The seminar focused on how to reduce the gill effects of the business cycle of the world economy,h which grow with globalization.
Vanessa Rossi noted that (1) to enjoy the merits of trade expansion, countries must accept the effects of the business cycle; (2) there was a paradoxical effect in the recent financial crisis, in which good-standing, export-oriented companies in Japan and Germany were damaged most seriously; (3) to ease such ill effects, the domestic services industry, in its broadest meaning, should be developed as a buffer.
Yoichi Takita, deputy chief editorial writer of the Nikkei business daily and the commentator at the seminar, pointed out that (1) economic bubbles are unavoidable in capitalist societies while its form and the market it emerges from may change; (2) when a financial system faces a crisis, the stagnation of the economy could be prolonged, just as Japan experienced in the 1990s.
About 100 people attended the seminar.

On Nov. 6, the above symposium was held in cooperation with the Keio Institute of East Asian Studies. Noting that Japan, the United States and China have relations of interdependence in the security area as well, Dr. G. John Ikenberry stated that the three countries should work together to resolve global issues. Dr. Sun Xuefeng stated that China′s presence is increasing but that it is limited to the economic front. He noted the economic gap between the U.S. and China rather tends to expand, stressing the U.S. leadership in East Asia should be maintained in the future. Professor Yoshihide Soeya noted that the U.S. and China are building up comprehensive foreign policy strategies, stressing that Japan also needs to build a basic strategy. About 100 people attended the symposium.

At the above seminar Oct. 30, Dr. Benn Steil delivered a speech titled "Global Imbalance and the Role of the Dollar." After professor Naoyuki Yoshino added his comments, there was a discussion between the two.
Referring to trade and investment imbalances between the United States and China as a main cause of the global imbalances, Dr. Steil said that while the U.S. insists that China should shift to a floating exchange rate system, China urges the U.S. to strengthen its fiscal and monetary policies. He pointed out that the two countries are divided on how to correct their imbalances.
Professor Yoshino noted that although the dollar′s role as a key currency is declining in relative terms, it remains important as the global currency. He also stressed that the Chinese yuan′s exchange rate should be left to market mechanisms. About 130 people attended the seminar.

On October 16, the above symposium was held. Dr. Richard Haass delivered a presentation on "Japan and the US: The Global Challenges Ahead" and Dr. Sheila Smith spoke on "The US-Japan Partnership Under a New Era: Under Fire or Looking Forward?" Dr. Haass noted that Japan and the United States need to rethink their relationship and expand their ties from a narrow alliance to a partnership that can deal with a broad range of global challenges. A total of 130 people attended the symposium.

On September 17, the above seminar was held at Keidanren Kaikan, with Duncan L. Niederauer, chief executive officer of NYSE Euronext, speaking on the current situation of the U.S. financial market and its future prospects, as well as challenges facing the financial markets from the NYSE standpoints. Masaaki Kanno, chief economist of JP Morgan Securities Japan Co., Ltd., commented on Mr. Niederauer′s speech and later engaged in a discussion between the two.
In order to put recovery of the world economy on the right track, Mr. Niederauer and Mr. Kanno said that it is necessary to 1. stimulate new investments, 2. promote innovation, 3. create and stabilize employment, and 4. restore confidence and trust in the financial system. They also stressed that the basic principles of financial reforms should be 1. protection of investors, 2. cooperation between regulatory authorities, 3. improvement of transparency, and 4. avoidance of excessive regulations. Some 130 people attended.

On June 17, the above symposium was held at Keidanren Kaikan in cooperation with Japanese-German Center Berlin (JDZB) and Institut Der Deutschen Wirtschaft (IW). In their keynote speeches, Mr. Shoichiro Suzuki, Chairman of Committee on Employment, Japan Business Federation and Prof. Dr. Herbert Bruecker, Institute for Employment Research(IAB) explained about the labor market in Japan and Germany respectively. In the panel discussions moderated by Dr. Andreas Moerke, Representative Director and President of Messe Dusseldorf Japan Ltd., Prof. Dr. Naohiro Yashiro, International Christian University, Mr. Kazuhiko Toyama, Representative Director and CEO of Industrial Growth Platform Inc., and Dr. Rolf Kroker Managing Director of IW talked about employment issues. Prof. Dr. Bruecker and Dr. Dr. Dirk Vaubel, Partner of Roland Berger Japan, Tokyo joined the further discussions. Panelists compared the current situations and challenges of the labor market in both countries and discussed future measures to resolve the problem which should be taken by companies and society. Some 160 people attended.

Speakers:	Charles W. Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia University Graduate School of Business, Professor, Columbia′s School of International and Public Affairs
Commentator:	Ryutaro Kono, Chief Economist, Head of Economic Research Department, BNP PARIBAS Securities, Tokyo

On May 15, the above seminar was held at Keidanren Kaikan. Charles W. Calomiris, professor of Columbia University Graduate School of Business, talked about the background of the recent global financial crisis, the need for appropriate regulatory measures and how the future financial system should be run. Ryutaro Kono, chief economist at BNP Paribas Securities, Tokyo, made comments on Professor Calomiris′s presentation, followed by further discussions by the two. In the seminar, it was pointed out that, although many Japanese believe the global financial crisis was the result of the runaway markets or the failure of markets, it was the result of inappropriate financial policies, namely, government policy mistakes. It was also indicated that the tendency was for the government to strengthen its regulatory roles because the markets failed, but what must be done is not strengthening regulations but taking more appropriate regulations. Some 80 people attended.

Eiji Ogawa, Professor, Hitotsubashi University
Jitsuro Terashima, Chairman, Japan Research Institute and President, Mitsui Global Strategic Studies Institute

Rinji Takeoka, Senior General Manager, NIKKEI Inc.

On February 13, the above symposium was held to discuss how Japan should cope with the world financial and economic crisis. Professor Ogawa stated that given the huge fiscal cost of cleaning up the crisis, in the coming years, the dollar would eventually have to fall over the long term. Mr. Terashima noted that the so-called Green New Deal proposals for massive U.S. federal spending on clean energy technologies should be closely watched to see if they have the potential to create an industrial paradigm shift in the coming years. He noted that these areas are where Japan has the technological edge and potential for greater industrial cooperation. A total of 120 people attended the symposium.