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MIZUNO Tomomichi
Graduate School of Economics / Division of Economics
Professor

Researcher basic information

■ Research Areas
  • Humanities & social sciences / Economic policy

Research activity information

■ Paper
  • ネットワーク外部性をともなう市場における卸売価格の内生的な契約時期
    水野倫理
    Sep. 2024, 国民経済雑誌, 228(3) (3), 97 - 106, Japanese
    Research institution

  • Consumer-Benefiting Transport Cost: The Role of Product Innovation in a Vertical Structure
    Kazuhiro Takauchi, Tomomichi Mizuno
    2024, B.E. Journal of Theoretical Economics, 24(2) (2), 661 - 690, English
    [Refereed]
    Scientific journal

  • Profitable Gray Market with Asymmetric Costs
    Qing Hu, Tomomichi Mizuno
    2024, forthcoming in Applied Economics Letters, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Endogenous Choice of Price or Quantity Contract with Upstream Advertising
    Qing Hu, Dan Li, Tomomichi Mizuno
    2024, Metroeconomica, 75(1) (1), 34 - 51, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Bertrand Competition in Vertically Related Markets
    Tomomichi Mizuno, Kazuhiro Takauchi
    2024, Applied Economics Letters, 31(6) (6), 524 - 529, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Akio Kawasaki, Tomomichi Mizuno, Kazuhiro Takauchi
    Springer Science and Business Media LLC, 2023, Journal of Economics, 140(3) (3), 209 - 231, English
    [Refereed]
    Link to Kobe Univ. Repository (Kernel)

  • Personalized Pricing with Heterogeneous Mismatch Costs
    Noriaki Matsushima, Tomomichi Mizuno, Cong Pan
    2023, Southern Economic Journal, 90(2) (2), 369 - 388, English
    [Refereed]
    Scientific journal

  • Capacity Choice with Upstream Investment
    Qing Hu, Tomomichi Mizuno
    2023, Managerial and Decision Economics, 44(8) (8), 4395 - 4403, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • 株式相互保有がフランチャイズ契約数に与える影響
    水野倫理
    Apr. 2022, 国民経済雑誌, 225(4) (4), 71 - 82
    Research institution
    Link to Kobe Univ. Repository (Kernel)

  • Kazuhiro Takauchi, Tomomichi Mizuno
    Wiley, 2022, The World Economy, 45(5) (5), 1477 - 1500, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Input Price Discrimination with Passive Partial Ownership
    Qing Hu, Tomomichi Mizuno, Junghyun Song
    2022, Applied Economics Letters, 29(8) (8), 713 - 717, English
    [Refereed]
    Scientific journal

  • Downstream Cross-Holdings and Upstream R&D
    Qing Hu, Aika Monden, Tomomichi Mizuno
    2022, Journal of Industrial Economics, 70(3) (3), 775 - 789
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Positive Effects of Bundling on Rival's Profit and Social Welfare in a Vertical Relationship
    Qing Hu, Tomomichi Mizuno
    2021, Economics Bulletin, 41(1) (1), 85 - 92, English
    [Refereed]
    Scientific journal

  • Endogenous Timing and Manufacturer Advertising: A Note
    Qing Hu, Tomomichi Mizuno
    2021, Metroeconomica, 72(2) (2), 309 - 320, English
    [Refereed]
    Scientific journal

  • 直接販路の設置による投入物・卸売価格への影響
    水野倫理
    Sep. 2020, 国民経済雑誌, 222(3) (3), 51 - 60, Japanese
    Research institution
    Link to Kobe Univ. Repository (Kernel)

  • Optimal Export Policy with Upstream Price Competition
    MIZUNO TOMOMICHI, TAKAUCHI KAZUHIRO
    2020, Manchester School, 88(2) (2), 324 - 348, English
    [Refereed]
    Scientific journal

  • Takauchi, Kazuhiro, Mizuno, Tomomichi
    This study considers transport-price contracts in a two-country duopoly model with firm-specific carriers. It is well-known that when an upstream firm fails to commit to keeping its transaction (or transport) price after a downstream firm's R&D investment, it causes the hold-up problem and diminishes the incentive for R&D investment. While previous literature emphasizes that the commitment to keep the transaction price is needed to overcome the hold-up problem, we show that this commitment may harm all firms. We also discuss the robustness of our results in cases with R&D spillovers, product differentiation, and non-linear production costs.
    ELSEVIER, Jan. 2019, International Review of Economics & Finance, 59, 29 - 49, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Network Externality and Launching Low-Quality Product through Direct Channel
    MIZUNO TOMOMICHI
    Nov. 2018, 国民経済雑誌, 218(5) (5), 27 - 37, Japanese
    Research institution
    Link to Kobe Univ. Repository (Kernel)

  • Mizuno, Tomomichi, Takauchi, Kazuhiro
    This study considers the role of the cost uncertainty associated with meeting the rules of origin (ROO) in a free trade area/agreement (FTA). While the literature tends to overlook the cost uncertainties of ROO compliers, we show that the uncertain production costs resulting from meeting the ROO yield the coexistence of compliers and non-compliers in symmetric oligopoly firms. We also show that the regime in which compliers and non-compliers coexist is not the best one for an FTA importer, while it may be the best one for world welfare. We also discuss the case that uncertain production costs are firm-specific.
    ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2018, Asia-Pacific Journal of Accounting and Economics, 25(5) (5), 515 - 532, English
    [Refereed]
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • Supply Function Competition and Delegation in a Market with Network Effects
    MIZUNO TOMOMICHI
    神戸大学経済経営学会, Dec. 2016, 国民経済雑誌, 214(6) (6), 33 - 43, Japanese
    Scientific journal
    Link to Kobe Univ. Repository (Kernel)

  • MIZUNO TOMOMICHI
    Kobe University, Jan. 2016, 国民経済雑誌, 213(1) (1), 35 - 48, Japanese
    [Invited]
    Research institution
    Link to Kobe Univ. Repository (Kernel)

  • Iida takeshi, MIZUNO TOMOMICHI, Yumi Yoshida
    Canadian Center of Science and Education, 2014, Journal of Management and Sustainability, 4(1) (1), 76 - 83, English
    [Refereed]
    Scientific journal

  • Takauchi Kazuhiro, Mizuno Tomomichi
    尾道市立大学経済情報学部, Jun. 2013, 尾道市立大学経済情報論集 = Journal of economics, management & information science, 13(1) (1), 65 - 78, English
    Research institution

  • 台湾の茶産業マーケティング戦略の分析 －「天仁茗茶」を例として－
    張 銘今, 張 匀嘉, MIZUNO TOMOMICHI
    長崎県立大学東アジア研究所, 2013, 東アジア評論, 5(5) (5), 47 - 61, Japanese
    Research institution

  • Vertical Separation as a Defense Against Strong Suppliers
    Noriaki Matsushima, MIZUNO TOMOMICHI
    2013, European Journal of Operational Research, 228(1) (1), 208 - 216, English
    [Refereed]
    Scientific journal

  • Strategic Reason for Employing Workers with Public Service Motivation
    Wakana Hatada, MIZUNO TOMOMICHI
    2013, Open Journal of Political Science, 3(4) (4), 131 - 133, English
    [Refereed]
    Scientific journal

  • Noriaki Matsushima, Tomomichi Mizuno
    We provide a theoretical framework to discuss the relation between firm size and vertical structures. The framework is based on a Hotelling model with three downstream and three upstream firms. We show that vertical integration enhances the degree of product differentiation and show the strategic complementarity of product positioning. We also show that the downstream firm that has the largest market share is more likely to integrate vertically. Enhancing the degree of product differentiation is more beneficial for the large firm than for the rest of the downstream firms because the large firm supplies a large amount of product.
    WILEY-BLACKWELL, Dec. 2012, Bulletin of Economic Research, 64(s1) (s1), s1 - s21, English
    [Refereed]
    Scientific journal

  • Tomomichi Mizuno
    We consider a game in which symmetric manufacturers decide whether to set up sites (e.g., web sites) where consumers can buy their products directly. Following this decision, the manufacturers choose quantities to sell to the retailers, and then the manufacturers with direct-sales sites and retailers choose quantities to sell to the consumers. We show that since an increase in the number of retailers may drive the direct-selling manufacturers from the retail market, it may raise the retailers' profit and reduce social welfare. Finally, we discuss two cases: an oligopolistic wholesale market and a market with price competition and differentiated products. © 2012 Wiley Periodicals, Inc.
    Jun. 2012, Journal of Economics and Management Strategy, 21(2) (2), 373 - 397, English
    [Refereed]
    Scientific journal

  • Noriaki Matsushima, Tomomichi Mizuno
    Matsushima, Noriaki, and Mizuno, Tomomichi-Profit-enhancing competitive pressure in vertically related industries Under a simple Cournot model with vertical relations, when downstream firms engage in process R&D, the profits of input suppliers for which upstream competition exists may be larger than those in which each input supplier has a bilateral Monopoly relation with its buyer (downstream firm). This is because upstream competition leads to higher levels of investment by the downstream firms. Furthermore, we incorporate the decisions of downstream firms to acquire the ability to procure input from potential outside suppliers, which has the effect of placing competitive pressure on existing input suppliers. We show that no downstream firm acquires such an ability to procure its input from potential outside suppliers in some cases although the acquisition could benefit the input suppliers. J. Japanese Int. Economies 26 (1) (2012) 142-152. Institute of Social and Economic Research, Osaka University, Mihogaoka 6-1. Ibaraki, Osaka 567-0047, Japan; Faculty of Economics, University of Nagasaki, 123 Kawashimo-cho, Sasebo-city, Nagasaki 858-8580, Japan. (C) 2012 Elsevier Inc. All rights reserved.
    ACADEMIC PRESS INC ELSEVIER SCIENCE, Mar. 2012, Journal of the Japanese and International Economies, 26(1) (1), 142 - 152, English
    [Refereed]
    Scientific journal

  • Noriaki Matsushima, Tomomichi Mizuno
    We provide a model to investigate vertical integration decisions. This model assumes that local downstream manufacturers require two inputs to make their final products. One input is produced by a supplier shared by both manufacturers; another is produced by an exclusive supplier for each manufacturer. We show that vertical integration of each downstream firm with its exclusive supplier enhances the input demand for the common supplier, leading to an increase in the common supplier's input price due to the elimination of the double marginalization. Moreover, downstream firms that require a smaller quantity of inputs from the common supplier, for instance, those with efficient production technology or smaller downstream demand, are more likely to vertically integrate because vertical integration yields a smaller increase in input price. Thus, the cause of firm-size heterogeneity is important to consider when investigating the relationship between firm size and the tendency to vertically integrate.
    WALTER DE GRUYTER & CO, 2012, The B.E. Journal of Economic Analysis & Policy, 12(1) (1), English
    [Refereed]
    Scientific journal

  • Market Definition of Long Distance Transportation Market in Japan: An Event Study Approach
    MIZUNO TOMOMICHI, Kunihiro Hanabusa
    2011, Asian Journal of Law and Economics,, 2(2) (2), English
    [Refereed]
    Scientific journal

  • Tomomichi Mizuno
    In this paper we evaluate the effects of horizontal mergers in a vertical relationship. Each downstream firm can create autonomous divisions. We show that an infinitesimal merger of downstream firms may exhibit a positive welfare effect if the upstream and downstream sectors are sufficiently unconcentrated. However, any merger of upstream firms reduces social welfare. Moreover, a decrease in the concentration in the upstream stage (respectively downstream stage or non-merging stage) makes the welfare effects of the merger in the upstream stage (respectively downstream stage or non-merging stage) less negative (respectively ambiguous or ambiguous).
    WILEY-BLACKWELL PUBLISHING, INC, Jun. 2009, Manchester School, 77(3) (3), 317 - 336, English
    [Refereed]
    Scientific journal

  • Vertical Integration with Fixed Cost in Upstream Market: NSK/Amatsuji Merger
    MIZUNO TOMOMICHI, Koki Arai, Chizuru Ikeda, Nobufumi Nishimura
    In this paper, we discuss the case of the integration between NSK and Amatsuji Steel Ball by using the successive oligopoly model. We show that the integration does not lead to input foreclosure. However, it leads to customer foreclosure, if the fixed cost of a rival firm in the upstream market is high. Even in the case of customer foreclosure, since the integration reduces the final goods price, it is always beneficial for consumers.
    ECONOMICS BULLETIN, 2009, Economics Bulletin, 29(3) (3), 2445 - 2455, English
    [Refereed]
    Scientific journal

■ MISC
  • Consumer-benefiting transport cost: The role of product innovation in a vertical structure
    Kazuhiro Takauchi, Tomomichi Mizuno
    Aug. 2020, Kobe University Discussion Paper, No.2017
    Link to Kobe Univ. Repository (Kernel)

  • A manufacturer's incentive to open its direct channel and its impact on welfare
    Noriaki Matsushima, Tomomichi Mizuno, Cong Pan
    Mar. 2018, ISER Discussion Paper No. 1026

  • Supplier encroachment and retailer effort
    Noriaki Matsushima, Tomomichi Mizuno
    Mar. 2018, ISER Discussion Paper No. 1027

  • Better technology may be sold for a lower fee : The ad valorem tariff and licensing contract
    Mizuno Tomomichi, Takauchi Kazuhiro, Iida Takeshi
    神戸大学大学院経済学研究科, 24 Jul. 2011, 神戸大学経済学研究科 Discussion Paper, 1109, English
    Link to Kobe Univ. Repository (Kernel)

  • Profit enhancing competitive pressure in vertically related industries
    松島 法明, 水野 倫理
    神戸大学大学院経営学研究科, Feb. 2009, 神戸大学経営学研究科 Discussion paper, 2009, Japanese

■ Lectures, oral presentations, etc.
  • Positive Effects of Bundling on Rival’s Profit in Unionized Oligopoly
    MIZUNO TOMOMICHI
    日本経済政策学会第73回全国大会, May 2016, Japanese, 九州産業大学, Domestic conference
    Oral presentation

  • Successive Oligopoly with Pricing Power in Upstream Market
    MIZUNO TOMOMICHI
    日本経済政策学会第７２回全国大会, May 2015, Japanese, 国士舘大学, Domestic conference
    Oral presentation

  • Environmental Tax Burden in a Vertical Relationship with Environmental Innovation
    MIZUNO TOMOMICHI
    2009年度日本経済学会秋季大会, 2009, Japanese, 専修大学, Domestic conference
    Oral presentation

  • Why do large firms tend to integrate vertically?
    MIZUNO TOMOMICHI
    2008年度日本経済学会春季大会, 2008, Japanese, 東北大学, Domestic conference
    Poster presentation

  • Direct Marketing in Duopolistic Wholesale Market
    MIZUNO TOMOMICHI
    The 7th International Conference of the Japan Economic Policy Association, 2008, English, 同志社大学, International conference
    Oral presentation

  • Direct Marketing in Duopolistic Wholesale Market
    MIZUNO TOMOMICHI
    2008年度日本経済学会秋季大会, 2008, Japanese, 近畿大学, Domestic conference
    Poster presentation

  • Horizontal Merger and Social Welfare: Merger of Upstream Firms and of Downstream Firms with Divisions
    MIZUNO TOMOMICHI
    2006年度日本経済学会秋季大会, 2006, Japanese, 大阪市立大学, Domestic conference
    Oral presentation

■ Research Themes
  • 理論研究と実証分析の融合による法経連携法政策学研究
    山本 顯治, 大内 伸哉, 後藤 剛史, 若松 良樹, 島並 良, 座主 祥伸, 村上 佳世, 水野 倫理, 中村 健太, 榊 素寛, 角松 生史
    日本学術振興会, 科学研究費助成事業, 基盤研究(B), 追手門学院大学, 01 Apr. 2023 - 31 Mar. 2028
    今年度の研究においては「人工知能に関する損害賠償責任制度の経済分析」、「Greenwashing beneficial for the Society?」、「談合のリニエンシー（課徴金減免）制度の実験研究」、「上限金利規制と非合法市場」等々を取り上げ、共同研究を行った。Zoomを用いて遠隔地の共同研究者の移動負担を軽減するとともに、外部研究者による研究報告を積極的に取り入れ、充実した共同研究の場を生み出すことができた。 また、本科研研究に基づく研究成果は以下の通りである。(1)Qing Hu and Tomomichi Mizuno (2024) Profitable gray market with asymmetric costs. Applied Economics Letters, pp.1-5、(2)村上佳世「持続的農業の経済学」2024年3月、中央経済社、(3)村上佳世「LIME3 改訂増補 グローバルスケールのLCAを実現する環境影響評価手法」、2023年12月、丸善出版、(4)中村健太（2023）「商標の利用と不使用取消審判 -商標枯渇問題への接近」, 根岸哲・泉水文雄・和久井理子（編）『プラットフォームとイノベーションをめぐる新たな競争政策の構築』, 商事法務、(5)座主祥伸「上限金利規制と非合法市場」単著、なにわ大阪研究第5号、pp.81-100 (2023)、(6)若松良樹「認識主義と多様性」法哲学年報2022（2023),120-124頁、(7)山本顯治「契約不適合責任と錯誤 -契約を起点として契約責任を考える」追手門法学第1号(2024年3月）33-46頁。

  • Designing next generation regulations to address multidimensional risks caused by the expansion of digital platforms
    池田 千鶴, 武田 邦宣, 寺田 麻佑, 中川 丈久, 善如 悠介, 行岡 睦彦, 得津 晶, 佐藤 進, 泉水 文雄, 和久井 理子, 川濱 昇, 水野 倫理, 生貝 直人, 川島 富士雄, 井畑 陽平, 水谷 瑛嗣郎, 根岸 哲, 木下 昌彦
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (A), Kobe University, 01 Apr. 2022 - 31 Mar. 2027

  • Welfare effects on equity holdings in vertical markets
    水野 倫理
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (C), Kobe University, 01 Apr. 2020 - 31 Mar. 2023
    前年度の研究では，株式を保有している企業が被保有企業の意思決定に影響を及ぼす状況についての分析が十分ではなかったため，この点についての研究を進めた。このような状況では，株式を保有している企業は自身の利益につながるような経営判断を被保有企業に望むことになる。その結果，経営に影響を及ぼす株式保有は株式相互保有と似た特徴を持つようになる。今年度の研究では，このような性質が垂直的市場における様々な企業行動にどのような影響を持つのかに関して分析を進め，より特徴的な状況を模索した。特に，研究開発や生産容量の意思決定への影響に注目し，現在は分析結果を整理している。 また，本研究計画は垂直的市場を扱っており，副次的な成果物として，“Endogenous Transport Price, R&D Spillovers, and Trade”と題する論文を英文査読付雑誌である The World Economy に受理および出版することができた。この論文では，垂直的市場において川上企業が輸送サービスという同質財に関して価格競争を行い，川下企業が限界費用削減投資を伴う数量競争を行う状況を扱っている。分析の結果，川上企業数の増加によって川上市場の競争が激しくなるが，それは必ずしも消費者余剰の増加をもたらさないことが示されている。 また，この副次的な成果で扱った川上市場における同質財価格競争に株式保有の特徴を取り入れ，その影響について分析を進めた。現時点で注目すべき特徴は得られていないが，数量競争との比較を行うなどの準備を進めており，何らかの成果が得られることを期待している。

  • Economic Analysis on Utilization of Personal Data and Consumers' Identity Management in Oligopoly Markets
    松島 法明, 中川 晶比兒, 北村 紘, 篠原 隆介, 水野 倫理
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (B), Osaka University, 01 Apr. 2019 - 31 Mar. 2023
    主に、各種情報の利用が寡占市場の競争や経済厚生に与える影響について理論分析を行った。2021年度中の成果から主要なものを記載する。 １．2020年度中にディスカッションペーパー(DP)としてChen, Choe, Chog, and Matsushima (2021, ISER DP 1108)を公開したが、2021年8月国際学術誌に受理され、年度中に発刊された。ここでは消費者情報の獲得に役立つ製品（例、健康情報を収集できる製品）を販売する市場と情報を直接活用できる市場（例、健康関連サービス提供）の相互依存関係を検討し、特定企業のみ両市場に参入して情報の利活用をして個別製品を個別価格で提供できる競争環境では、情報の利活用によるサービスの質向上が見込まれると市場拡大の誘因が強まって独占化による弊害が生じる危険性が高いことを示すなど、市場横断型のデータ活用に対する競争政策上の懸念を示した。 ２．2020年度中にDPとしてMacho-Stadler, Matsushima, and Shinohara (2020, ISER DP 1069RR)を公開したが、2021年度中に国際学術誌に発刊された。 ３．2019年度中にDPとしてChoe, Matsushima, and Tremblay (2020, ISER DP 1083)を公開したが、国際学術誌での改訂要求を受けて様々な拡張を行った。ここでは、企業が単独で有する個人情報は競争優位をもたらすにもかかわらず、Choe, King, and Matsushima (2018)が分析した２期間の設定では、競争関係にある企業間で個人情報を共有する誘因があり、結果として消費者厚生が損なわれることを既に示していたが、この結果は一部消費者の選好が時点間で変化しても成立し続けるなど、結果が成立する市場環境を明確化できた。

  • 根岸 哲
    科学研究費補助金／基盤研究(A), Apr. 2017 - Mar. 2022
    Competitive research funding

  • 水野 倫理
    学術研究助成基金助成金／若手研究(B), Apr. 2016 - Mar. 2019, Principal investigator
    Competitive research funding

  • Economic Analysis on competition policy and vertically related markets
    MATSUSHIMA Noriaki, ISHIBASHI Ikuo, MIZUNO Keizo, SHIMIZU Daisuke, ZHAO Laixun, CHEN Zhijun, CHOE Chongwoo, KING Stephen, MACHO-STADLER Inés, PAN Cong, SATO Misato, YOSHIDA Shohei
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Scientific Research (B), Osaka University, 01 Apr. 2015 - 31 Mar. 2018
    Theoretical economic analysis is indispensable to understand the impact of economic activities under vertically related markets on economic welfare. We mainly analyzed many market environments with vertical relations, which contributes to the discussion on competition policy. Throughout the project, the bargaining powers of agents in each market environment substantially influence the predicted outcomes. For instance, under a bilateral monopoly market with a manufacturer and a retailer, the manufacturer opens its direct distribution channel to improve its disagreement payoff if its bargaining power over the retailer is not sufficiently strong. The effect of the opening on economic welfare depends on the efficiency of the direct distribution channel. When the retailer and the direct distribution channel compete in quantity, the opening harms economic welfare if the efficiency of the direct distribution channel is slightly worse than that of the retailer.

  • 柳川 隆
    科学研究費補助金／基盤研究(B), Apr. 2013 - Mar. 2017
    Competitive research funding

  • 水野 倫理
    学術研究助成基金助成金／若手研究(B), Apr. 2013 - Mar. 2016, Principal investigator
    Competitive research funding

  • 泉水 文雄
    科学研究費補助金／基盤研究(A), Apr. 2012 - Mar. 2016
    Competitive research funding

  • A Research on the Effects of Merger and Business-to-business Transactions
    MIZUNO Tomomichi
    Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research, Grant-in-Aid for Research Activity Start-up, University of Nagasaki, 2010 - 2011
    I discussed the relationship between business-to-business transactions(vertical market) and the effects of merger(vertical integration and horizontal merger). I obtained the main results as follows.(1) I analyzed equilibrium vertical integration with complementary input markets.(2) I showed that large firms tend to integrate vertically.(3) I discussed the relationship between the decision of direct marketing and the number of retailers.(4) I showed that competitive pressure in upstream market may increase the profit of upstream firms.(5) Using an event study approach, I considered market definition of long distance transportation market in Japan.

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