Deep Dive Series 2021
INFLATION: "Transitory" Phenomenon or Long Term Threat?
8:30-10:00 am, Friday, December 10, 2021
(The speech and Q & A will be in English.)

Paul Sheard
Research Fellow at Harvard Kennedy School's Mossavar-Rahmani Center

Hiromichi Shirakawa
Japan Chief Economist, Credit Suisse Securities (Japan)

Jesper Koll
Expert Director to Japan-based Monex Group and an Investment Committee member of the Japan Catalyst Fund

Over the past couple of decades inflation appeared to have been tamed to the point where it no longer presented any threat, and policymakers in Japan have been far more concerned about deflation. Now, however, inflation is running hot again in  the US, Europe and elsewhere while many economists are coming round to the view that rising prices are not just a "transitory" phenomenon but will persist into 2022 and maybe even for several years.

The implications for prices, wages, and employment as well as for financial markets are sobering. The Institute of International Finance in Washington has spoken even of an "inflation perfect storm" on the horizon. Deep Dive has invited several prominent economic experts to assess the inflation outlook in Japan and in other leading economies of the world for next year and beyond.

PAUL SHEARD is a Research Fellow at the Harvard Kennedy School and was, formerly Vice Chairman of S&P Global and earlier Chief Economist at Standard & Poor's, Nomura Securities and Lehman Brothers in Japan. Sheard is a member of the World Economic Forum’s Global Future Council on the New Agenda for Fiscal and Monetary Policy, a board member of the Foreign Policy Association, and a member of the Bretton Woods Committee and the Economic Club of New York.

HIROMICHI SHIRAKAWA joined Credit Suisse Securities (Japan) Limited in April 2006 as Managing Director and Head of Economics for Japan. In June 2017, Shirakawa was appointed Vice Chairman of Credit Suisse Securities Japan Limited. Mr. Shirakawa began his professional career at the Bank of Japan in 1983, where he spent around 16 years, mainly in charge of research and analysis of money and credit markets. He was a special assistant to the governor in 1997-1998 when Japan was in the middle of a banking crisis. From 1991 to 1994, he was a senior economist at the Organization for Economic Co-operation and Development (OECD) in Paris. From November 1999 to March 2006 he was Chief Economist at UBS Securities Japan.

JESPER KOLL worked from 1985 as a research fellow at the University of Tokyo and the University of Kyoto before building his career in finance. He served as a Managing Director and Chief Economist for major US investment banks, JP Morgan Japan Securities and Merrill Lynch Japan Securities. He is an Expert Director at Japan-based Monex Group, an Investment Committee member of the Japan Catalyst Fund, and serves on the Board of Directors of OIST the Okinawa Institute of Science and Technology.

Please indicate when signing up whether you will attend on-line or in-person.

In-person attendance
Members: 450 yen (including tax), coffee or tea included
Non-members: 1,650 yen (including tax), coffee or tea included

On-line attendance
Members: free of charge
Non-members: 550 yen (including tax)

Details on how to join online will be sent to individual emails by December 8
All participants can reserve at the reception desk or by email ( )
Members should Log in to confirm attendance.
Payment by Non-Members must be made in advance by 3 PM, December 7
No refund is available unless the event is cancelled by FCCJ.
Member reservations cancelled less than 24 hours before the event will be charged in full.
We kindly ask for your cooperation with Covid-19 prevention measures at the reception and to wear a mask on club premises.
Thank you.

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