/audio recording devices during the DVD portion of the presentation is
strictly prohibited.

Venue

Ambassador Room, The Embassy Row Hotel,
2015 Massachusetts Avenue NW, Washington D.C. 20036

Abstract

Many see the decrease of Japanese university and graduate school students studying abroad in the United States as a sign of their introspective mindset. We would need an accurate analysis of the causes and details of the situation to confirm the truth in this statement. Similarly, the number of American students studying abroad in Japan has also remained stable. As such, the Ministry of Education, Culture, Sports, Science, and Technology has implemented several programs to increase global interaction and development. Examples include expanding the Japan Exchange and Teaching Program (JET), promoting a system of sending Japanese students to teach the language in the United States, and strengthening student exchange through programs such as the Japan America Student Conference.
Have Japanese students really become introspective? The number of Japanese students studying abroad has decreased; however, when compared to the decrease of the adolescent population, the percentage has hardly changed. In addition, study abroad programs are no longer focused only on the United States but are now sending students to China, Korea, and ASEAN member nations as well. Students are also going abroad for non-study abroad purposes, such as volunteering. Many Japanese youths are participating in international volunteer programs that address problems such as disaster, education, and poverty. These youths have a keen awareness of global issues and do not seem to be passively living their lives. It also seems as if the March 11 disaster sparked students’ interest in the future of Japan.
The first half of the seminar will consist of a presentation by Tohoku University and Waseda University students and staff who volunteered in the Tohoku region after the Great East Japan Earthquake. They will explain what they observed, learned, and how they changed through this volunteer experience.
The second half of the seminar will consist of a debate between Americans and Japanese on the exchange of students and culture and human development programs for the future of the U.S.-Japan alliance. Operation Tomodachi was initiated by the US army to assist with search and rescue and reconstruction after the Great East Japan Earthquake. This display of friendship and cooperation between the two nations was used to launch the TOMODACHI Initiative. In addition to supporting reconstruction in Japan, the program also aims to strengthen economic and cultural ties in the long-run. TOMODACHI Initiative hopes to invest in future generations of public and private sector partnerships by deepening friendships.
Our panel discussion will discuss the question of how we can help strengthen the alliance and fulfill the goals of the TOMODACHI Initiative. We will also address the current situation of students in the two nations and prospects for exchange. USJI will be hosting a group discussion over lunch after the event in hopes that participants can exchange ideas and further develop the issues that were raised in the panel discussion. It will be an opportunity for participants to discuss how to develop the U.S.-Japan alliance.

10:00am-12:00pm
Presentation & Panel Discussion
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Presentation by Atsushi Muramatsu
“Disasters Bring up People to Fine.”

We have experienced 3.11 Huge Quake Disasters in Sendai, Japan, including earthquake, Tsunami, and nuclear electric plant accidents.
First of all, Eri Watanabe will introduce her projects for revitalization of the Tohoku region, including TEDxTohoku project and how her attitude toward locality has changed after 3/11. While the earthquake and tsunami caused numerous damages and loss, the event has motivated countless students to take initiative and each has realized their own potential. She will also talk about her future vision based on glocal idea.
Next, Atsushi Muramatsu presents outline of the 3.11 disasters and also volunteer activities in Miyagi Prefecture, where Tohoku Univ. is located. At that day, Ocean have taken away ca. 20,000 people and then never got back. People have also lost anything irreplaceable so that they have been living a life not worth living. But, no end of people, also TOMODACHI from USA, has come to fields of despair so as to aid disaster victims. So many students have been exerting their powers to recover our beautiful hometown, which was inflicted catastrophic damage on. Still now, there is absolutely nothing around there, after clearing away the rubble. But, fortunately, traumatized people have gradually got their strength back with assistance of Volunteers. So, we still remain to need world-wide aid and support. If you have never gone to the devastated area in Tohoku region, you MUST come to our hometown, in order to see, listen, and feel tremendous trials and tribulations, and also the certain beacon of hope! Now, Tohoku University Disaster Reconstruction / Regional Regeneration Research Project is broken ground on and then International Research Institute of Disaster Science will be established as a strong and continuous assistance to our Tohoku region.

hyodo_201203
Presentation by Chika Hyodo
“Letters from Fukushima -The Story of College Students Who Volunteered for High School Students in Fukushima-”

Waseda University Hirayama Ikuo Volunteer Center (WAVOC), which was established in 2002, aims to: be a bridge between society and the University; provide a wide range of opportunities for students to “learn through experience”; and encourage student contributions to society. WAVOC serves as one of the pillars at Waseda University which promotes student volunteers to the Tohoku region after the Great East Japan Earthquake.
In order to achieve these three goals, WAVOC encourages student volunteers and hosts supplemental programs for further learning opportunities for these students. Volunteering gives participants the opportunity to experience the realities and contradictions within society. It also allows students to develop and transform as people, which WAVOC is keen to demonstrate.
Volunteering allows us to learn the realities of society, as opposed to theories that are taught in classrooms. It teaches us to sympathize with others, have a greater awareness of societal problems, and make these problems something the individual should care about. In addition, students learn to express their thoughts with their own words by transmitting their experiences to society. Volunteering teaches us valuable lessons that are different from attending university lectures.
This seminar will give university students who volunteered in the Tohoku region as examples of the potential for student development and transformation. It will introduce students who provided academic support to the students from Futaba High School in Fukushima prefecture. Futaba High School is 3.5km from the Fukushima Daiichi Nuclear Power Plant, placing it within the evacuation zone. These high school students were thus forced to transfer to other high schools within the prefecture. WAVOC volunteers provided academic support to these students who have had devastating experiences. The presentation will also explain the process of students producing videos to convey their experiences of volunteering and to compile “Voices from Fukushima.” This process has allowed university students to face the reality of the situation in Fukushima and to contribute to society in response. This story will illustrate how university students transformed through volunteering.
Our presentation will begin with a fifteen minute student-produced video in which students express messages to the community, followed by university students who will describe their own experiences of volunteering. A teacher who was in charge of this project will then explain the effect of volunteering on students and the potential for student development and transformation.

12:00pm-1:00pm
Working Lunch
Moderator
uchida_201302
Katsuichi Uchida
President, USJI / Vice President, Professor, Waseda University
Speakers & Panelists
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Atsushi Muramatsu
Professor, Institute of Multidisciplinary Research for Advanced Materials, Tohoku University
[Presentation Slides (7.7MB)]
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Eri Watanabe
Member of TEDxTohoku project, Undergraduate Student, Tohoku University
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Chika Hyodo
Assistant Professor, The Hirayama Ikuo Volunteer Center, Waseda University
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Yuko Fujishima
Student Project Member, The Hirayama Ikuo Volunteer Center, Waseda University
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Marc E. Knapper
Director, Office of Japanese Affairs, U.S. Department of State
[Presentation Slides (1.2MB)]
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Daniel Obst
Deputy Vice President, International Partnerships Institute of International Education (IIE)
[Presentation Slides (0.4MB)]
Co-host by

The U.S.-Japan Council (USJC)
Waseda University Organization for Japan-US Studies (WOJUSS)
culcon

Co-host by

The US-Japan Conference on Cultural and Educational Interchange (CULCON)

Event 3: Prospects for U.S.-Japan Human and Cultural Exchange

[Summary]

Date and Time

March 6 (Tue) 3:00pm-5:00pm
*The event end time has changed.

Venue

Ambassador Room, The Embassy Row Hotel,
2015 Massachusetts Avenue NW, Washington D.C. 20036

Abstract

This year marks the 100th anniversary of Japan giving cherry blossom to the U.S. Over the years our predecessors have put their service to improving the friendship between the U.S. and Japan, making these countries indispensible partners in politics, economics, culture, and education.
Unfortunately the world’s economic situation has changed in recent years because of the global economic crisis and China and other emerging markets have been on the rise. There are political ramifications to this change, including many that the U.S. and Japan must face.
In terms of politics, the U.S.-Japan alliance must be reconstructed to meet the changes of the new century. Economic cooperation and the promotion of free trade must also take place. In addition, we must increase cultural exchange through the interaction of people. The number of Japanese students studying abroad in U.S. institutions of higher education is decreasing each year. This suggests that personal relationships, which were the foundation of friendly cross-Pacific relations in the past, are diminishing. There are other efforts of exchange, through anime and pop culture as well as Japanese universities becoming internationalized. A time has come for us to find new possibilities for cultural exchange.
We would like to use this opportunity of the centennial to reconsider what we must do to improve the situation. This seminar will debate the prospects of human and cultural exchange from different perspectives.

Moderator
tanaka_201203
Akihiko Tanaka
Chair, USJI / Vice President, Professor, The University of Tokyo
Keynote Speech
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H.E. Ichiro Fujisaki
Ambassador, Japan to the United States
Panelists
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Anthony Wilder Miller
U.S. Deputy Secretary of Education
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Thierry Porte
Managing Director, J.C. Flowers & Co. LLC
Co-host by

The U.S.-Japan Council (USJC)

Supported by

The US-Japan Conference on Cultural and Educational Interchange (CULCON)
culcon

Opportunity to meet with USJI Board Members (Newly Added)

Date and Time

March 7 (Wed) 9:30am-11:30am, 1:30pm-3:00pm

Venue

U.S.-Japan Research Institute, Washington D.C. (Headquarters),
1875 I Street NW, Suite 512, Washington D.C. 20006

Register

Please RSVP (acceptances only) to USJI Washington Office by e-mailing week_op@us-jpri.org.

Abstract

Introduction about USJI activities and suggestion for possible cooperation with your organization or group

Host
Katsuichi Uchida
President, USJI / Vice President, Professor, Waseda University
Yoshiaki Abe
Operating Adviser, USJI / University Professor, Waseda University

Event 4: Resilience, Sustainability, Innovation and Enterprise
-Laying the Foundations for Serving Humanity in the Aftermath of the 3.11
Multiple Disasters- (Cancelled)

Date and Time

March 7 (Wed) 1:00pm-3:00pm

*Event 4 has been cancelled due to unforeseen circumstances. USJI truly apologizes for any inconveniences we have caused.

Event 5: Japan-U.S. Security Relationship after March 11.

[Summary]

Date and Time

March 8 (Thu) 9:00am-10:30am

Venue

Ambassador Room, The Embassy Row Hotel,
2015 Massachusetts Avenue NW, Washington D.C. 20036

Abstract

Now the U.S. defense posture is “pivoting” from the Atlantic to the Indo-Pacific, with the DOD adopting the JOAC or the Joint Operational Access Concept, focusing on the access denial capabilities the PRC has obtained, Japan and its surrounding areas have taken center stage in the US national security calculus. The U.S.-Japan Alliance needs more reinvestment than ever before. Is Japan fit to take up the task as a security provider, not its net consumer? Can the alliance widen its focus still further to safeguard the public common interests that benefit all the partners of the region? Are our two countries capable of investing more into strengthening the alliance in this challenging age of frugality, under a political environment that is shaky at best? Those are the central questions this session will address.
The good news is that after the triple disaster that hit Japan a year ago there emerged ad-hoc yet seamless collaborations between the U.S. Forces and the Japanese forces and later among the three militaries of the U.S., Japan and Australia. This set a precedent for the multinational unity that should be developed to provide security to the entire region. With the traditional hub-spokes model gradually eroding, the alliance architecture should become more multipronged. The bad news, however, needs no elaboration. Tokyo is still self-absorbed with the general elections due anytime soon. Budget constraints appear increasingly burdensome for both the U.S. and Japan. The emergent superpower of China is set to undergo one of its most unpredictable, if not tumultuous, periods. The untested leader of North Korea remains, simply, untested.
Against this backdrop the panel of three experts, two of them having been involved in the US rescue provisions toward Japan, will look into the pending tasks that continue to challenge the two countries, especially their alliance managers. As it is no longer possible for the panel to focus entirely on bilateral issues, the discussions will likely address region-wide aspects as well.

Welcome Remarks
uchida_201302
Katsuichi Uchida
President, USJI / Vice President, Professor, Waseda University
Moderator
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Shotaro Yachi
Visiting Professor, Waseda University
Panelists
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James P. Zumwalt
Deputy Assistant Secretary, Japan and Korea Affairs, U.S. Department of State
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J.D. Crouch II
President, QinetiQ North America’s Technology Solutions Group
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Tomohiko Taniguchi
Special Guest Professor, Keio University
[Presentation Slides (1.9MB)]
Co-host by

Waseda University Organization for Japan-US Studies (WOJUSS)

Event 6: Workshop on U.S.-India-Japan Business Alliance (USINJA)

[Summary]

Date and Time

March 8 (Thu) 11:00am-5:00pm

Venue

Ambassador Room, The Embassy Row Hotel,
2015 Massachusetts Avenue NW, Washington D.C. 20036

Abstract

US-Japan-India (USINJA) alliance has an enormous potential as a global public good in the emerging ‘new Asian era’. The potential political value of this alliance of three large democracies has been growing enormously as the geopolitical center of gravity has been shifting surely and steadily towards the East. However what remains undervalued is its true economic potential. How much of USINJA’s economic potential will unravel itself in the coming years depends on various evolving factors. They include the ability of business enterprises and social/cultural organizations in these three countries to harness their resource complementarities and develop human and capital resources as well as value added outputs for the benefit of their peoples. The basic motivation of our proposed research comes from the idea that stable and sustainable business alliances and the consequent longer term development of human and capital resources in these three large democracies undergird the stability and sustainability of USINJA, a critically important global public good.
The bedrock of any sustainable alliance is mutual understanding of the legitimate needs of each partner in the alliance. A long-term relationship based on trust and reciprocity is founded upon this understanding and respect for the legitimacy of the needs/objectives of all partners. Legitimate needs and objectives of partners may change over time. It is therefore often difficult for businesses and social/cultural groups to respond appropriately to such changes due to inertia attributable to old knowledge and inadequate comprehension of the evolving social, political and economic order in respective countries. For example, it may be difficult for a Japanese enterprise to respond to changes in, say, business/ institutional milieu in USA if the Japanese enterprise is not in a position to comprehend how the underlying social, cultural and political dynamics are driving such changes. Unconstrained exchange of knowledge about these dynamics is the key to providing stable and sustainable foundation to the alliance. The raison d’être of the workshop is to gather scholars who are ready to share their thoughts, ideas and knowledge about such dynamics. The USJI sponsored research is expected to throw light on how to promote business alliances and social/cultural exchanges across these three large democracies.
The objective of this research is three-fold: i) to provide a platform for exchange of knowledge and ideas about the evolving social, political, cultural and economic milieus in these three countries; ii) to deliberate on how to promote business alliances/cultural exchanges under USINJA having regard to the changing political and economic milieus in these three countries; and iii) how such alliances and exchanges can foster development human and capital resources for the benefit of vulnerable populations not only in these three countries but also across the world.

Moderator
Gautam Ray
Professor, Kyoto University
Session 1 (11:00am-12:00pm)

Inaugural Address
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Junichi Mori
Vice Chair, USJI / Vice President, Professor, Kyoto University
Keynote Address
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Kiyoshi Kobayashi
Professor, Kyoto University
“Emerging Knowledge World Society in the 21st Century”
USINJA: A Vision
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Gautam Ray
Professor, Kyoto University
Comments on USINJA Vision
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Arvind Virmani
Executive Director for India, International Monetary Fund (IMF)
Session 2 (1:00pm-2:20pm)

Presentations
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T.K. Das
Professor, City University of New York, USA
“Managing Multipartner Business Alliances”
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Michael A. Santoro
Professor, Rutgers, The State University of New Jersey
“Steve Job’s Apple: The Role of American, Japanese and Indian Values and Knowledge Systems”
dezzani_20130320
Raymond J. Dezzani
Associate Professor, University of Idaho
“Economic interconnectivity in a World-Systems Framework”
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Naoki Wakabayashi
Professor, Kyoto University
“R & D Alliance Networks, TLO Policy Impact and the Possibility of Their Internationalization in Japanese Bio Region”
Session 3 (2:40pm-4:00pm)

Presentations
lakshmanan_20130320
T.R. Lakshmanan
Professor, Boston University
“Towards Greater Economic Engagement between Japan and India: Potentials and Challenges”
anderson_201203
William P. Anderson
Professor, University of Windsor
“Economic Integration between Canada and the U.S.: Lessons for Japan and India”
chatterjee_20130320
Lata Chatterjee
Professor Emeritus, Boston University
“Empowering the Base of the Pyramid: Potentials of and Illustrations from Successful Business
Initiatives in India, Japan and the U.S.”
shigemoto_201203
Akiko Shigemoto
Ph.D. Candidate, Rutgers, The State University of New Jersey
“The Role of International Business Connections in Technology Transfer and Corporate Social
Responsibility”
Final Session (4:20pm-5:00pm )

Moderator
ray_20130320
Gautam Ray
Professor, Kyoto University
Keynote Address
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Nobumitsu Hayashi
Executive Director for Japan, World Bank
Panel Discussion on “Developmental Role of Business Alliances in Democratic Countries”
chatterjee_20130320
Lata Chatterjee
Professor Emeritus, Boston University
santoro_201203
Michael A. Santoro
Professor, Rutgers, The State University of New Jersey
kobayashi_20130320
Kiyoshi Kobayashi
Professor, Kyoto University
das_201203
T.K. Das
Professor, City University of New York, USA
lakshmanan_20130320
T.R. Lakshmanan
Professor, Boston University
Sponsored by

S&R Foundation
sr

Event 7: Risk Management -From Natural Disaster to Economy-

Date and Time

March 9 (Fri) 9:00am-8:00pm

Abstract

The United States and Japan both have experienced similar crises over the years in field of economics and environmental safety. Japan experienced a financial crisis in the early 1990’s and recently the March 11 earthquake that resulted with a tsunami and nuclear disaster. The U.S. experienced a rather similar financial crisis in 2008 and had the environmental toll of the oil spill disaster in 2010. How did the two governments manage these crises? Where they similar in the approach or were they different? Did we learn a lesson from these incidents so that we can prevent this kind of crisis in future? Do we need more close cooperation among the countries to manage the risk? These issues will be addressed and discussed in this symposium.

Registration (8:30am-9:00am)

(9:00am-10:40am)
Venue

Powell Room (1F), Cosmos Club, 2121 Massachusetts Avenue NW, Washington D.C. 20008
[Summary]

Welcome Address
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H.E. Ichiro Fujisaki
Ambassador, Japan to the United States
Opening Remarks
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Hirotaka Sugawara
Director, Japan Society for the Promotion of Science Washington Office
[Presentation Slides (2.5MB)]
Keynote Speech
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Akito Arima
Chancellor, Musashi Gakuen / Former Minister of Education, Science, Sports and Culture /Former President, The University of Tokyo
[Presentation Slides (1.8MB)]
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Frank N. von Hippel
Professor, Princeton University
[Presentation Slides (1.3MB)]
Session 1: Natural Disaster
-Lessons from 3/11 Disaster and Assessment of Seismic Hazard and Risk- (11:00am-1:00pm)
Venue

Powell Room (1F), Cosmos Club, 2121 Massachusetts Avenue NW, Washington D.C. 20008
[Summary]

Moderator and Speaker
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Yoshimitsu Okada
President, National Research Institute for Earth Science and Disaster Prevention (NIED)
[Presentation Slides (6.8MB)]
Speakers
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Ross S. Stein
U.S. Geological Survey (USGS)
[Presentation Slides (13.1MB)]
fujiwara_201203
Hiroyuki Fujiwara
National Research Institute for Earth Science and Disaster Prevention (NIED)
[Presentation Slides (6.2MB)]
Working Lunch (1:00pm-2:00pm)
Venue

New Dining Room (2F), Cosmos Club, 2121 Massachusetts Avenue NW, Washington D.C. 20008

Session 2: Nuclear Reactor, Energy
-Reactor Safety and the Consequences of the Fukushima Accident- (2:00pm-4:00pm )
Venue

Powell Room (1F), Cosmos Club, 2121 Massachusetts Avenue NW, Washington D.C. 20008
[Summary]

Moderator
hippel_201203
Frank N. von Hippel
Professor, Princeton University
Speakers
meserve_201203
Richard A. Meserve
President, the Carnegie Institution
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Richard L. Garwin
Fellow Emeritus, IBM
[Presentation Slides (0.4MB)]
niwa_201203
Ohtsura Niwa
Professor Emeritus, Kyoto University
[Presentation Slides (1.3MB)]
Session 3:Economy
-Reconstruction and Challenge of the Japanese Economy after the 3/11 Disaster- (4:15pm-6:10pm)
Venue

Powell Room (1F), Cosmos Club, 2121 Massachusetts Avenue NW, Washington D.C. 20008
[Summary]

The opening remarks of the session

It was almost one year ago, when the northeastern coast line was hit with the large tsunami caused by the M9.0 earthquake. In addition, the Fukushima Daiichi nuclear power plant experienced the melt-down and hydrogen explosions, releasing radioactive materials, comparable in volume to the Chernobyl incident, to environment.
The damage from the tsunami has been estimated at around 16 trillion yen, about 3% of GDP. The damage control at the Fukushima Daiichi and compensations for businesses and evacuated people, decontamination, will add up to more than 20 trillion yen, about 4% of GDP. The fiscal burden is on top of already large debt-GDP ratio, 200%, and annual deficits of 6 to 8%. The last three years, new bond issues exceeds tax revenues in the central government budget, a very abnormal situation.
Total population as well as the ratio of working-age to total population is projected to decline in the next several decades. The growth potential will be lower and social security expenditures are projected to increase. Dr. Ito would argue the following points to the question that are to be discussed:
[Q] What are the desired principles of reconstruction of tsunami-devastated area?
[A] Given the declining population, burden sharing of reconstruction should be fair both in the intra- and the inter-generational generation fairness.
[Q] How should the government fund reconstruction of tsunami-devastated areas?
[A] Given the abnormally high debt-GDP ratio and high budget deficits, the reconstruction costs should be paid for by taxes; and given the declining population, the desirable tax to increase is consumption tax (VAT) rate increases.
[Q] How should the government restore debt sustainability? Expenditure cut, tax increases or both?
[A] The current path of government debt is clearly not sustainable. Reasons for the still low interest rate of the government bonds (JGB) is (a) more than 90% of JGBs are held domestically; (b) the current account is in surplus, so that there is no need to borrow; (c) the aggregate tax burden is still low, so a room to increase taxes is large. The room for expenditure cut is limited.
[Q] What lessons can Japan learn from Europe and US, who suffers from fiscal problems?
[A] The European debt crisis, especially Greece, presents a stark lesson, that when a crisis happens, it is sudden and an increase in the government bond rate in crisis will be sudden and large.

Moderator and Speaker
ito_201203
Takatoshi Ito
Professor, The University of Tokyo
[Presentation Slides (0.5MB)]
Speakers
mori_201203
Junichi Mori
Vice Chair, USJI / Vice President, Professor, Kyoto University
[Presentation Slides (0.5MB)]
shioji_201203
Etsuro Shioji
Professor, Hitotsubashi University
Presentation Slides (0.5MB)]
baily_201203
Martin Neil Baily
Senior Fellow, The Brookings Institution
[Presentation Slides (0.5MB)]
(6:10pm-6:15pm)
Venue

Powell Room (1F), Cosmos Club, 2121 Massachusetts Avenue NW, Washington D.C. 20008

Closing Remarks
tanaka_201203
Akihiko Tanaka
Chair, USJI / Vice President, Professor, The University of Tokyo
Reception(6:30pm-8:00pm)

*Please note the dress code at the Cosmos Club is formal business attire. This means coats and
ties for men and dresses, suits, or clothing of comparable formality for women. If you are not
dressed properly you will not be allowed entrance into the Cosmos Club. All are welcomed to
attend the reception.

Venue

Warne Lounge (2F), Cosmos Club, 2121 Massachusetts Avenue NW, Washington D.C. 20008

Welcome Remarks
fujisaki_201209
H.E. Ichiro Fujisaki
Ambassador, Japan to the United States
krause_201203
Richard M. Krause
Contractor, Kelly Services, Inc. / Senior Investigator (retired), NIAID, DIR, OD
sugawara_201203
Hirotaka Sugawara
Director, Japan Society for the Promotion of Science Washington Office
uchida_201302
Katsuichi Uchida
President, USJI / Vice President, Professor, Waseda University
Co-host by

Japan Society for the Promotion of Science (JSPS)
jsps

Organized by: U.S.-Japan Research Institute (USJI)

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