Professor Yutaka KURIHARA

Contact Information

Yutaka Kurihara
Faculty of Economics
Aichi University, 4-60-6 Hiraike Nakamura Nagoya, 453-8777 Japan

phone: +81-52-564-6111


International Economics, International Finance, Japanese Economy, IT, and Higher Education





Koryo International College

Lecturer, Associate Professor

Finance, International Finance, International Economics, Seminar

Aichi University

Associate Professor, Professor (since 2002), Dean (2007-2011)

International Economics (Undergraduate, Graduate School; MA and Doctoral Coursework), Microeconomics, Macroeconomics, International Finance, Current topics in English, Economics English, Seminar

Nagoya University of Commerce and Business Administration

Part-time Teacher


Chukyo University

Part-time Teacher

International Finance, Stock Markets

National Institute of Media Education


Media Education

Nagoya University

Part-time Teacher

International Finance System (Graduate School)

Nagoya University, Institute for Advanced Research


Local Economy

Toyohashi University of Technology

Part-time Teacher

International Economics

Degree: MA (Commerce)

Academic Societies

American Economic Association (U.S.), Business & Economics Society International (U.S.), European Economic Association, Hong Kong Economic Association (H.K.), Economic Society of Singapore, The Japan Society of International Economics, Japan Society of Monetary Economics, The Japan Society of Household Economics, The European Union Studies Association, Japan Association for Planning Administration, Japan Academy of Small Business Studies, Japan Association for Educational Media Study, Japanese Association of Higher Education Research, Liberal and General Education Society of Japan, Japan Society of Secretarial Education


Selected Papers and Publications

Journal (about 200 papers)

gThe Microstructure of Financial Derivatives,h Japan Securities Research, 192, pp. 53-68, 1995. (in Japanese)

gInternational Inter-Bank Market and Financial Innovation,h Japan Center for Economic Research, 32, pp.164-183, 1996. (in Japanese).

gSome Problems of Digital Money,h International Finance, 976/977, pp. 19-21, 36-39, 1996. (in Japanese)

gThe Evaluation of ERM: Is There any Credibility?h Financial Research, 23, pp.1-12, 1997. (in Japanese)

gAPEC, International Trade and the Possibility of Yen Zone,h Japan Research for Economic Studies, 35, pp. 131-140, 1997. (in Japanese)

gThe Evaluation of Changing Systems in the ERM: Speculative Attacks or Fundamentals?h Financial Research, 25, pp. 47-58, 1996. (in Japanese)

gCentral Bankfs Independence, Output, and Employment,h Japan Society of EU Studies, 19, pp. 147-164, 1999. (in Japanese)

gSpeculative Attacks or Fundamentals? Empirical Evidence from Some European Currencies,h Applied Economics Letters, 152, pp. 637-675, 1999.

gExchange Rate, Trade and Employment,h Journal of Money and Finance, 16, pp. 85-93, 2000 (in Japanese).

gHow to Make a Report and a Paper Using Microsoft Word,h Education and Information, 94, pp. 18-20, 2001. (in Japanese)

gOne Example of Education for International Economics Using Multi-Media,h Media Studies, 7, pp. 73-84, 2001. (in Japanese)

gWeb-based Studies of International Economics,h Japan Media Education Studies, 7, pp. 122-142, 2001. (in Japanese)

gFinancial Policy in the EU: Is the Application of Taylor Rule to Japan Reasonable?h Japan EU Studies, 10, pp. 209-221, 2001 (first author is Takaya; in Japanese)

gIT and Postal Service,h Postal Service Studies, 607, pp. 1-6, 2001. (in Japanese)

gEconomic Conditions, Investment and Employment in Europe,h European Research Studies, 5(3), pp. 3-13, 2003.

gProblems of Corporate Governance in Japan,h Global Business & Economics Review, 10(1) pp.51-61, 2004.

gThe Changing Corporate Governance in Japan and the Role of Secretariesh Japan International Secretarial Studies, 10, pp. 35-53, 2003. (in Japanese)

gAPEC: International Trade and Economic Growth,h Pacific Economic Review, 10(2), pp. 27-42, 2003.

gIs Application of the Taylor Rule to Japan Reasonable?h Global Business & Economics Review: Anthology 2003, pp. 314-326.

gThe Day-of-the-Week Effect in Foreign Exchange Markets: Multi-currency Evidence,h (First author is Nobuyoshi Yamori) Research in International Business and Finance, 18, pp. 51-57, 2004.

gWhy Do EU Countries Use Inflation Targeting?h Global Business and Economics Review, 7(1), pp. 74-84, 2005.

gRecent Japanese Monetary Policy: An Evaluation of the Quantitative Easingh International Journal of Business,11(1), pp.81-88, 2006.

gRecent Stock Price Relationships between Japanese and US Stock Marketsh (with Eiji Nezu) Studies in Economics and Finance, 25(3), pp.211-226, 2006.

gThe Relationship between Exchange Rate and Stock Prices during the Quantitative Easing Policy in Japanh International Journal of Business, 11(4), pp.375-386, 2006.

gIs APEC Suitable for Currency Union?h Singapore Economic Review, 51(3), pp.325-334, 2006.

gAn Approach for Determining Stock Prices: The Mixture of Fundamental and Chartist Modelh Global Business & Economics Anthology, 2007, Vol.2, pp. 384-391.

gAn Evaluation of Monetary Policy Responses to Capital Flowsh Global Business & Economics Anthology, December 2008, Volume 2, pp.13-24.

gIs Purchasing Power Parity Hypothesis Reasonable from the View of Trade Blocks and Currency Zone?" European Research Studies, 2009, 12(3), pp.3-14.

gRelationships between Japanese Stock Prices and Macroeconomic Variables during Quantitative Easing Period" Briefing Notes in Economics, 2010, 82, pp.8-15 (with Eiji Nezu).

gHas Inflation Targeting Been Effective?h International Journal of Business, 2010, 15(4), pp.411-424.

gEffects of Foreign Reserve Stock in Asian Countriesh Global Business & Economics Review, 2011, 13 (1), pp.84-92.

gIncome Convergence Trends in Regional Agreements" Briefing Notes in Economics, 2011, 84, pp.1-6.

gIs the Tokyo Foreign Exchange Market Efficient from Two Perspectives of Forward Bias and Anomaly?h Modern Economy, 2011, 2 (4), pp. 597-601.

gIntroducing a Common Currency in Central Franc Zone: Is It Appropriate?h Journal of Knowledge Management, Economics and Information Technology, 2011, 1(6), pp.1-11.

gThe Impact of Regional Trade Agreements on International Tradeh Modern Economy, 2011, 2 (5), pp.846-849.

Japanese Stock Price Determination: What Is Important?" Journal of Modern Accounting and Auditing, 2011, 7 (12), pp.1386-1394 (with Eiji Nezu).

"Inflation Targeting and the Role of the Exchange Rate: The Case of the Czech Republic?" International Business Research, 2012, 5 (3), pp.33-39.

"Exchange Rate Pressure on Floating Rate System in Asia: Revisited" International Review of Business and Social Sciences, 2012, 1 (2), pp.22-38 (with Shinya Minegishi and Akio Fukushima).

gThe Deterministic Elements of FDI to ASEAN Countries: The Relationship between FDI and Macroeconomic Variablesh Journal of Management and Sustainability, 2012, 2 (2), pp.11-17.

gThe Impact of the Bank of Japanfs News Announcements on the Japanese Yen, U.S. Dollar, and the Euroh Journal of Applied Finance & Banking, 2012, 2 (3), pp.39-50.

gIs the WTO Truly Effective?h iBusiness, 2012, 4 (2), pp.121-125.

gExchange Rate Determination and Structural Changes in Monetary Policiesh Studies in Economics and Finance, 2012, 29 (3), pp.187-196.

gIs Consumption in the United States and Japan Too Much or Too Little?h iBusiness, 2012, 4 (3), pp.228-234 (with Kei Tomimura).

gCentral Bank's independence and Stock Pricesh Modern Economy, 2012, 3 (6), pp.793-797 (with Koichiro Morikawa and Sadayoshi Takaya).

gThe Balance Sheet Expansion of Central Banks: Are There Any Problems?h Economic Journal of A 2 Z, 2012, 1 (1), pp.1-6.

gInternational Trade Openness and Inflation in Asiah Research in World Economy, 2013, 4 (1), pp.70-75.

gExchange Rate Determination: Which Is Appropriate, Chartist Model or Fundamental Model ?h Journal of Applied Finance & Banking, 2013, 3 (3), pp.187-196.

gImpact of the Prevailing Internet on International Trade in Asiah Journal of Sustainable Development Studies, 2013, 3 (1), pp.1-13 (with Akio Fukushima).

gNew Keynesian Model and Inflation Predictionh Chinese Business Review, 2013, 12 (1), pp.34-40.

gDomestic and Foreign Financial Market Reaction to the Impact of the Bank of Japan's Financial Policyh Global Journal, 2013, 13 (2), pp.8-15.

gRecent Experience of the Effects of Intervention on Exchange Ratesh Chinese Business Review, 2013, 12 (2), pp.77-83.

gThe Effectiveness of Financial Policy in the Japanese Financial Marketsh International Journal of Economy, Management, and Social Sciences, 2013, 2 (5), pp.161-165.

gDoes Financial Skill Promote Economic Growth?h International Journal of Humanities and Social Science, 2013, 3(8), 92-95.

gCould Monetary Base Rule Have Achieved Economics Growth? Recent Japanese CasehJournal of Finance & Economics, 2013, 1(3), 1-12 (with Akio Fukushima).

gThe Japanese Economic and Financial Situation: Where Should We Go and What Changes Are Needed?h International Journal of Business, 2013, 18(4), 283-286.

gDo Carry Trades in the Foreign Exchange Markets Influence Stock Prices?h International Journal of Business and Economics Research, 2013, 2(4), 84-90.

gEffects of Exchange Rate Fluctuations and Financial Development on International Trade: Recent Experienceh International Journal of Business Management and Economic Research, 2013, 4(5), 793-801.

gDoes Adoption of Inflation Targeting Reduce Exchange Rate Volatility and Enhance Economic Growth?h Journal of World Economic Research, 2013, 2(6), 104-109.

gDoes Foreign Aid Promote Economic Growth?h Global Business and Economics Research Journal, 2014, 3(4), 20-30.

gDoes High Yield Spread dampen Economic Growth? The Case of US-Japanh International Journal of Finance & Banking Studies, 2014, 3(2), 1-9.

gDo Central Bank Announcements Influence Exchange Rates and Stock Prices?h Journal of Money, Banking and Finance, 2014, 2(1), 17-30.

gDo European Central Bank Announcements Influence Exchange Rates and Stock Prices?hJournal of Applied Finance & Banking, 2014, 4 (4), pp.1-14.

gHas Interest Rate Policy of the Bank of Japan Influenced Financial Markets?hJournal of Finance & Economics, 2014, 2 (2), pp.77-85.

gHas the Bank of Japanfs ABS Purchases Effectively Influenced Financial Markets?hEconomics World, 2014, 2 (3), pp.161-168.

gImprovement of Financial Skill and Economic Growthh International Journal of Research in Social Sciences, 2014, 4 (4).

gIs Unconventional Monetary Policy Effective? Japan-US and Eurozone-US Cross-Country Caseh International Journal of Economics, Business and Finance, 2014, 2 (5), pp.1-10.

gExchange Rates, Stock Prices, and Commodity Prices: Are There any Relationships?h Advances in Social Research Journal, 2014, 1 (5), pp.114-122 (with Akio Fukushima).

gEffects of ECB Monetary Policy: Differences in Policy Interest Ratesh Journal of Knowledge Management, Economics, and Information Technology, 2014, 4 (5), pp.1-18 (with Akio Fukushima).

gThe Demand for Money: Recent Japanese Caseh Economy, 2015, 2 (1), pp.11-18.

gMonetary Approach for Determining Exchange Rates and Recent Monetary Policy of Japanh International Journal of Financial Economics, 2015, 4 (1), pp.23-31 (with Akio Fukushima).

gDebt and Economic Growth: The Case of Japanh Journal of Economics Library, 2015, 2 (2), pp.45-52.

gAsset Price and Monetary Policy: The Japanese Caseh Journal of Applied Finance & Banking, 2015, 5 (4), pp.1-9.

gAre Japanese Stock Prices Important Deterministic Elements of Exchange Rate Returns?h Bulletin of Applied Economics, 2015, 2 (2), pp.1-9.

gInterest Rate Parity Theory, Risk Premium, and Break Point: Japanese Case from The 1990sh Journal of Business & Economic Policy, 2015, 2(4), pp.169-174.

gOil prices and Economic Growth in Developed Countriesh International Journal of Business and Social Science, 2015, 6 (11), pp.40-46.

gTerm Structure of Interest Rates under Zero or Low Bound: The Recent Japanese Caseh Economy, 2016, 3(1), pp.19-23.

gEffectiveness of the Zero Interest Rate Policy for Financial Markets in Japan: Principal Components Analysish Applied Economics and Finance, 2016, 3(3), pp.103-111.

gOpenness of the Economy, Diversification, Specialization, and Economic Growthh Journal of Economics and Development, 2016, 4(1), pp.1-8 (with Akio Fukushima).

gEffectiveness of the Zero Interest Rate Policy for Financial Markets in Japan: Principal Components Analysish Applied Economics and Finance, 2016, 3(3), pp.103-111.

gDeterministic Elements of Japanese Stock Prices under Low Interest Ratesh Journal of Economic & Financial Studies, 2016, 4(2), pp.24-30.

gFlipped Classroom: Effects on Education for the Case of Economicsh Journal of Education and e-Learning Research, 2016, 3(2), pp.65-71.

gDemand for Money under Low Interest Rates in Japanh Journal of Economic & Financial Studies, 2016, 4 (4), pp.12-19.

gCan the Disparity between GDP and GDP Forecast Cause Economic Instability?h International Journal of Economics and Financial Research, 2016, 2(8), pp.155-160.

gDeterministic Elements of 1990s Gold Prices?h American International Journal of Contemporary Research, 2016, 6(3), pp.89-95.

gStock Prices, Foreign Exchange Reserves, and Interest Rates in Emerging and Developing Economies in Asiah International Journal of Business and Social Science, 2016,7(9), pp.10-15.

gTaylor Rule during the Zero or Low Interest Rate Era: The Recent Japanese Caseh Applied Economics and Finance, 2017, 4(1), pp.1-8.

gThe Effectiveness of Fiscal Expansion under Huge Debt: The Case of Japanh Journal of Business & Economic Policy, 2017, 4(1), 26-32.

gMonetary Policy and Stock/Foreign Exchange Market Liquidity: The Japanese Caseh Journal of Economics Library, 2017, 4(1), pp.1-8.

gThe Market Efficiency of Bitcoin: A Weekly Anomaly Perspectiveh Journal of Applied Finance & Banking, 2017, 7(3), pp.57-64 (with Akio Fukushima).

gAre Unconventional Monetary Policy and Large Scale Fiscal Policy Effective?: The Case of Japanh Applied Finance and Accounting, 2017, 3(2), 42-48.

gThe Impact of 'Brexit' on Japanese International Trade in EUh Business, Management and Economics, 2017, 3(6), 57-61.

gRecent Monetary Policy Effects on Japanese Macroeconomyh, Journal of Economic & Financial Studies, 2017, 5(5), 12-17.

gWhy Do Cash Holdings Occur? Recent Experiences in Japanh International Journal of Economics, Business, and Management Research, 2017, 1(5), 203-224.

gAre RCEP and TPP Effective?hAmerican International Journal of Contemporary Research, 2017, 7(3), pp.102-108.

gDoes ICT Promote International Trade?h International Journal of Economics, Business, and Management Research, 2017, 1(5), 225-235.

gDo FDI and TPP without the United States Promote Stability in TPP Countries?h Journal of Economics and Development Studies, 2017, 5(3), 30-34.

gHow Does Price of Bitcoin Volatility Change? hInternational Research in Economics and Finance, 2018, 2(1), 8-14 (with Akio Fukushima).

gOccurred Uncertainty by eNewsf in Japanese Short- and Long-Term Financial Markets h International Journal of Economics and Financial Research, 4(4), 93-98.

gThe Validity of Applying State Space Model to Japanese Stock Market h International Journal of Economics and Financial Modelling, 3(1), 1-8 (with Shinichiro Maeda).

gAre Unprecedented Monetary Policy Effective: Recent Japanese Caseh Applied Economics and Finance, 2018, 5(3), pp.75-81.

gHas Adoption of Inflation Targeting been Effective? Japanese Caseh International Journal of Accounting and Finance Studies, 2018, 1(2), pp.133-141.

gCapital Mobility in the World: TPP Experienceh Archives of Business Research, 2018, 6(10), pp.276-282.

gIs Flipped Classroom Effective on Higher Education for the Case of Economics?h Journal of Business Economics and Information Technology, 2019, 5(5), 24-32.

gAR Model or Machine Learning for Forecasting GDP and Consumer Price for G7 Countriesh Applied Economics and Finance, 2019, 6(3), 1-6 (with Akio Fukushima).

gDoes Central Bank Credibility Effectively Influence the Economy? Recent Japanese Caseh Journal of International Business and Economics, 2019, 7(1), 11-17.

gHow Is the Trading Volume of Bitcoin Determined?h Gv ËHjLOiuЏwjA2019, 70(6)A141-149.


gDo Volatility Indexes and Historical Volatility Influence Stock Prices? The Japanese Caseh Journal of Applied Finance & Banking, 2019, 9 (6), pp.91-99 (with Shinichiro Maeda).

gWhich Types of Education are Important for Economic Growthh Research in Applied Economics, 2019, 11 (4), pp.1-12.

gHas the Exchange Rate Depreciation Contributed to Exports? Japanese Caseh Archives of Busibess Research, 2020, 8(4), pp.47-54.

gWhy is Inflation Targeting Adopted?h Research in Applied Economics, 2020, 12(1), pp.56-66.

gTaylor and McCallum Rule during the Unprecedented Monetary Easing Era: The Recent Japanese Caseh Applied Economics and Finance, 2020, 7(3), pp.70-77 (with Akio Fukushima).

gCan Bitcoin's Price be a Predictor of Stock Prices?h Noble International Journal of Economics and Financial Research, 2020, 5(4), pp.50-55 (with Akio Fukushima and Shinichiro Maeda).

gHow Should Higher Education Institutions Provide Lectures under the COVID-19 Crisish Education, Society and Human Studies, 2020, 1(2), pp.144-153.

gDeterministic Elements of Promoting Financial Servicesh Advances in Social Sciences Research Journal, 2020, 7(9), pp.786-794.


gFinancial Derivatives,h in K. Fujiwara and N. Yamori, Modern Finance, Chuo-Keizai, 1998.

The Spreading and Problems of EU, Chunichi-Shinbunsha, 2000.

gEuropean Financial Institutions and the Currency Integration,h in J. Senda and N. Yamori, Financial System Post?Big Bang, Chikura-Shobo, 2001.

Freshman Seminar, Yuhikaku-Academia, 2003.

Business and Policy Design in the Era of Globalization, Yuhikaku-Academia, 2003.

gThe Spreading Use of Digital Cash and Its Problems,h in H. Kehal and V. Singh, Digital Economy, Idea Group Publishing, 2004.

Studying the Japanese and World Economies, Asahi Press, 2005.

Global Information Technology and Competitive Financial Alliances, Idea Group Publishing, 2006.

gSpreading Use of Digital Cash,h in Mehdi Khosrow-Pour, D.B.A, Encyclopedia of E-Commerce, E-Government, and Mobile Commerce, Idea Group Publishing, 2006.

Declaration of Economics, Gakubunsha, 2006.

Information Technology and Economic Development iwith Sadayoshi Takaya, Hisashi Harui, and Hiroshi Kamaej, Idea Publishing Group, 2007.

Declaration of Global Economics, Gakubunsha, 2009.

Global Finance, Koyoshobo, 2015.