Scholar’s Comment on the Thesis Presentation: I would like to express my deepest gratitude to the Japan-IMF Scholarship for Asia Pacific (JISPA) for the chance to be a JISPA scholar and to attend the "IMF-OAP JISPA Thesis Presentation" event held on June 23, 2015. I appreciate the initiative of IMF-OAP to organize such an event for JISPA scholars to present the economic issues they have researched. The JISPA thesis presentation is a well-organized event and I hope that it will continue in the future, including even more topics and economic issues.
(Mr. Vorakavin Thongphadungrojana, 2014-15, GRIPS, Bank of Thailand)

A farewell reception was held to congratulate the scholars on the successful completion of their studies after the thesis presentations. Ms. Thanyalak Vibulsrisajja and Mr. Ashrafbek Olimov gave a speech acknowledging their appreciation for the assistance provided by the Japanese Government, IMF, and the universities, and also encouraged their “Kohai/Juniors” to make their best effort in their studies.

Graduation Ceremonies and Awardees: Graduation ceremonies were held at the IUJ (June 26) and Hitotsubashi University (July 31). Three JISPA scholars, Messrs. Phuong Nguyen Van (State Bank of Vietnam), Mr. Sari Ran (National Bank of Cambodia), and Ms. Than Than Soe (Central Bank of Myanmar) received the Dean’s Citation awards. At Hitotsubashi University, the Director’s list, which is given to the students with highest GPA in their class, was awarded to Ms. Anchalee Sirikanerat (Bank of Thailand) and Mr. Tianhao Yue (China Banking Regulatory Commission).

Orientation Program: 30 incoming JISPA scholars attended the English component of the Orientation program, which commenced on July 13, 2015. Another five scholars, from countries where English is the official language, have participated in the the mathematics/basic econometrics component. OAP staff and an official of the Japanese Ministry of Finance visited the IUJ on August 20. After class observations, they held a meeting with the faculty members to discuss relevant issues and the structure of the OP for next year. During this visit, Mr. Giovanni Ganelli, OAP’s Deputy Head of Office,gave a lecture on “The Role of the IMF in the Global Economy” followed by the presentation on Japan’s contribution to the IMF and JISPA by Ms. Saika Kin, OAP Programs Manager. During the following Q&A (session), the scholars raised questions on the IMF’s quota reform as well as issues related to the JISPA’s requirements. They also expressed their high satisfaction with the courses and arrangements offered by the OP.

OAP Hosted Seminars: The JISPA scholars were invited to the following seminars organized by OAP:

• OAP Monthly Economic Issues Seminar "Sub-Saharan Africa Regional Economic Outlook: Navigating Headwinds and Sub-Saharan's Trade Integration in the Global Economy"
  Speakers: Roger Nord, Deputy Director, Wenjie Chen, Economist, African Department, IMF
  Date: June 16, 2015
• OAP Monthly Economic Issues Seminar "Afghanistan: Reforms to Build Self Reliance and Prosperity"
  Speaker: Paul Ross, Deputy Division Chief/Mission Chief for Afghanistan, Middle East and Central Asia Department, IMF
  Date: June 09, 2015

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1. Please describe your career path after graduating from the JISPA. How has the JISPA contributed to your career development?

I had worked as the Deputy Director of Foreign Exchange Administration Department in a sub-branch of the People’s Bank of China. After graduating from the JISPA, I was given a chance to be selected to work in the overseas representative office of the People’s Bank of China. I owe this opportunity to the JISPA, as the JISPA provided me with not only the academic knowledge but also the experience of international communication.

2. You were working as Deputy Representative, People’s Bank of China Tokyo Resident Representative Office, until this June. Could you please briefly outline your duties as the Deputy Representative, mentioning any experiences and challenging issues that you are facing (if there are any)?

As the Deputy Representative of the central bank of China, I needed to keep good connections with the financial authorities of Japan in order to better understand Japanese economic policies. It is an interesting thing that the liquidity trap which was once anextreme example in the text book has become so popular today and the quantitative easing (QE) monetary policy, which the Bank of Japan pioneered, is now being used by several other central banks. To gauge the effects of QE is very challenging.

3. Please describe the economic outlook of China and any policy challenges.

The economy of China has entered a new phase called the new normal, which means the growth rate of China will not be so fast as in the last thirty years but still be higher than most developed countries. This will bring changes to other countries too. In my view, the big potential problem of China will be the aging population, the society and the economy will meet more challenges that ever met before. Industrious and well educated labor, high saving rate and the largest consuming market will help ensure China is able to overcome any turbulence on its way to success.

4. Please briefly describe your student days in Japan, such as your major and research interest, as well as your experience of life in Japan.

I studied for a master’s degree at the International University of Japan, majoring in international development. The study helped me understand the path of China for its successful reform and what policies could be adopted in the future. Japan is an exquisite country. It is very convenient to live here. Niigata in Japan has the best ski resorts in the world; however the snow season there is too long (laugh).

5. Any message to the curren t JISPA scholars studying in Japan as well as potential candidates?

You will have a good chance to get close to watch the QE effect during your studies in Japan It is a brave monetary policy test. In addition, the gorgeous food and sightseeing of Japan definitely make it worth visiting and studying there.

6. Do you have any message that you wish to mention to Japan?

Like several other countries, Japan is facing the aging population problem, and this implies fierce competition among countries to attract talent from all over the world and sustain an energetic domestic labor market. I think that if Japan adopts a little bit more flexible and open labor policy, it would be able to attract more talent and more workers from abroad, and could become an even more charming and dynamic country.

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In the summer of 2012, several months before I was finishing my term in the People’s Bank of China, Tokyo Representative Office, I paid a visit to Fukushima prefecture, which had been hit by the Great East Japan earthquake and a resulting nuclear plant disaster the previous year. After more than one year’s recovery from this tragedy, I was expecting to go to one of the most affected areas to experience local peoples’ efforts to rebuild their homes.

As the capital of the prefecture, Fukushima city is about 60km away from the Fukushima Daiichi nuclear power plant, the direct damage caused by the earthquake and tsunami there was not as severe as in coastal areas. The people’s life was more threatened by the radiation leakage at that time. After getting off the Shinkansen and going out of the station, the first impression that Fukushima city gave me was no different from other average cities in Japan; quiet, clean and not so many cars on the streets as in Tokyo and other big cities. The city lies in a basin that is surrounded by green mountains, with the Abukuma River flowing quietly through its center. From my first sight, this was a very beautiful and comfortable place to live.

During this two-day trip, I first visited the Bank of Japan’s Fukushima branch. Mr. Nomura, the branch manager introduced to us the changing conditions of the Fukushima economy. In addition to causing tremendous human suffering, the disaster also had a significant impact on the local economy, with industrial production dropping sharply in the following months. But as a result of the massive reconstruction projects, the Fukushima economy had shown signs of recovery after some time, with many economic indicators even exceeding their previous levels.

To witness an example of the recovery of the real economy, I went to a local company - Fukushima Steel Works Co., LTD. This company had been hit hard during the earthquake. Its steelmaking furnace had stopped suddenly, which had caused a whole shut down of the production line. With the endeavor of all the employees and support from its partners, this company quickly restored its production within only one month, achieving a miraculous success against the natural disaster.

During my stay in Fukushima, I also enjoyed the delicious food there. I still remember clearly the taste of Fukushima peach, juicy and sweat, deserving to be one of the famous “Fukushima Meibutsu (a local specialty)”. Given this area’s role as an important granary in Japan, many people in Fukushima are living off of agriculture. But at that time, there were worries that the food products from Fukushima might had been contaminated with radioactivity, which could damage cells and lead to an increased risk of cancer. However, according to the introduction of local government officials, each food product here had been thoroughly checked before it was transported to customers, and the food safety could be absolutely guaranteed.

Through communicating with local people, I also got to know that there had been already signs of an increase in tourism to the Northeastern Japan, both to the region’s traditional sightseeing spots but also to some affected towns and cities that are safe for people to see and to understand the destruction. Tourism to the region had been actively promoted by the Japanese government and was seen as an important tool for revitalizing the region.

As it has been more than three years since my visit to Fukushima, some details about this earthquake might have faded away from my memory, but what is still vivid in my mind is Japanese people’s calm and strong character when facing challenges. Across the country, Japanese people showed their strength of solidarity by helping others, and standing patiently in line for water, food and supplies, without looting, or violence. Japan is a nation of 128 million people with a long history of natural disasters, from large-scale earthquakes and tsunamis to volcanic eruptions. All through these traumas, the Japanese people have proven again and again their resilience and strong character. In 2011, when the country was once again being tested, they continued to maintain a quiet dignity and unflinching determination, and have got through all those difficulties.

This also reminds me of a famous Japanese proverb to express my feeling about Japanese people’s character, "雨降って地固まる", which means after the rain, earth hardens or adversity builds character.

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1. Please outline your work responsibilities before enrolling on your studies in Japan.

Before commencing my graduate studies in Japan, I was part of the National Planning and Policy Staff of the National Economic and Development Authority (NEDA) of the Philippines. My main responsibilities at NEDA were the following: (1) re-specification and diagnostics of macroeconomic forecasting models; (2) review and preparation of periodic reports and briefing on the status of the economy and the implementation of economic policies, plans, and programs, with special focus on the monetary and external sectors of the economy; and (3) inflation forecasting and policy simulations including sensitivity analysis using various price variables (e.g., oil prices, exchange rates, wages, toll fees and transport rates)

2. What led you to study in Japan, and what motivated you to apply for the JISPA?

I applied only to JISPA in 2012 and with no back-up plan. Primarily because I had already experienced plenty of pleasant encounters with the IMF and its people in the past, in particular, during the IMF Article IV consultations in the Philippines, and also during my participation at some of IMF’s regional capacity building programs in Singapore. The most memorable, however, was when we sought assistance from the IMF when my office was pursuing to develop a Dynamic Stochastic General Equilibrium (DSGE) model for the Philippines – we received a lot of support from different IMF economists back then, not only in terms of model building but also with precious words of encouragement.

Another main reason is that, it has been my dream to study at a top-notch and globally renowned university like the University of Tokyo.

3. What are you studying? (What have you been studying?)

Our program at the University Tokyo (UTokyo) is Economics-centered—a subject that JISPA scholars should be well acquainted with given our role as economic policy makers in our home countries. At the UTokyo, I was able to take Case Study courses that focus on specific topics in Economics that I was interested in, particularly Financial Crisis; and Financial Development and Inequality.

Nonetheless, what probably sets the UTokyo experience apart is that we are able to explore ideas and thoughts outside the field of Economics, i.e. Politics and Law. I also felt lucky to have taken courses that tackled topics outside of the Social Science realm, for example, Sustainable Development on the engineering perspective, Robotics, Neuroscience and Neurosurgery, to name a few. We even have had the opportunity to operate some of the equipments at the University of Tokyo’s Faculty of Medicine.

The most rewarding experience, however, in my stay at the UTokyo was being given the opportunity to travel to France and the United Kingdom to attend seminars and meetings with academics and practitioners of Health Economics. With that I have gained so much understanding on the current issues concerning Global Health and International Health Policy.

4. Please tell us of one experience in Japan that made you feel happy, sad, surprised, or moved.

Pointing to one experience is a bit difficult for me, because living in Tokyo is a constant encounter with wonderful things—you can always find something unique and beautiful in this mega-city on a daily basis and it remains true even after almost two years of residing here.

Nonetheless, what makes living in Japan very pleasant in my opinion is the kindness and politeness of the Japanese people. I remember how one lady stopped in her tracks, got out other car and walked with us for few meters to show us a restaurant we couldn’t find. I was also able to retrieve my cellphone and wallet, when I dropped them at two separate instances, few days after.

Above all this, living in Japan, specifically in Tokyo has served as a constant reminder of the aspiration that one day my country will also attain a similar level of development.

5. Please describe your experience and/or impression of the JISPA (such as the Orientation Program, seminars, and meetings with IMF/OAP economists).

What I appreciate the most about JISPA is that it provides a venue for us scholars to gain knowledge outside the borders of our respective Universities. The various seminars lead by esteemed IMF Economists have provided us with valuable knowledge and have made us more aware of the global issues that are deemed important by the IMF— economic issues that also have implications on the situation of our own countries.

Nevertheless, the JISPA Orientation Program must be the most unforgettable part of being a JISPA scholar. Together with my scholar friends, we always find ourselves reminiscing our first months in Niigata prefecture where we initially forged the bonds of friendships— a connection that will surely transcend time and distance.

6. How would you like to utilize the knowledge and skills obtained through your studies under the JISPA in your future work?

Before I came to Tokyo, I felt that analyzing economic policies was a quite daunting task. A huge deal of experience and knowledge is necessary before one can truly provide any solid policy advice. The pressure to do well is often magnified with the reality that the things you do are for your country.

With the training I got from the UTokyo, I felt that I could now face various policy problems and puzzles with more confidence. Being cognizant of how the recent economic developments on the international stage tends to be muddled by uncertainty and how these developments can quickly resonate to the domestic economy, I take the knowledge I have acquired under the JISPA program to be more effective in dealing with tasks that lie ahead of me. The skills I have learned and the new perspectives I have obtained have fuelled my confidence so that I can be a better public servant by the time I return to the Philippines.

7. What is your future career vision and dream?

I have always envisioned myself working for the cause of development even before finishing my undergraduate degree. Hence, the career path I took has always revolved around issues of economic development (may it be on the micro and macro aspect of it). With this, I hope to remain on that line of profession. Nonetheless, I believe that in order to be better, I need to take up further studies and hope to continue working-hard to obtain a doctoral degree in Economics. If successful, I would like to use the Economic discipline, particularly by providing contributions in tackling the prevailing issues of development.

8. What is your favorite proverb or motto?

Since a young age, I have always lived by the saying, “Our greatest glory is not in never falling, but in rising every time we fall.” Recently, I found out this has a Japanese version,which says, "七転び八起き"— "Fall seven times, stand up eight."

9. Do you have any message to Japan?

As a scholar who has the privilege to be educated in Japan’s top university, I carry in me the responsibility of upholding the value of excellence wherever I may go. I will always keep in mind the lessons that I have learned here; will always be grateful to Japan for cradling our inquisitive minds and passionate hearts; and will always cherish the wonderful memories that I have gained in Japan.

10. Please provide us with any comments that you wish to convey.

To the people of JISPA, I would like to convey my sincerest gratitude for all the support and for the time you have willingly shared with us from the day that we submitted our JISPA application forms to the day that we return to our homelands—we owe so much to you.

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