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M_A Conference Report 2008


									   M&A Conference Report 2008 (Overview)

                     March 2008

Economic and Social Research Institute, Cabinet Office,
Government of Japan
Secretariat-M&A Conference-
Economic and Social Research Institute, Cabinet Office, Government of Japan


 Chapter 1: Recent M&A activities involving Japanese companies ···· 1
  1. Overall trends in M&As ··········································································· 1
  2. Features of trends in M&As by industry···················································· 1
  3. M&A activities in local areas···································································· 3

 Chapter 2: Hostile takeovers and issues in Japan ······························ 5
  1. Current status and direction of laws and rules in hostile takeovers············· 5
        (based on lecture by Seiichi Ochiai)
   2. Laws and practical business of takeover defense measures ························ 5
        (based on lecture by Wataru Tanaka)
   3. Details of Bull-Dog Sauce case································································· 6
         (based on lecture by Masakazu Iwakura)

 Chapter 3: Spreading M&As and human resource development ········ 7
  1. Overview of the human resource market for managers ······························ 7
       (based on lecture by Yukio Okubo)
   2. What are M&As that bring vitality to Japan?············································· 8
       (based on lecture by Chieko Matsuda)

 Chapter 4: Corporate value and a statistical analysis of M&As ········· 8

   (Reference)           About the M&A Conference ··············································· 10
                         Members of the M&A Conference ······································ 10
                                                                               March 2008
                    M&A Conference Report 2008 (Overview)

Chapter 1: Recent M&A activities involving Japanese companies

1. Overall trends in M&As
The number of M&As in Japan has continued to follow an increasing trend since hitting a
low point in 1993. The number increased rapidly with 2,725 in 2005 and 2,775 in 2006,
and in 2007, the number was 2,696, which was on par with the level of the previous year.
Characteristics include (i) the intensification of domestic reorganization, (ii) an increase
in M&As by investment companies (in particular foreign-affiliated companies), (iii) an
increase in MBO, and (iv) an increase in companies introducing measures to defend
against takeovers.

M&As by investment companies have been increasing significantly in recent years. There
have been over 300 a year from 2004 onward, and while the number decreased slightly in
2006, it hit an all time high in 2007. The proportion of the total number of M&As which
are M&As by investment companies reached 14.9%, and the presence of these M&As is
increasing. Looking at the breakdown of M&As, while domestic funds are at a relatively
low level, foreign-affiliated companies have increased greatly. Looking at the status of the
sale of investment companies, 2005 and 2006 were at a high level, but 2007 was at a
somewhat low level. This is due to factors such as a slump in stock prices. Recent M&A
transactions can roughly be divided into five types: (i) management integration and
business integration in mature industries as a matter of survival, (ii) strengthening the
domestic presence of foreign companies, (iii) restructuring within groups, (iv) investment
activities by funds, and (v) strengthening overseas strategies by Japanese companies.

(Note) Statistics are based on findings by RECOF Corporation unless stated otherwise.

2. Features of trends in M&As by industry
Japan's businesses and industries have responded to the further development of the
borderless competitive environment, the high growth of emerging markets centering on
Asia, overcoming issues related to the environment, technologies, and so forth, and
environmental changes such as the maturation of markets, and they are confronting
business during a period of abrupt change while utilizing M&As with a view toward
securing profitability and continued growth in the future.

(1) Consumer-electronics industry
For the consumer-electronics industry, the business environment has become borderless
and competition is intensifying. On the product level, hardware and software have become
integrated, and products that are based on specified standards are spreading. Companies
will fail unless they skillfully make efforts in IT as a business infrastructure. Companies
are also faced with handling issues such as the environment, safety, energy conservation,
and the declining birthrate and aging society. As for televisions, the fight between liquid
crystal and plasma has progressed, and flat-screen televisions are a strong force driving
the industry. Other features include intensified competition among standards, and the rise
of South Korean and other Asian manufacturers.

As such, in the consumer-electronics industry, the sorting and reorganization of businesses
is shifting into full swing, and the determining factors will be funds, technologies, and the
building of groups. In large-scale investments, shares and earnings can also be expected to
increase. Exclusive technologies of single companies or groups will create barriers to
entry and secure income from intellectual property. And building strategic groups will
attempt to reduce business risks .

(2) Automobile industry
In the automobile industry, emerging markets centering on BRICS are driving growth on
the global level. There are diverse regulation and taxation systems in each region, and
there are environmental issues, so environmental technologies have become a key factor in
industry reorganization. Vehicles have become increasingly lightweight, digitized, and
computerized, and the presence of electronics manufacturers has been growing. One trend
has been enhancing the feeling of luxury in the area of human interface. Key components
have plateaued in the Japanese market, but sales are very strong globally and exports are
increasing. There is thus a trend of manufacturers teaming up neatly with high-quality
suppliers. Companies are also starting to take into account management that gives
attention to corporate social responsibility, particularly quality issues, safety technologies,
and environmental consciousness. The issue of sales strength, the boosting of aftersales
business, and the approach to capital ties and real estate are also major topics in increasing
ROA and ROE. In terms of methods of selling cars, auto leases are frequently used in
North America even on an individual basis, and recently in Europe and the United States,
there have been trends of residual value setting-type credit, increases in product strength
due to sales finance, and car sharing. Technologically, the integration of platforms has
accounted for a major portion in terms of business synergies, and by bringing these
together, it is possible to build various cars on the same production line, and the sharing of
parts has also advanced.

Looking at M&A activities, one trend going forward will not be large absorption-type
M&As, but rather partial tie-ups centering on technologies. These will be tie-ups and
reorganizations centering on the environment, safety, information, and in particular,
environmental technologies. As environmental regulations differ for each region and it is
expensive to develop a line-up of engines that are in accordance with the respective
regulations, development time for technologies is bought with the perspective of resolving
with scale and dividing. As for commercial vehicles, new entry into the B-to-B
commercial distribution portion is difficult, so there is a possibility that regional
supplement-type and market area supplement-type M&A will continue to some degree. In
the case of parts manufacturers, with the progress of globalization and the movement
toward modules, business tie-ups and capital tie-ups that go beyond existing business
affiliations are gaining momentum. Meanwhile, manufacturers of finished vehicles are
working to strengthen affiliations while using M&As in order to fence in suppliers of key
components. The entry of investment funds and companies from other industries is
intensifying, and it is no longer possible to ignore relationships with players outside of the
industry. Efforts to fence in companies are picking up, including companies forming
tie-ups within groups and manufacturers of finished vehicles boosting investment ratios in
suppliers of key components.

(3) Distribution industry
While major retailers have shown signs of a slight recovery over the past two years, with
sales failing to grow, they are taking an expansionary course of new store development and
increasing floor space. As for home improvement centers and drugstores which until
recently were said to be growing, sales are increasing, but the areas of their sales floors
have been increased even more than this, so the situation does not warrant optimism. In the
convenience store industry, it has been said since two to three years ago that there is a
40,000 store limit, but that figure has already been reached. Intensification among the
major companies has progressed, and as for retail, competition in business categories will
continue to intensify in the future. The impact on the convenience store industry of being
able to sell a portion of low-risk over-the-counter drugs will not be small .

The annual number of M&As in the retail industry has remained between 180 to 200 over
the past three years, but considering that this number was 50 or less in 1990s, it can be said
that it has increased quite significantly. One factor promoting M&As in the retail industry
has been the trend in funds. With the industry environment in a situation of not being able
to generate profits due to excessive numbers of stores and excessive competition, M&A in
distribution have been increasing. Industry reorganization has been moving forward,
centering on major companies. Reasons for the progression of industry reorganization
(M&As) include know-how regarding distribution costs and store operation, the rapid and
effective expansion of stores, credit enhancement, shortages of human resources, and the
replacement of founders. Out-in M&As are lacking, and it is not known what happened to
the threat of foreign companies which was foreseen for a time.

The merits of tie-ups among distribution companies include (i) increased buying power,
(ii) complementary effects in terms of regions, stores, and customers, (iii) the utilization
of merchandise systems, operation systems, and know-how in these areas, and (iv) the
streamlining of store operations and the streamlining of headquarters expenses. In M&As
in the distribution industry, the effect of acquiring human resources is particularly
significant. The reorganization of distribution will accelerate in the future. Going forward,
the competitive environment in the distribution industry will further intensify, and thus
tie-ups and reorganizations are expected to accelerate. There are few companies which are
truly lucrative, so it appears to be “no-win attrition warfare.”

3. M&A activities in local areas
(1) Situation of M&As in local areas
The economic and industrial situation in regions has been harsh, and M&As in local areas
are still following an increasing trend. Features of M&A activities in local areas include:
(i) M&As centering on those accompanying the succession of businesses due to difficulty
in finding successors; (ii) the fact that while it appears that there are many regions where
there is still a sense of resistance regarding M&As via capital participation from outside
the prefecture and this reclusiveness is hindering development, there is an increasing
number of regions that see a takeover by a company outside the prefecture as being more
comfortable than a takeover by a one in the same prefecture; (iii) the fact that the scale of
M&As is centered on the range of several hundred million to several billion yen; and (iv)
the fact that while under normal circumstances activity should expected in which the
leaders of M&As in regions are accountants, tax accountants, lawyers, and so forth in local
areas, there appears to be an aspect in which the possibility of the loss of a customer's

company and so on is leading to resistance to M&As in regions.

There have been a growing number of M&As in local areas related to the succession of
businesses due to difficulty in finding successors, and this suggests that there is a need to
break away from the traditional “family business” oriented management perspective and
to move toward corporate management as regions in a new environment while utilizing
M&As. In local areas, there is particularly a shortage of management human resources,
and there is a need to provide an environment that will foster a next generation which is
rooted in the region while giving management responsibility to a young generation with
talent. Nevertheless, this is also the responsibility of the currently active managers, and
there is a need for companies, local governments, educational institutions, financial
institutions, and so forth to collaborate in making efforts to build practical systems for

Looking at the situation by field, industries in which there is a very large number of M&As
in local areas in terms of the sales side include the construction industry and Japanese inns,
which are fields where demand has been falling up to this time. Food supermarkets,
dispensing pharmacies, gas businesses, and so on are also fields where attention is being
given to M&As in industry reorganization. Furthermore, there have been many cases of
M&As in healthcare-related fields, including the private-sector assumption of public
hospitals following dissolution. There are also somewhat noteworthy cases of local robust
medium-size companies utilizing M&As as they develop nationwide. Meanwhile, they
have still not emerged in businesses related to local governments, such as the sale and
revival of so-called third-sector companies. Going forward, given developments such as
the publication of the composition of finances and the situation of the tight finances of
local governments and so forth, it is expected that rapid developments will become
apparent within the next one to two years.

(2) M&A activities of banks in local areas
Efforts regarding M&As by banks in local areas differ greatly depending on the area, and
this gap is gradually getting wider. Most banks carry out seminars and so forth shedding
light on the importance and effectiveness of M&As, and in areas where understanding of
M&As is still insufficient, progress is centered on success stories regarding how M&As
were effective. In proposing seminars, if the topic is “M&As” or “the succession of
businesses,” it becomes difficult for people to attend because they are worried about what
others will think. Thus in order for more people to attend, the seminars are put forth as
regarding “the succession of assets,” and in actuality they are carried out regarding M&As.
In regions where the feeling of rejection regarding M&As has started to lessen, rather than
success stories of M&As, reports of failure stories are well-received by audiences. After
having experienced M&As a number of times, there is interest in what kind of areas there
are pitfalls. In advanced regions, there is no problem in getting people to attend even when
putting forth the topic of “the succession of businesses” or “M&As,” and depending on the
region, the content of activities differs based on differences in the affinity for M&As.

Chapter 2: Hostile takeovers and issues in Japan

1. Current status and direction of laws and rules in hostile takeovers (based on lecture by
Seiichi Ochiai)
(1) Current status of laws and rules of Japan
In the Company Law, there is no stipulation setting forth specific guidelines in terms of
hostile takeovers. Accordingly, this must be derived from an interpretation of the meaning
of the Company Law as a whole. There are a number of judicial cases, but the number one
rule is a focus on the intent of the shareholders and number two is defense measures to
cause as little detriment to the shareholders as is possible. Based on the accumulation of
judicial cases until now, it is extremely difficult to extract clear rules regarding hostile
takeovers. Thus, both for the side engaging the hostile takeover and the side undergoing
the hostile takeover, legal disputes have a low level of predictability, and the legal risks are

(2) Current status of laws in the United States and laws in Europe
Under US law, corporate laws are stipulated in state laws. In Delaware, which is the
leading state in the area of corporate laws, it is clearly put forth that it is possible for the
board of directors to invoke defense measures. Looking at Europe, a directive regarding
takeovers was adopted in the European Union in 2004, and this directive is markedly
different from the approach in the United States. A major pillar is the neutrality obligation
of the board of directors, and at the stage in which a hostile takeover has begun, managers
may not take any action whatsoever to prevent it. Another characteristic is the
breakthrough rule, and when the side carrying out the hostile takeover has acquired a
certain level of stock or greater and gained a controlling interest, various mechanisms to
prevent the gaining of a controlling interest become invalid.

(3) Direction of Japan
Japan has come notably close to US law with the modernization of the Company Law.
Nevertheless, rules like in Delaware in the United States which allow the board of
directors to invoke defense measures are not recognized. The approach that tends to
appear more strongly in Japanese courts is the European-style neutrality obligation in
which shareholders are to decide and managers cannot get involved. Accordingly, there
are various debates about whether overall there is legal consistency. It is quite difficult to
achieve an ideal situation, and a satisfactory direction has not yet been found. It is perhaps
necessary to go back to the root problem of what should be done about Japan's market for
corporate control, namely to go back to the starting point of the problem and to consider
what should be done.

2. Laws and practical business of takeover defense measures (based on lecture by Wataru
(1) Issues remaining in the Bull-Dog Sauce case
In August 2007, the first decision by the Supreme Court regarding takeover defense
measures was given. This is the Bull-Dog Sauce case. It is based on a special resolution at
a general shareholders' meeting, and under covering the economic loss of the takeover side,
the result was that the holding ratio of the hostile takeover side would be mandatorily
lowered through the invoking of defense measures. The decision is that despite this, the
defense measures are lawful and do not violate shareholder equality principles.

A number of issues remain following this decision by the Supreme Court. The first
problem is regarding the “necessity” of defense measures. The Supreme Court decided to
respect the judgment of the special resolution at the general shareholders' meeting at the
time of invoking defense measures. Thus, does the judgment of a general meeting need to
be obtained at the time of invoking such measures? Second is about the “appropriateness”
of defense measures. In this case, the dealing (legal format aside, in terms of economic
substance) was that Bull-Dog Sauce mandatorily bought Steel Partners' holdings at a price
based on the initial general purchase price offered by Steel Partners, but the Supreme
Court, taking into consideration covering the loss by Steel Partners resulting from this,
stated that the defense measures were appropriate. This in practical business is a cause for

(2) Issues surrounding defense measures
Looking at the current situation surrounding defense measures based on a comparison with
the United States, in the United States, there is the idea that defense measures are not to
stop takeovers themselves, but rather are a means to negotiate with the takeover side in
order to bring about better conditions for the takeover. As such, defense measures are
recognized as legal in a very wide scope, and they have somewhat prevalent support in
academics as well. Meanwhile, in Japan there is a strong tendency for takeover defense
measures to be less a means of negotiation with the takeover side than something to
prevent the takeover itself based on hostile takeovers damaging corporate value.

(3) Acceptance by the general shareholders' meeting and mutual shareholding
In the future, there is a possibility that an awareness will gradually spread that in terms of
takeover defense measures, in the end perhaps the strongest are mutual shareholding and
that this will become the deciding action. Thus, if it is thought that mutual shareholding is
undesirable, perhaps it is necessary to think of regulations and so forth for this.

(4) Consideration regarding the basis of the justification of defense measures
From the perspective of the profits of the shareholders, aside from high-handed takeovers,
the basis for the introduction of defense measures is weak. There is the view that it should
be left to the TOB, but Steel Partners did not clarify treatment regarding the minority
shareholders. If the TOB itself is not high-handed, there is no need for defense measures.
The significance of information provision is from the perspective of the confirmation of
greenmailers and the possibility of the elimination of minority shareholders. If defense
measures are considered from the perspective of the profits of stakeholders such as
employees, it would mean giving an almighty card to managers.

3. Details of Bull-Dog Sauce case (based on lecture by Masakazu Iwakura)
Details of the Bull-Dog Sauce case are stated from the perspective of lawyers who
contributed on the Bull-Dog Sauce side. (Omitted)

Chapter 3: Spreading M&As and human resource development

The important factor for the vitality of business and industry is management and the
“management” human resources who are responsible for this. In local areas in particular,
“management” human resources are extremely lacking. Management ability differs
depending on the society, industry, regional circumstances, and environment of the times.
In M&As, specialized human resources in areas such as law and accounting are not
sufficient, but it has become clear in the reports of past M&A conferences and discussions
and so forth aimed at creating mechanisms to revitalize regional strength that management
resources in particular are the key.

1. Overview of the human resource market for managers (based on lecture by Yukio
As for the procurement of manager candidate human resources from outside, there are
many cases in which service companies, which are generally called executive search
companies, act as a go-between, and these are broadly divided into two formats. One is the
“advance receipt-type” format in which the reward is brought in advance, and the other is
the “contingency fee-type” format. The “advance receipt-type” is generally called
headhunting, and with the “contingency fee-type,” a pool is created based on prior
registration by individuals wishing to change jobs, and qualified persons are introduced.
The latter operates services on a larger scale.

As for the movement of management human resources, it is estimated to be approximately
6,000 people per year. Nevertheless, this also includes transfers among group companies,
and in terms of the real market, the number of persons at the executive level or above who
change jobs through executive searches for example is probably around between 500 and
600. Compared to the United States, the fluidity of management human resources is

The reasons that the human resource market for managers in Japan does not expand
include the fact that many companies are internal promotion-oriented and do not carry out
the procurement of managers from outside, the high promotion age for executives, and the
fact that executives and managers at large companies do not aspire to serve as executives
at other companies. As for qualities sought for management human resources, persons
who tend to be sought are: (i) persons with experience or a track record as an executive
(Nevertheless, as for those without such experience, persons with experience as the head
of an operating department or with human resource management for a relatively large
number of people may also be sought even if they do not have experience as an executive.)
and (ii) persons who have realized reforms through their own thoughts and actions and
persons who have experience at overseas bases.

Issues regarding expanding the human resource market for managers are: (i) the fact that at
large corporations in Japan, persons at the top level rarely change jobs, but persons at the
top level have experience in multiple environments, (ii) the fact that at even within large
companies persons are always given experience which is incorporated into the human
resource development process, including experience at overseas bases and experience as
executives at subsidiaries, and (iii) the fact that talk of the kind of person who can be
transferred as an executive to what kind of place, under what terms, and with how much

compensation is widely distributed as information. Also, support immediately after being
appointed as an executive and improvement of the treatment of managers may also be

2. What are M&As that bring vitality to Japan? (based on lecture on by Chieko Matsuda)
In a questionnaire survey on companies which have carried out M&As, most companies
examined the necessity and expected effects in terms of management and business strategy,
but the overwhelming majority of companies stated that they should have thought more
about the process of corporate strategy and integration plans following acquisition
(post-merger integration [PMI]). At the stage prior to acquisition, effects are expected, and
during the acquisition, the focus is on the deal. Nevertheless, entering this type of M&A
process, companies develop the kind of illusion that it is a transient event. There appears
to be a situation in which companies are surprised that once it is finished, it is a process
that continues for the company going forward and that nothing has been decided on how to
handle the new factors that have been introduced.

The important thing for the success of M&As is the question of whether the following
points are discussed prior to acquisition: (i) the question of whether the M&A fits
strategically, (ii) the question of planning prior to acquisition, and (iii) the question of
integration following acquisition. Thus, the motivation of the employees is an important
issue for the points relating to human resources.

Chapter 4: Corporate value and a statistical analysis of M&As

The degree of gap, type of relationship and so forth between the stock price (market price),
which assesses corporate value from the market, and the corporate value (theoretical
price), which is calculated based on the evaluation method of cash flow base, was
surveyed and analyzed. In the previous fiscal year, companies subject to analysis were
limited to those included in “pharmaceutical products” and “glass and soil and stone
products” in the first section of the Tokyo Stock Exchange (hereinafter referred to as
“TSE”), and assessment of corporate value was carried out applying the “simple DCF
method.” As a result, it was confirmed that the price estimated based on the simple DCF
method, when regressed with the market price, had a certain degree of power of

This fiscal year, the number of samples was increased, expanding to companies included
in 16 types of manufacturing industries in the first section of TSE. Analysis was carried
out by industry type and a comparison was carried out in the two times of 2007 and 1995.
As a result, it was confirmed that compared with 1995, the gap between the theoretical
price and market price in 2007 had decreased significantly. Furthermore, it was shown that
according to industry type, the degree of gap between these differs significantly. The fact
that observation times are limited, the fact that analysis data differs somewhat depending
on the survey year, and so on must be taken into consideration, but in the macro-base
analysis of corporate value, it appears that it has been possible to confirm that the DCF
method, which is the method of micro corporate analysis, can be applied to some degree.

The decrease in the degree of gap between theoretical price and market price cannot
immediately be said to be the result of the spread of corporate value assessments due to

M&As and so forth, but it can be inferred that the globalization of stock markets and the
spread of M&As are related in some way. In the assessment of the national economy, it is
suggested that corporate value information on a cash flow base has an important


(Reference) About the M&A Conference
Since December 2003, the Economic and Social Research Institute, Cabinet Office has
been holding meetings of the M&A Conference (chairman: Seiichi Ochiai, then Professor,
University of Tokyo Graduate Schools for Law and Politics), which is made up of persons
from different disciplines, including knowledgeable persons in various fields and
observers from relevant government ministries. The Conference, which consists of
members who possess a variety of expertise and experience, has examined various policy
issues related to M&A from a wide perspective. The discussions that have taken place thus
far have covered a wide range of topics, including trends in M&A in Japan, the importance
of cross-holder M&A, the development of related legal systems, corporate value, hostile
TOB and measures to defend against such TOB, the development of human resources in
M&A, and the relationship between M&A and local revitalization. The comprehensive
report on this is entitled “A Period of Real M&A Development Has Arrived in Japan”
(M&A Conference report, published in October 2006).

In FY2007, the group examined topics such as the status of M&A in local areas, issues
regarding legal systems in response to the first Supreme Court decision based on hostile
takeovers, and the development of human resources in order to spread M&A, and the
findings have been compiled in the “M&A Conference Report 2008.”

Members of the M&A Conference (as of the end of March 2008) (honorifics
omitted, in no particular order)

Seiichi Ochiai, Professor Emeritus, Tokyo University, Professor, Chuo University
Graduate School of Law
Yukio Okubo, Devision Officer, Works Institute Recruit Co., Ltd
Kenichi Osugi, Professor, Chuo University Graduate School of Law
Nobumichi Hattori, Visiting Professor, Graduate School of International Corporate
Strategy, Hitotsubashi University
Toshiko Oka, Chief Exective officer, ABeam M&A Consulting, Ltd.
Kengo Kobayashi, Managing Director, M&A Advisory Department, Investment Banking
Division, Mitsubishi UFJ Securities Co., Ltd.
Toji Shihoh, Manager, M&A Support Division, Nissan Motor Co., Ltd.
Sadahiko Suzuki, Professor Emeritus, Keio University
Kazuhiko Toyama, Representative Director, Industrial Growth Platform, Inc.
Renpei Nakamura, General Manager, Legal Department, Co-operatives Finance Planning
Division, The Shoko Chukin Bank
Junichiro Kitamura, Director General, Department for Business Development,
Development Bank of Japan
Shigeru Nishiyama, Professor, Waseda University Business School
Shoichi Niwa, Executive officer, Recof Corporation
Shuya Nomura, Professor, Chuo University Graduate School of Law
Kyoji Fukao, Professor, Institute of Economic Research, Hitotsubashi University
Nami Matsuko, Executive Director, Investment Banking Consulting Dept, Nomura
Securities Co., Ltd.
Chieko Matsuda, Executive Director, Booz Allen Hamilton Inc., President, Matrix, Inc.
Yuzuru Mizuno, Corporate Auditor, Kubota Corporation
Wataru Tanaka, Associate Professor, University of Tokyo Institute of Social Science

Yasuhito Oomori, Director, Planning and Legal Division, Planning and Coordination
Bureau, Financial Services Agency
Hiroaki Niihara, Director, Economic and Industrial Policy Bureau Industrial Organization
Division, Ministry of Economy, Trade and Industry
Junichi Kakimizu, Director, Mergers and Acquisitions Division, Japan Fair Trade

  Secretariat Economic and Social Research Institute, Cabinet Office, Government of
Masahiro Kuroda, President, Economic and Social Research Institute
Bunshichi Fujioka, Special Researcher, Economic and Social Research Institute (ESRI)
(Policy Superintendent (in charge of economic and fiscal management))
Hideyuki Suzuki, General Policy Researcher, ESRI
Kazuo Iida, Visiting Senior Researcher, ESRI
Masaki Hori, Policy Examiner (in charge of the Secretariat), ESRI


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