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Using a unique dataset on all major corporate restructuring events in Japan between 1981 and 2010, we assess changes in the role of the main bank in guiding corporate turarounds, and the economic consequences of these changes for distressed firms. We identify firms in distress among all listed firms based on accounting data, and we separately identify firms undergoing corporate restructuring based on a newspaper search for the Japanese term “saiken”. Even though the ratio of distressed firms has not declined, the incidence of saiken restructuring by such firms has become less frequent after the 1990s, indicating a decline in the governance and rescue role of the main bank. When firms undergo saiken, they adopt real adjustments in terms of labor, assets and finance. While the intensity of these adjustments has also declined over time, saiken firms make more significant adjustments than distressed firms that do not undergo restructuring. The role of saiken was an important part of corporate renewal in Japan, and it has declined. In line with existing research, these findings underscore changes in Japanese corporate governance, in particular regarding the decline of the monitoring and restructuring function of the main bank.

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Journal of the Japanese and International Economies
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Takeo Hoshi
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47
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American Universities in China: Lessons from Japan discusses the aspirations and operations of American universities in China through the lens of previous American universities’ expansion efforts in Japan. This talk will provide an explanation of the factors that contributed to the rise and decline of American universities in Japan in order to examine and predict the sustainability of American universities in China today. Through a review of historical documents, interviews with stakeholders in Japan and China, and an analysis of the cultural contexts of both the Japanese and Chinese higher education systems and the position of American universities within these environments, this book/talk seeks to address the potential success or failure of the American university abroad.
 
Lunch will be served. Presented in collaboration with the National Consortium for Teaching about Asia.

Goldman Conference Room

Encina Hall, 4th Floor 

616 Serra Street, Stanford, CA 94305

Dennis T. Yang Regional English Language Officer U.S. Department of State
Lectures
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Modern-day markets do not arise spontaneously or evolve naturally. Rather they are crafted by individuals, firms, and most of all, by governments. Thus "marketcraft" represents a core function of government comparable to statecraft and requires considerable artistry to govern markets effectively. Just as real-world statecraft can be masterful or muddled, so it is with marketcraft. 

In his new book, Steven Vogel builds his argument upon the recognition that all markets are crafted then systematically explores the implications for analysis and policy. In modern societies, there is no such thing as a free market. Markets are institutions, and contemporary markets are all heavily regulated. The "free market revolution" that began in the 1980s did not see a deregulation of markets, but rather a re-regulation. Vogel looks at a wide range of policy issues to support this concept, focusing in particular on the US and Japan. He examines how the US, the "freest" market economy, is actually among the most heavily regulated advanced economies, while Japan's effort to liberalize its economy counterintuitively expanded the government's role in practice. 

Marketcraft demonstrates that market institutions need government to function, and in increasingly complex economies, governance itself must feature equally complex policy tools if it is to meet the task. In our era-and despite what anti-government ideologues contend-governmental officials, regardless of party affiliation, should be trained in marketcraft just as much as in statecraft.

SPEAKER

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Steven K. Vogel, Il Han New Professor of Asian Studies and a Professor of Political Science at the University of California, Berkeley

BIO

Steven K. Vogel is the Il Han New Professor of Asian Studies and a Professor of Political Science at the University of California, Berkeley. He specializes in the political economy of the advanced industrialized nations, especially Japan. He recently completed a book, entitled Marketcraft: How Governments Make Markets Work (Oxford, 2018), which argues that markets do not arise spontaneously but rather are crafted by individuals, firms, and most of all by governments.  Thus “marketcraft” represents a core function of government comparable to statecraft.  The book systematically reviews the implications of this argument, critiquing prevalent schools of thought and presenting lessons for policy.  Vogel is also the author of Japan Remodeled: How Government and Industry Are Reforming Japanese Capitalism (Cornell, 2006) and co-editor (with Naazneen Barma) of The Political Economy Reader: Markets as Institutions (Routledge, 2008). His first book, Freer Markets, More Rules: Regulatory Reform in Advanced Industrial Countries  (Cornell, 1996), won the Masayoshi Ohira Memorial Prize. He edited his mother’s book, Suzanne Hall Vogel, The Japanese Family in Transition: From the Professional Housewife Ideal to the Dilemmas of Choice(Rowman & Littlefield, 2013), and a volume on U.S.-Japan Relations in a Changing World(Brookings, 2002).  He won the Northern California Association of Phi Beta Kappa Teaching Excellence Award in 2002, and the UC Berkeley Faculty Award for Outstanding Mentorship of Graduate Student Instructors in 2005.  He has been a columnist for Newsweek-Japan and the Asahi Shimbun, and he has written extensively for the popular press.  He has worked as a reporter for the Japan Times in Tokyo and as a freelance journalist in France. He has taught previously at the University of California, Irvine and Harvard University. He has a B.A. from Princeton University and a Ph.D. in Political Science from the University of California, Berkeley.

Steven K. Vogel, Il Han New Professor of Asian Studies and a Professor of Political Science at the University of California, Berkeley
Seminars
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The 10th Annual Koret Workshop

The aim of this year's workshop is to assess the current situation surrounding North Korea, and to examine all possible options for dealing with North Korea, from military intervention, containment, or sanctions to diplomatic engagement.

The annual Koret Workshop is made possible through the generous support of the Koret Foundation.

Stanford University

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Under the guidance of the Aspen Institute Congressional Program, thirteen members of Congress convened at Stanford University from March 2-5 to discuss policy options regarding the current North Korea crisis. The representatives deliberated with scholars and practitioners to acquire a better understanding of North Korea and its ruling regime, review the regional actors and their interests, assess the range of potential solutions to the crisis, and determine the role of Congress on this issue.

A report summarizing the program’s dialogue is now available for download. In addition to providing non-attributed comments from the proceedings, the document also includes the itinerary for the three days, the names of participants, as well as a collection of relevant publications.

The Aspen Institute Congressional Program was established in 1983 by former U.S. Senator Dick Clark. The program is for members of the United States Congress, and is both nongovernmental and nonpartisan in design. The program gives senators and representatives the opportunity to delve into complex and critical public policy issues with internationally recognized experts. Lawmakers are given the opportunity to explore policy alternatives in off-the-record settings, while simultaneously building relationships crucial to finding solutions.

 

 

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Gary Mukai
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Since the mid-19th century, the United States has had strong—albeit sometimes tense—historic ties with Kanagawa Prefecture. In 1853, U.S. Commodore Matthew C. Perry entered Edo Bay (now Tokyo Bay) just south of Yokohama with the mission of pressuring Japan to open its ports to the United States. This resulted in the signing of the Convention of Kanagawa in 1854, which opened the ports of Shimoda and Hakodate to trade and established the first U.S. consulate office. During World War II, the Yokosuka Naval Arsenal in Kanagawa was attacked by the United States, and since the end of the war in 1945, its facilities have been used by the U.S. Navy. Today, United States Fleet Activities Yokosuka is home port for the U.S. Seventh Fleet.

Students in Kanagawa Prefecture are taught about these historic episodes between their prefecture and the United States. They also live alongside a significant number of American residents today. Following Tokyo and excluding U.S. military personnel in Japan, Kanagawa has the second largest number of American residents in Japan. Because of these historical and contemporary ties with the United States, some of Kanagawa’s teachers have reached out to the Stanford Program on International and Cross-Cultural Education (SPICE) with hopes to more fully introduce their students to U.S. society and culture and U.S.–Japan relations and also to encourage their students to study abroad in the United States. This encouragement was inspired in large part by the Japanese government.

On May 1, 2015, Japanese Prime Minister Shinzo Abe visited Stanford University—a first by a Japanese prime minister—and said that he wants “the best and brightest Japanese talent” to study at places like Stanford and to learn about Silicon Valley. Shortly after Prime Minister Abe’s visit to Stanford, SPICE launched an online course called Stanford e-Japan for high school students in Japan with funding from the United States-Japan Foundation, New York City. Stanford e-Japan, which is taught by Waka Takahashi Brown, introduces topics like Commodore Perry, World War II, and Silicon Valley to students with hopes that they will come to better understand the bilateral relationship and also consider someday studying in the United States.

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One of the high schools that has enthusiastically supported and enrolled students in Stanford e-Japan is Yokohama Science Frontier High School (YSFH). Thanks to the initiative of teachers Nobuyo Uchimura and Yukimasa Uekusa, Naomi Funahashi and Rylan Sekiguchi traveled to Kanagawa Prefecture to visit YSFH and a partner school, Yokosuka Senior High School. They met with faculty, chatted with students, and led several classes and after-school sessions to encourage students’ global thinking. Following their school visit, English teacher Gentaro Tatsumi, noted, “Sekiguchi-sensei and Funahashi-sensei gave very impressive lessons to my students. I believe many of them surely had moments to think deeply about war and peace with different perspectives or viewpoints. Also, I was so happy to see that there were several students who showed a big interest in studying abroad following their after-school presentation.”

Four of these students had the occasion to see Funahashi and Sekiguchi again but this time at Stanford University. Three students (Ayaka Nakaminami, Daiichi Soma, and Rin Suzuki) from YFSH and one student (Keisuke Hara) from Yokosuka Senior High School participated in a SPICE-led seminar on January 24, 2018. After engaging in a series of globally themed lessons led by Funahashi and Sekiguchi, the students toured Stanford campus and experienced lunch in a student dining hall. The afternoon portion of the seminar featured a presentation by Tatsumi-sensei on English education in Japan, remarks by Uchimura-sensei and Uekusa-sensei, and four science research-focused presentations that were given by the students to Stanford community members.

One of the audience members was Stanford law student, Yuta Mizuno, an attorney with Nagashima Ohno & Tsunematsu in Tokyo. “I was truly impressed by the students’ preparation and performance with the presentations,” he reflected. “I’m sure that they gained inspiration and confidence from the seminar here at Stanford, and there’s no doubt that they have a promising future on the global stage. I wish I could’ve had such a priceless experience when I was in high school.” In between the student presentations, Mizuno also had the chance to talk with Hara, who aspires to be an attorney.

After their return to Kanagawa Prefecture, Uchimura-sensei commented, “Our visit to Stanford was a precious opportunity. The seminar we had at SPICE was focused on ‘globalization’ and ‘interdependence,’ which are especially important themes today. The four selected students, who are potential global leaders, were lucky enough to have been given the chance to experience studying at a U.S. university early in life. We are convinced that this experience at SPICE has given them a guide into their future.”

SPICE expects that many students from Kanagawa Prefecture will apply to future offerings of Stanford e-Japan, due in large part to the enthusiasm of the teachers and the students who represented their prefecture so well. SPICE’s hope is that the four students will someday return to Stanford or other U.S. universities as students. It is remarkable how the once tense relationship between Kanagawa (and Japan broadly) and the United States has evolved into a close interdependent friendship. We entrust the future of this friendship to students like Nakaminami, Soma, Suzuki, and Hara.

 

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Students and teachers from Kanagawa Prefecture at Stanford University, January 2018
Students and teachers from Kanagawa Prefecture at Stanford University, January 2018
Rylan Sekiguchi
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As the Tokyo-based co-founder and managing partner of global VC fund Fresco Capital, Allison Baum is frequently asked “Why are you in Japan?”  Indeed, with a global network of corporate partners, investors, and portfolio companies, many of them are curious to know why Fresco sees long term potential in the Japanese market. Though Japan is an advanced and well developed economy, the country is struggling with the need to innovate in the face of critical challenges such as a deflationary economy, a rapidly aging population, and an impending automation of the workforce. Fresco’s view is that this environment presents an extremely promising market opportunity for companies addressing challenges in healthcare, education and workplaces of the future. Join us as Allison shares her experience on the challenges and opportunities of expanding to Japan, bridging the cultural divide between Japan and the rest of the world, and discovering firsthand what it takes to successfully build long term partnerships in Japan.

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SPEAKER

Allison Baum, Co-founder and Managing Partner, Fresco Capital

BIO

Allison Baum is a co-founder and managing partner of Fresco Capital, a global, early stage venture capital fund investing in technology companies transforming education, healthcare, and the future of work at scale.  Prior to Fresco, Allison was an early member of the team at General Assembly, a global network for education and career transformation specialising in today’s most in-demand skills, where she developed and launched the company’s first part-time and full-time programs for technology, business, and design in New York.  In 2012, she relocated to Hong Kong to launch their first business in Asia.  Previously, she was a member of the Equity Derivatives team and Cross Asset Sales teams at Goldman Sachs in New York City.  

Allison graduated cum laude from Harvard College with a BA in Economics and a Minor in Film Studies.  She is also a member of the World Economic Forum Global Shapers community, a mentor for emerging women entrepreneurs in Southeast Asia at Wedu Global, a mentor for global social impact entrepreneurs at Endeavour Capital, and was named by Forbes as one of the 30 Top Emerging VC Managers in Asia.

AGENDA

4:15pm: Doors open 
4:30pm-5:30pm: Main Content, followed by discussion 
5:30pm-6:00pm: Networking

RSVP REQUIRED

To RSVP please go to: http://www.stanford-svnj.org/52118-public-forum/2018

For more information on the Stanford Silicon Valley-New Japan Project, please visit the project website at: http://www.stanford-svnj.org

 

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“…factually Japan has made many apologies; but many Koreans and Chinese at the same time feel that those apologies have not been sincere. So there’s a gap between facts and interpretations or public sentiments.”

Twenty years after the Kim-Obuchi summit raised hopes for “a new Japan-Korea partnership for the 21st century”, the Carnegie Endowment for Internatonal Peace gathered diplomats and scholars, including APARC Director Gi-Wook ShIn, for reflection on what polices and initiatives have succeeded or failed since 1998 and why.

A recording of the panel is available online

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Kim-Obchi Summit: 20 Years Later
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In a flurry of developments that left experts stunned, the long-stalled Korean peace train has suddenly left the station. Sitting in the locomotive is the engineer of these events, North Korea’s young leader, Kim Jong Un.

Where is the peace train headed? No one really knows. It can easily be derailed. And it could lead not to peace, but to war, writes Sneider.

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Daniel C. Sneider
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This webinar will take place on the Zoom (video conferencing) platform. Please click on the link at least 5 minutes in advance to allow ample time for setting up your computer or mobile device for Zoom: https://stanford.zoom.us/j/613472625


This webinar will introduce three Stanford-designed online courses for high school students in the United States that leverage digital learning to develop global competence and diverse perspectives. The focus will be driven by the following essential question: how do we cultivate global citizens through digital learning? Our objectives are to introduce teachers and students to innovative online courses—the Reischauer Scholars Program, Sejong Korean Scholars Program, and China Scholars Program—that connect high school students in the United States to content on Japan, Korea, and China, respectively. 

Participants will learn about how the Stanford Program on International and Cross-Cultural Education (SPICE) engages students using synchronous and asynchronous online technologies to enhance the development of cross-cultural knowledge, empathy, and understanding. We will explore the importance of leveraging technology to build an inclusive environment for sharing diverse perspectives and ideas within an online learning community, and teach strategies for actively engaging students in an online classroom. Participants will also learn about building global networks of students with an interest in developing mutual understanding and connections across borders through digital learning.

616 Jane Stanford Way
Encina Hall, E007
Stanford, CA 94305-6060

(650) 724-4396 (650) 723-6784
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Naomi Funahashi is the Manager of the Reischauer Scholars Program (RSP) and Teacher Professional Development for the Stanford Program on International and Cross-Cultural Education (SPICE). In addition to her work as the instructor of the RSP, she also develops curricula at SPICE. Prior to joining SPICE in 2005, she was a project coordinator at the Japanese Cultural and Community Center of Northern California and worked in technology publishing in San Francisco.

Naomi's academic interests lie in global education, online education pedagogy, teacher professional development, and curriculum design. She attended high school at the American School in Japan, received her Bachelor of Arts in international relations from Brown University, her teaching credential in social science from San Francisco State University, and her Ed.M. in Global Studies in Education at the University of Illinois, Urbana-Champaign.

She has authored or co-authored the following curriculum units for SPICE: Storytelling of Indigenous Peoples in the United States, Immigration to the United States, Along the Silk Road, Central Asia: Between Peril and Promise, and Sadako's Paper Cranes and Lessons of Peace.

Naomi has presented teacher seminars nationally at Teachers College, Columbia University, the annual Asia Society Partnership for Global Learning Conference, the National Council for Social Studies and California Council for Social Studies annual conferences, and other venues. She has also presented teacher seminars internationally for the East Asia Regional Council of Overseas Schools in Thailand, the Philippines, and Malaysia, and for the European Council of International Schools in France, Portugal, and the Netherlands.

In 2008, the Asia Society in New York awarded the 2007 Goldman Sachs Foundation Media and Technology Prize to the Reischauer Scholars Program. In 2017, the United States–Japan Foundation presented Naomi with the Elgin Heinz Teacher Award, an honor that recognizes pre-college teachers who have made significant contributions to promoting mutual understanding between Americans and Japanese. Naomi has taught over 300 students in the RSP from 35 U.S. states.

Manager, Reischauer Scholars Program and Teacher Professional Development

616 Jane Stanford Way
Encina Hall, C332
Stanford, CA 94305-6060

(650) 725-1480 (650) 723-6784
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Jonas Edman is a Curriculum Writer for the Stanford Program on International and Cross-Cultural Education (SPICE). In addition to writing curriculum, Jonas coordinates SPICE’s National Consortium for Teaching About Asia (NCTA) professional development seminars on East Asia for middle school teachers, and collaborates with FSI and other Stanford colleagues on developing curricula for community college instructors as part of Stanford Human Rights Education Initiative (SHREI). Prior to joining SPICE in 2010, Jonas taught history and geography in Elk Grove, California, and taught Theory of Knowledge at Stockholm International School in Stockholm, Sweden.

Jonas' professional interests lie in curriculum and instruction and teacher professional development, with a special interest in online education development. He received his Single Subject Teaching Credential in Social Science from California State University, Sacramento in 2010, and a bachelor degree in History from Stockholm University in 2008. He graduated high school from the American School in Japan in 1996.

Jonas has presented teacher seminars nationally for the National Consortium for Teaching about Asia in Omaha, Nebraska; the California Council for Social Studies in Anaheim and Burlingame, California; the National Council for the Social Studies in Washington D.C.; the Midwest Conference on Asian Affairs in East Lansing, Michigan; and the National Association for Multicultural Education in Oakland, California. He has also presented teacher seminars internationally for the East Asia Regional Council of Overseas Schools in Kota Kinabalu, Malaysia, and Bangkok, Thailand; and the European Council of International Schools in Nice, France.

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