About the Program on Japan’s Role in the Evolving Global Economic System

With the rise of protectionism and challenges to economic stability, Japan continues to have a significant role on the global stage as a leader in international trade and monetary policy.

This program’s initiatives cover two major areas.

1. Japan’s wide-ranging economic, business, and trading relationships, bilaterally with the U.S., regionally and with the Asian and EU economies in particular, and globally.

This topic is of great importance now as protectionist trends are becoming stronger in the U.S. and Europe. After the United States withdrew from the TransPacific Partnership agreement, Japan constructively and actively assumed a major leadership role in what is now termed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with 11 members at present. A bilateral U.S.-Japan Trade Agreement was achieved in 2019.

2. The key role central banks play in global finance and economics and how it is influenced by the monetary policies of central banks.

This area of research examines the unique domestic and international impacts of monetary policy, especially policies enacted by the Bank of Japan, the Federal Reserve, and the European Central Bank. These central banks utilize essential policies to address inflation, economic growth, financial stability, and crisis management. Central bank digital currencies (CBDCs) are also an important topic of research. The People’s Bank of China is taking the lead in CBDCs, and it may become an international reserve currency rivaling the U.S. dollar.

Established in 2019, this program builds upon the Center’s research, training, and public programs involving Japan over the past 36 years to examine important developments in these two significant areas.

For more information about this program, contact Ryoko Ogino, Managing Director, at 212-853-8593 or [email protected].