Directory of Researchers

IWATSUBO Kentaro
Graduate School of Economics / Division of Economics
Professor
Other Human Science / Social Science Field
Last Updated :2021/10/24

Researcher Profile and Settings

Affiliation

  • <Faculty / Graduate School / Others>

    Graduate School of Economics / Division of Economics
  • <Related Faculty / Graduate School / Others>

    Faculty of Economics / Department of Economics

Teaching

Research Activities

Research Interests

  • International Finance
  • Finance

Research Areas

  • Humanities & social sciences / Money and finance

Committee Memberships

  • Jun. 2016, Japan Society of Monetary Economics, Board Member
  • Jun. 2016, 日本金融学会, 常任理事

Awards

  • Mar. 2015 村尾育英会, 村尾育英会 学術奨励賞, 為替レートのファイナンス分析

    IWATSUBO KENTARO

    Publisher

Published Papers

  • Kentaro Iwatsubo, Clinton Watkins

    Elsevier BV, Apr. 2021, Pacific-Basin Finance Journal, 101548 - 101548, English

    [Refereed]

    Scientific journal

  • Total Factor Productivity of Japanese Firms

    Kentaro Iwatsubo, Takashi Hiroki

    Lead, Feb. 2021, Journal of Economics and Business Administration, 223 (2), 49 - 62, Japanese

    [Invited]

    Scientific journal

  • Productivity and Stock Prices of Japanese Listed Firms

    Kentaro Iwatsubo, Takashi Hiroki

    Lead, Sep. 2020, Securities Analyst Journal, 58 (9), 78 - 87, Japanese

    [Refereed]

    Scientific journal

  • Kentaro Iwatsubo, Clinton Watkins

    © 2019 Elsevier Inc. We present evidence on the asymmetric information content of six investor groups' transactions in the gold, platinum, gasoline and rubber futures markets on the Tokyo Commodity Exchange. Microstructure theory suggests that traders with superior information regarding the efficient price should be more profitable in the long run. We find that foreign investors have the greatest influence over the efficient price in the gold market, domestic retail investors in the gasoline market and domestic investment funds in the platinum and rubber markets. Differences in the relative influence of investor groups over commodity futures are likely to reflect the degree of contract homogeneity and associated market liquidity. Foreign (domestic retail) investors have larger information shares for the homogeneous liquid (heterogeneous illiquid) contracts than for the heterogeneous illiquid (homogeneous liquid) contracts.

    GRADUATE SCHOOL OF ECONOMICS, KOBE UNIVERSITY, Jan. 2020, International Review of Financial Analysis, 67, English

    [Refereed]

    Scientific journal

  • Crude Oil Prices, Capital Flows, and Emerging Economies

    IWATSUBO KENTARO, OGASAWARA SATORU

    Policy Research Institute, Ministry of Finance, Jul. 2019, Public Policy Review, 15 (1), 35 - 67, English

    [Invited]

    Scientific journal

  • 資源価格、資本フロー、新興国経済

    IWATSUBO KENTARO, OGASAWARA SATORU

    財務省財務総合政策研究所, Mar. 2019, フィナンシャル・レヴュー, 137 (2), 35 - 61, Japanese

    [Invited]

    Scientific journal

  • IWATSUBO KENTARO

    Wiley, Sep. 2018, International Review of Finance, 18 (3), 463 - 475, English

    [Refereed]

    Scientific journal

  • Kentaro Iwatsubo, Clinton Watkins, Tao Xu

    We investigate intraday seasonality in, and relationships between, informational efficiency, volatility, volume and liquidity. Platinum and gold, both traded in overlapping sessions in Tokyo and New York, provide an interesting comparison because Tokyo is an internationally important trading venue for platinum but not for gold. Our analysis indicates that both platinum and gold markets in Tokyo are dominated by uninformed trading, while there is evidence supporting both uninformed and informed trading in New York. Separating global trading hours into Tokyo, London and New York day sessions, we also find that uninformed trading is more prevalent during the Tokyo day session while informed trading dominates the New York day session for both metals in both locations. This evidence suggests that futures markets for the same underlying commodity on different exchanges have different microstructure characteristics, while both informed and uninformed traders choose when to trade depending on market characteristics in different time zones.

    Elsevier B.V., 2018, Journal of Commodity Markets, 11, 59 - 71, English

    [Refereed]

    Scientific journal

  • Trading system in Jasdaq and liquidity

    IWATSUBO KENTARO

    The Keizai-Keiei Gakkai, Kobe University, Aug. 2017, Journal of Economics and Business Administration, 216 (2), 1 - 11, Japanese

    [Invited]

    Scientific journal

  • 地域銀行のアジア展開-東南アジアを中心に-

    IWATSUBO KENTARO

    全国地方銀行協会 金融構造研究会, Jun. 2016, 金融構造研究, 38, 45 - 56, Japanese

    [Invited]

    Scientific journal

  • IWATSUBO KENTARO

    The Securities Analysts Association of Japan, Apr. 2016, Securities Analysts Journal, 54 (4), 35 - 43, Japanese

    [Refereed]

    Scientific journal

  • International Portfolio Flows in the Post-global Financial Crisis Period

    IWATSUBO KENTARO, OGASAWARA SATORU

    Socieity of Monetary Economics, Feb. 2016, Japanese Journal of Monetary and Financial Economics, 4 (1), 18 - 37, Japanese

    [Refereed]

    Scientific journal

  • Price discovery in the commodity markets

    IWATSUBO KENTARO

    神戸大学経済経営学会, Aug. 2015, 国民経済雑誌, 212 (2), 15 - 24, Japanese

    Scientific journal

  • Kentaro Iwatsubo, Ian W. Marsh

    We examine the links between end-user order flows as seen by a major European commercial bank and macroeconomic fundamentals. We show that both exchange rate changes and flows are only weakly related to macroeconomic news announcements and hypothesize that the cat is already out of the bag' by the time the news is announced. Instead, order flows of financial and corporate customers reflect in real time the evolution of macroeconomies. The actions of the banks receiving the order flows in turn reveal the information to the market as a whole, which prices the exchange rate accordingly. By the time the news is announced, the exchange rate already contains the majority of the information. Copyright (c) 2014 John Wiley & Sons, Ltd.

    WILEY-BLACKWELL, Oct. 2014, INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, 19 (4), 251 - 266, English

    [Refereed]

    Scientific journal

  • Information Improving Channel of Exchange Rate Intervention: How Do Announcements Work?

    IWATSUBO KENTARO, KAWANISHI SATOSHI

    This paper presents a new channel of foreign exchange interventions under which official announcements can improve the accuracy of private agents’ information and encourage risk-arbitrage thereby enhancing the informativeness of the exchange rate. Unlike the traditional signaling channel, this effect holds even when the central bank does not possess superior information to trad

    Jun. 2014, Journal of Financial Studies, 22 (2), 27 - 64, English

    [Refereed]

    Scientific journal

  • Global Financial Crisis and International Capital Flows

    IWATSUBO KENTARO, OGASAWARA SATORU

    The Keizai-Keiei Gakkai, Kobe University, Sep. 2013, Journal of Economics and Business Administration, 208 (3), 87 - 103, Japanese

    Scientific journal

  • 金融政策とフィナンシャル・コンディションズ・インデックス-マクロ・プルーデンス政策のための量的指標

    IWATSUBO Kentaro, HARUI Hisashi

    Jan. 2011, 国民経済雑誌, 第203巻第1号, Japanese

    Scientific journal

  • 円キャリー・トレードと世界金融危機

    IWATSUBO KENTARO

    Oct. 2009, 国民経済雑誌, 200 (5), 35 - 49, Japanese

    Scientific journal

  • Eiji Ogawa, Kentaro Iwatsubo

    In this paper, we estimate structural VAR models with contemporaneous restrictions based on neo-classical and Keynesian theories to investigate whether the cause of current account surpluses for East Asian economies is a "saving glut" or undervalued currencies. Analytical results show that the major determinant of the current account is the real effective exchange rate for all East Asian countries with the exception of China for which the major determinant is domestic GDP. Accordingly, the recently requested revaluation of the Chinese yuan may not be an effective policy for reducing the Chinese current account surplus, and may affect other Asian current accounts. We also investigate whether a Chinese currency revaluation would contribute to the improvement of current account imbalances in East Asia and find that a revaluation would, indeed, improve the current accounts of Japan, Korea, Indonesia, and Thailand. Since the trade structures of major East Asian countries are substitutes with that of China, a Chinese currency revaluation might not lead to a decrease in East Asian current account surpluses. Coordination of currency policy among East Asian countries is, therefore, needed to solve the global current account imbalance. © 2009 Elsevier Inc. All rights reserved.

    Elsevier, May 2009, Journal of Asian Economics, 20 (3), 225 - 239, English

    [Refereed]

    Scientific journal

  • Intraday Evidence of Informational Efficiency of the Yen/Dollar Exchange Rate

    IWATSUBO KENTARO

    2009, Applied Financial Economics, 19, 1103 - 1115, English

    [Refereed]

    Scientific journal

  • Kentaro Iwatsubo

    Despite the downward trend of land prices and the ex post low return on real estate loans, Japanese banks increased their lending to the real estate sector during the 1990s. We argue that this phenomenon can be explained by the risk-shifting incentives of banks and discover that banks with low capital-to-asset ratios and low franchise value chose high-risk assets such as real estate loans. Unlike previous studies, we show that the capital-risk relationship is non-linear and changes from positive to negative as franchise value falls. We also find that a capital adequacy requirement did not prevent risk-taking behavior of under-capitalized banks since they then just issued more subordinated debts to meet this requirement. In contrast, government capital injections led banks to reduce risky loans at the margin. Recapitalization by issuing subordinated debts helped banks recover their capital losses and mitigated the credit crunch, but consequently allowed them to increase their exposure to the real estate sector and worsened the bad loan problems. (c) 2005 Elsevier B.V. All rights reserved.

    ELSEVIER SCIENCE BV, Mar. 2007, JAPAN AND THE WORLD ECONOMY, 19 (2), 166 - 186, English

    [Refereed]

    Scientific journal

  • Foreign Ownership and Firm Value

    IWATSUBO KENTARO

    Mar. 2007, 経済研究, 58 (1), 47 - 60, Japanese

    [Refereed]

    Scientific journal

  • Kentaro Iwatsubo, Kazuyuki Inagaki

    This paper investigates stock market contagion between U.S. and Asian markets. To distinguish between contagion and fundamentals-based stock price comovement, we use NYSE-traded stocks issued by Asian firms. Among the results, first we find that the empirical results show significant bilateral contagion effects in returns and return volatility. Second, contagion effects from U.S. market to Asian markets are stronger than in the reverse direction, indicating that the U.S. market plays a major role in the transmission of information to foreign markets. Third, the intensity of contagion was significantly greater during the Asian financial crisis than after the crisis. © 2006 Elsevier Inc. All rights reserved.

    Elsevier, Feb. 2007, Journal of Asian Economics, 18 (1), 217 - 236, English

    [Refereed]

    Scientific journal

  • 不動産価格の過剰反応

    IWATSUBO KENTARO

    1999, 季刊住宅土地経済, (春季), 22 - 29, Japanese

    [Refereed]

    Scientific journal

  • Foreign Investment and Stock Price Movements

    IWATSUBO KENTARO

    1999, 証券経済学会年報, 34, 29 - 41, Japanese

    [Refereed]

    Scientific journal

  • The Thai Financial System and the Baht Crisis: Processes, Causes and Lessons

    IWATSUBO KENTARO

    Oct. 1998, Asia Pacific Journal of Finance, 1 (2), 235 - 261, English

    [Refereed]

    Scientific journal

MISC

  • Government Bond Purchases and Liquidity and Efficiency in the JGB Cash and Futures Markets

    IWATSUBO KENTARO

    Tokyo Stock Exchanges, May 2017, Futures and Options Report, 29 (5), Japanese

    [Invited]

    Technical report

  • 投資主体別パフォーマンスと投資信託

    IWATSUBO KENTARO

    信託協会, Nov. 2014, 信託研究奨励金論集, (35号), Japanese

    [Invited]

    Introduction other

  • 金先物市場における夜間立会時間延長の効果

    IWATSUBO KENTARO

    大阪取引所, Apr. 2014, 先物・オプションレポート, Japanese

    [Invited]

    Introduction other

Books etc

  • Microstructure of Commodity Markets

    IWATSUBO KENTARO

    Joint work, Chuo Keizai Publisher, Apr. 2016, Japanese

    Scholarly book

  • 関西経済白書 2014年版

    IWATSUBO KENTARO

    Others, アジア太平洋研究所, Sep. 2014, Japanese

    General book

  • Commodity Investment Strategy: What Have We Learned from the Financialization of Commodity Markets?

    IWATSUBO KENTARO

    Others, 勁草書房, Apr. 2014, Japanese

    Scholarly book

  • グローバル・インバランスの経済分析

    IWATSUBO Kentaro, FUJITA Seiichi

    Joint work, 有斐閣, Oct. 2010, Japanese

    Scholarly book

  • Bank Lending and Bank-Firm Relationships in Japan

    IWATSUBO Kentaro

    Single work, Lambert Academic Press, Germany, Jan. 2010, English

    Scholarly book

Presentations

  • Who Is Successful in Foreign Exchange Margin Trading? New Survey Evidence from Japan

    IWATSUBO Kentaro

    Nippon Finance Association, 30 Nov. 2019, Japanese, Domestic conference

    Oral presentation

  • The Changing Role of Foreign Investors in Tokyo Stock Price Formation

    IWATSUBO Kentaro

    3rd RESSU Conference, 28 Nov. 2019, English, Shiga University, International conference

    Oral presentation

  • Who Influences the Fundamental Value of Commodity Futures in Japan?

    IWATSUBO KENTARO

    INFINITI Conference, Dec. 2018, English, University of Sydney, International conference

    Oral presentation

  • Who Influences the Fundamental Value of Commodity Futures in Japan

    IWATSUBO KENTARO

    31th Australasian Finance and Banking Conference, Dec. 2018, English, Shangri-la Hotel, Sydney, International conference

    Oral presentation

  • Term Structure of Credit Spreads under Unconventional Monterey Policies in Japan

    IWATSUBO KENTARO

    International Conference on Economic Theory and Policy, Sep. 2018, English, Meiji University, International conference

    Oral presentation

  • Term Structure of Credit Spreads under Unconventional Monterey Policies in Japan

    IWATSUBO KENTARO

    Nippon Finance Association, Jun. 2018, Japanese, Hitotsubashi University, Domestic conference

    Oral presentation

  • Intraday Seasonality in Efficiency, Liquidity, Volatility and Volume: Platinum and Gold Futures in Tokyo and New York

    IWATSUBO KENTARO

    30th Australasian Finance and Banking Conference, Dec. 2017, English, Sydney, International conference

    Oral presentation

  • Quantitative Easing and Liquidity in the Japanese sovereign bond market

    IWATSUBO KENTARO

    日中五大学シンポジウム, Oct. 2017, English, 南開大学,天津,中国, International conference

    Invited oral presentation

  • Market Maker System versus Continuous Auction System: Evidence from JASDAQ Market

    IWATSUBO KENTARO

    経営財務研究学会, Sep. 2017, Japanese, 関西大学, Domestic conference

    Oral presentation

  • Intraday Seasonality in Efficiency, Liquidity, Volatility and Volume: Platinum and Gold Futures in Tokyo and New York

    IWATSUBO KENTARO

    AJFC- RIETI Workshop on Economic and Financial Analysis of Commodity Markets, Sep. 2017, English, Australian National University, International conference

    Oral presentation

  • Quantitative Easing and Liquidity in the Japanese sovereign bond market”

    IWATSUBO KENTARO

    World Finance Conference, Jul. 2017, English, Sardinia, International conference

    Oral presentation

  • Market Maker System versus Continuous Auction System: Evidence from JASDAQ Market

    IWATSUBO KENTARO

    日本ファイナンス学会, Jun. 2017, Japanese, 千葉工科大学, Domestic conference

    Oral presentation

  • FX証拠金取引のロスカット規制-気質効果とリスクテイク-

    IWATSUBO KENTARO

    日本経済学会, Sep. 2016, Japanese, 早稲田大学, Domestic conference

    Oral presentation

  • Quantitative Easing and Liquidity in the Japanese sovereign bond market

    IWATSUBO KENTARO

    Asian Finance Association, Jun. 2016, English, Bangkok, Thailand, International conference

    Oral presentation

  • FX証拠金取引のロスカット規制-気質効果とリスクテイク-

    IWATSUBO KENTARO

    日本金融学会, May 2016, Japanese, 武蔵大学, Domestic conference

    [Invited]

    Nominated symposium

  • FX証拠金取引のロスカット規制-気質効果とリスクテイク-

    IWATSUBO KENTARO

    日本ファイナンス学会, May 2016, Japanese, 横浜国立大学, Domestic conference

    Oral presentation

  • 国債市場の流動性と金融政策

    IWATSUBO KENTARO

    日本経済学会, Oct. 2015, Japanese, 上智大学, Domestic conference

    Oral presentation

  • 国債市場の流動性と金融政策

    IWATSUBO KENTARO

    日本金融学会, Oct. 2015, Japanese, 東北大学, Domestic conference

    Oral presentation

  • Government Interventions and Liquidity in the Japanese sovereign bond market

    IWATSUBO KENTARO

    International Conference on New Thinking and Economic Theory and Policy, Sep. 2015, English, Meiji University, International conference

    Oral presentation

  • 国債市場の流動性と金融政策

    IWATSUBO KENTARO

    日本ファイナンス学会, Jun. 2015, Japanese, 日本ファイナンス学会, 東京大学, Domestic conference

    Oral presentation

  • 中国と東南アジアにおける邦銀の事業展開:現状と課題

    IWATSUBO KENTARO

    日本金融学会, Oct. 2014, Japanese, 山口大学, Domestic conference

    [Invited]

    Nominated symposium

  • 国債市場の流動性と金融政策

    IWATSUBO KENTARO

    MEW研究会, Oct. 2014, Japanese, Domestic conference

    Invited oral presentation

  • International portfolio flows in the post-global financial crisis period

    IWATSUBO KENTARO

    International Conference on New Thinking and Economic Theory and Policy, Sep. 2014, English, 明治大学, International conference

    Oral presentation

  • 商品先物市場の流動性と効率性-夜間立会時間延長の効果-

    IWATSUBO KENTARO

    日本金融学会, May 2014, Japanese, 慶應大学, Domestic conference

    Oral presentation

  • 商品先物市場の流動性と効率性-夜間立会時間延長の効果-

    IWATSUBO KENTARO

    日本ファイナンス学会, May 2014, Japanese, 中央大学, Domestic conference

    Oral presentation

  • 商品先物市場の流動性と効率性-夜間立会時間延長の効果-

    IWATSUBO KENTARO

    経営研究会, Jul. 2013, Japanese, 大阪大学, Domestic conference

    Oral presentation

  • 商品先物市場の流動性と効率性-夜間立会時間延長の効果-

    IWATSUBO KENTARO

    金融研究会, Jul. 2013, Japanese, 神戸大学, Domestic conference

    Oral presentation

  • 商品先物市場の流動性と効率性-夜間立会時間延長の効果-

    IWATSUBO KENTARO

    MEW研究会, Jun. 2013, Japanese, 大阪大学, Domestic conference

    Oral presentation

  • 商品先物市場の流動性と効率性-夜間立会時間延長の効果-

    IWATSUBO KENTARO

    コモディティ研究会, May 2013, Japanese, 東京商品取引所, Domestic conference

    Oral presentation

  • 商品先物市場の流動性と効率性-夜間立会時間延長の効果-

    IWATSUBO KENTARO

    横浜国立大学・南山大学共同ファイナンス・ワークショップ, Nov. 2012, Japanese, 横浜国立大学, Domestic conference

    [Invited]

    Invited oral presentation

  • Order Flows, Fundamentals and Exchange Rates

    Kentaro Iwatsubo

    経済研究会, Aug. 2012, Japanese, 経済研究会, 愛媛大学, International conference

    [Invited]

    Invited oral presentation

  • Order Flows, Fundamentals and Exchange Rates

    Kentaro Iwatsubo

    Asian Finance Association Meeting, Jul. 2012, English, Asian Finance Association, 台湾The Grand Hotel, International conference

    Oral presentation

  • Order Flows, Fundamentals and Exchange Rates

    Kentaro Iwatsubo

    日本金融学会, May 2012, Japanese, 日本金融学会, 立正大学, International conference

    Oral presentation

  • Order Flows, Fundamentals and Exchange Rates

    Kentaro Iwatsubo

    日本ファイナンス学会, May 2012, Japanese, 日本ファイナンス学会, 一橋大学, International conference

    Oral presentation

  • Information Improving Channel of Exchange Rate Intervention: How Do Announcements Work?

    Kentaro Iwatsubo

    経済学会・研究会, Mar. 2012, Japanese, 九州産業大学, 九州産業大学, Domestic conference

    [Invited]

    Invited oral presentation

  • Order Flows, Fundamentals and Exchange Rates

    Kentaro Iwatsubo

    Third Workshop on International Economics, Feb. 2012, English, 大阪大学, リーガロイヤルホテル大阪, International conference

    Oral presentation

  • Information Improving Channel of Exchange Rate Intervention: How Do Announcements Work?

    IWATSUBO Kentaro

    東北大学現代経済研究会, Oct. 2011, Japanese, 東北大学, 仙台市, Domestic conference

    [Invited]

    Invited oral presentation

  • 為替予測の先端的研究

    IWATSUBO Kentaro

    日本金融学会 秋季大会, Sep. 2011, Japanese, 日本金融学会 秋季大会, 東大阪市, Domestic conference

    [Invited]

    Invited oral presentation

  • Order Flows, Fundamentals and Exchange Rates

    IWATSUBO Kentaro

    大阪大学MEW研究会, Apr. 2011, Japanese, 大阪大学MEW研究会, 豊中市, Domestic conference

    [Invited]

    Invited oral presentation

  • International Transmission of Business Cycles: Evidence from Dynamic Correlations

    IWATSUBO Kentaro

    Regional Disparities in Central and Eastern Europe, Nov. 2010, English, Institute of Economic Research, Slovak Academy of Sciences, Smolenice, Slovakia, International conference

    [Invited]

    Invited oral presentation

  • 円キャリー・トレード、グローバル・インバランス、世界金融危機

    IWATSUBO Kentaro

    財務省財総研ランチミーティング, Sep. 2010, Japanese, 財務省財総研, 東京都千代田区, Domestic conference

    [Invited]

    Invited oral presentation

  • International Transmission of Business Cycles: Evidence from Dynamic Correlations

    IWATSUBO Kentaro

    日本金融学会 秋季大会, Sep. 2010, Japanese, 日本金融学会 秋季大会, 神戸市, Domestic conference

    Oral presentation

  • Information Improving Channel of Exchange Rate Intervention: How Do Announcements Work?

    IWATSUBO Kentaro

    Finance Research Workshop, Jun. 2010, English, City University London,UK, London, UK, International conference

    [Invited]

    Invited oral presentation

Association Memberships

  • Japan Society of Monetary Economics

Research Projects