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2011年10月5日水曜日

Japan mulls shifting its academic year to get in step with the West

5807-japan David McNeill for The Chronicle

An internal panel at the U. of Tokyo is considering moving the start of its academic year from spring to fall. That could be problematic: Japanese companies typically hire graduates en masse in March.

Enlarge Image close 5807-japan David McNeill for The Chronicle

An internal panel at the U. of Tokyo is considering moving the start of its academic year from spring to fall. That could be problematic: Japanese companies typically hire graduates en masse in March.

By Da­vid Mc­Neill

To­kyo

When Japan was hit by a 9.0-magnitude earthquake and subsequent tsunami in March, casualties at the nation's universities were mercifully low. The reason: Campuses were mostly empty as thousands of students were at home till April, when Japan's academic year begins.

That's been one of the few times when Ja­pan's edu­ca­tion­al re­form­ers have ap­plaud­ed the spring start, which is widely seen as causing headaches. It puts the na­tion's universities out of sync with most of the plan­et, huge­ly com­pli­cat­ing ex­changes, the hir­ing of for­eign facul­ty, and the re­cruit­ing of overseas students.

Few­er than 3 per­cent of stu­dents at Ja­pan's most pres­ti­gious high­er-edu­ca­tion in­sti­tu­tion, the University of To­kyo, are from abroad, a long way be­hind top West­ern col­leges. Increasing that percentage requires bring­ing the ac­a­dem­ic cal­en­dar into line with else­where, says Ma­sa­ko Egawa, an executive vice president at the university. "In­ter­na­tion­al­iz­ing edu­ca­tion and re­search is a very, very high pri­or­i­ty for us, and we must bring Ja­pan in sync with oth­er coun­tries to a­chieve that."

Dis­cus­sion on start­ing in the fall and grad­u­at­ing Jap­a­nese stu­dents in the late spring or fall has been around since the 1980s, but the de­bate has moved up a gear with news that the University of To­kyo, known as Todai, is mull­ing the move. An in­ter­nal pan­el is ex­pect­ed to re­port by the end the year.

Its deci­sion could fun­da­men­tal­ly al­ter the na­tion's en­tire high­er-edu­ca­tion system, pre­dicts Akiyoshi Yo­ne­za­wa, an as­so­ciate pro­fes­sor at the Graduate School of International Development at Na­goy­a University. "If Todai changes, the oth­er top in­sti­tu­tions will fol­low, and that will change the cul­ture of uni­ver­si­ties," he says.

The ar­gu­ments for and against have been well re­hearsed. Shift­ing to fall en­roll­ment would har­mo­nize the world's third-larg­est edu­ca­tion system with the West, making it eas­i­er for Jap­a­nese uni­ver­si­ties to at­tract for­eign tal­ent and stim­u­late ac­a­dem­ic co­op­er­a­tion. Ms. Egawa cites stu­dent ex­changes with Yale University as just one area that suf­fers un­der the cur­rent system, which keeps Jap­a­nese stu­dents in class­rooms un­til July. Stu­dents, she says, "miss parts of reg­u­lar courses if they go to sum­mer school in Yale."

Synchronizing with the Western calendar would be popular among faculty members as well, says Koichi Nakano, a political scientist at Tokyo's Sophia University. "There may be a small minority who would worry that the synchronization might lead to student brain drain—competitive students going to U.S. universities—but I doubt that that would be much of a factor."

But the bar­ri­ers to change are con­sid­er­a­ble. For one thing, Jap­a­nese com­pa­nies hire uni­ver­si­ty grad­u­ates en mas­se in March, right after graduation, in­stead of through­out the year. With­out a change in six dec­ades of cor­po­rate hir­ing prac­tices, hun­dreds of thou­sands of grad­u­at­ing stu­dents would have to wait months to work, till March of the fol­low­ing year. Econ­o­mists pon­der the im­pact on al­ready bur­dened house­holds of having to sup­port graduates till the first pay­check ar­rives.

Then there are uni­ver­si­ty en­trance ex­ams, taken by high-school stu­dents in January and February. What will those stu­dents do till the start of uni­ver­si­ty class­es in Sep­tem­ber, and how would the six-month gap af­fect al­ready de­clin­ing math and sci­ence skills? One idea, says Ms. Egawa, is to as­sign vol­un­teer work or over­seas study dur­ing the lull. "Com­pared to stu­dents from oth­er coun­tries, the range of stu­dent ex­pe­ri­ences in Ja­pan is nar­row," she points out. "That six months might cre­ate a win­dow for stu­dents to do some­thing oth­er than just cram­ming for an exam."

The de­bate has be­come more press­ing as prob­lems in Ja­pan's high­er-edu­ca­tion sec­tor grow. The March dis­as­ter has bad­ly dent­ed a gov­ern­ment plan to al­most tri­ple the num­ber of for­eign stu­dents, to 300,000, which many ob­serv­ers viewed as op­ti­mis­tic any­way. Jap­a­nese uni­ver­si­ties are also send­ing too few stu­dents to study a­broad and in­creas­ing­ly los­ing the com­pet­i­tive bat­tle to re­cruit for­eign ac­a­dem­ic tal­ent to more dynam­ic re­gion­al ri­vals like Hong Kong, Sin­ga­pore, and even South Ko­re­a.

Some of the coun­try's top uni­ver­si­ties al­ready, in ef­fect, run dual sys­tems, en­roll­ing the bulk of their un­der­grad­u­ates in the spring and bring­ing in for­eign mas­ter's and Ph.D. stu­dents in the fall, at their own dis­cre­tion. Can that be ex­tend­ed to in­clude ev­ery stu­dent in the coun­try?

Mr. Yo­ne­za­wa is skep­ti­cal.

"Most lo­cal uni­ver­si­ties ca­ter to Jap­a­nese needs and don't have to meet glob­al stand­ards." He says it is "not realistic" that stu­dents can af­ford a half-year break, ei­ther fi­nan­cial­ly or ac­a­demi­cal­ly.

Ei­ther way, he con­cludes, the rest of the coun­try can­not make the leap with­out the University of To­kyo, which has pro­vid­ed many of the country's po­lit­i­cal, in­dus­tri­al, and ac­a­dem­ic lead­ers for over a cen­tu­ry.

Sources in­side the uni­ver­si­ty say the pan­el dis­cus­sion is currently bal­anced 50-50 for and against the change. What­ev­er the fi­nal re­sult, it is like­ly to spark an­oth­er round of de­bate on why Japanese uni­ver­si­ties are strug­gling to in­ter­na­tion­al­ize—and what can be done to fix it.

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2011年9月15日木曜日

Japan mulls 4th extra budget of 1-2 trillion yen: report - Reuters

 

Japanese Prime Minister Yoshihiko Noda arrives for an opening ceremony of the extraordinary session of parliament in Tokyo September 13, 2011.

Credit: Reuters/Yuriko Nakao


TOKYO | Tue Sep 13, 2011 9:24pm EDT


TOKYO (Reuters) - The Japanese government is considering compiling a fourth extra budget for the fiscal year to March of about 1 to 2 trillion yen ($13-26 billion) to fund additional economic steps without issuing new bonds, the Yomiuri newspaper reported on Wednesday.


The extra budget, which Prime Minister Yoshihiko Noda's government may start compiling as early as November, could provide funding for economic measures as concerns grow over a global economic slowdown and the euro zone debt crisis, the Yomiuri said without citing sources.


The budget, which may also include funding for rebuilding following a recent storm that hit western Japan, will be funded from extra money that was set aside for bond interest payments that turned out to be lower than expected, the Yomiuri said.


The government is currently working on a third extra budget, expected to be more than 10 trillion yen in size. It aims to submit a bill on this to the country's divided parliament in October.


Money from that budget will be used to fund projects to rebuild areas destroyed by a huge earthquake and tsunami in March and also include steps to combat the strong yen, which is clouding the outlook for Japan's export-oriented economy.


How to secure reconstruction funding is still under debate in Japan, saddled with a public debt twice the size of its $5 trillion economy.


Noda has said he first wants to cut wasteful spending and carry out expenditure and revenue reforms then hike taxes, but opinions vary in his ruling party. A government tax panel headed by Finance Minister Jun Azumi is planning to present various options soon.


The panel plans to drop the corporate tax rate by 5 percentage points to meet a ruling party pledge, before raising that tax by 4 percentage points for a limited period of three years to fund rebuilding, the Asahi newspaper reported.


The rest will be filled in by raising other taxes, mainly income tax, and the hike period will be for five to 15 years, the Asahi reported, without citing sources.


($1 = 76.880 Japanese Yen)


(Reporting by Yoko Kubota; Editing by Edwina Gibbs and Joseph Radford)


View the original article here

Japan mulls 4th extra budget of 1-2 trillion yen: report (Reuters)

TOKYO (Reuters) – The Japanese government is considering compiling a fourth extra budget for the fiscal year to March of about 1 to 2 trillion yen ($13-26 billion) to fund additional economic steps without issuing new bonds, the Yomiuri newspaper reported on Wednesday.

The extra budget, which Prime Minister Yoshihiko Noda's government may start compiling as early as November, could provide funding for economic measures as concerns grow over a global economic slowdown and the euro zone debt crisis, the Yomiuri said without citing sources.

The budget, which may also include funding for rebuilding following a recent storm that hit western Japan, will be funded from extra money that was set aside for bond interest payments that turned out to be lower than expected, the Yomiuri said.

The government is currently working on a third extra budget, expected to be more than 10 trillion yen in size. It aims to submit a bill on this to the country's divided parliament in October.

Money from that budget will be used to fund projects to rebuild areas destroyed by a huge earthquake and tsunami in March and also include steps to combat the strong yen, which is clouding the outlook for Japan's export-oriented economy.

How to secure reconstruction funding is still under debate in Japan, saddled with a public debt twice the size of its $5 trillion economy.

Noda has said he first wants to cut wasteful spending and carry out expenditure and revenue reforms then hike taxes, but opinions vary in his ruling party. A government tax panel headed by Finance Minister Jun Azumi is planning to present various options soon.

The panel plans to drop the corporate tax rate by 5 percentage points to meet a ruling party pledge, before raising that tax by 4 percentage points for a limited period of three years to fund rebuilding, the Asahi newspaper reported.

The rest will be filled in by raising other taxes, mainly income tax, and the hike period will be for five to 15 years, the Asahi reported, without citing sources.

($1 = 76.880 Japanese Yen)

(Reporting by Yoko Kubota; Editing by Edwina Gibbs and Joseph Radford)


View the original article here

2011年8月21日日曜日

Dollar tests ¥75.95; Tokyo mulls action - The Japan Times

The government and the Bank of Japan on Saturday began considering intervening in the market for the second time this month after the dollar briefly lost ground against the yen in New York on Friday, marking a postwar record low of ¥75.95.

The previous record was ¥76.25 set five months ago.

But market watchers are skeptical that a fresh but unilateral intervention would have a big impact on the market since the rising yen is stemming from concern over the U.S. and European economies. And coordinated intervention with U.S. and European authorities is not considered feasible.

Japan intervened in the market Aug. 4 by selling the yen and conducted additional monetary easing steps amid concern the strong yen will deal a blow to exporters struggling to recover from the March 11 quake and tsunami.

On Friday in New York, the dollar later recouped losses. At 5 p.m., it fetched ¥76.49-59, compared with ¥76.47-49 at 5 p.m. Friday in Tokyo.

Earlier remarks by Takehiko Nakao, vice finance minister for international affairs, were taken to mean Japanese authorities were hesitant to step into the market. This appeared to be behind the dollar's temporary plunge.

Nakao suggested in an interview Friday with The Wall Street Journal that while the government would take appropriate actions when necessary, it has no plans for frequent intervention.

The dollar skidded after his remarks were quoted by Reuters news agency, which said the interview encouraged yen buying.

Finance Minister Yoshihiko Noda has said Japan will take "measures in a resolute manner when necessary," hinting the possibility of a fresh intervention. But with Noda rumored to be the top candidate to run in the Democratic Party of Japan presidential race, some bureaucrats are skeptical if addressing the rising yen is Noda's main concern.

The credibility of the dollar has been challenged since the Aug. 5 historic downgrading of the AAA U.S. credit rating by Standard & Poor's.

The Group of Seven industrial economies subsequently issued a joint statement calling for a stable market, but its impact was limited as it contained no specific steps such as possible concerted market intervention.

The U.S. currency has also come under pressures since the U.S. central bank announced Aug. 9 it would maintain its effectively zero interest rate policy over an extended period. Some data released recently also pointed to a deteriorating U.S. economy.

The fiscal woes of the eurozone, triggered by the Greek debt fiasco, that have been generating concern about Europe's financial systems and economies have also prompted a fund shift to the yen, market players said.

Recent gyrations of global stock markets are also seen as encouraging buying of the yen, regarded as a relatively safe currency.

"Amid speculation that the Federal Reserve Board may convene an urgent meeting shortly, investors, factoring in the possibility of another monetary easing step, sold the dollar," a dealer said.


View the original article here

Dollar tests ¥75.95; Tokyo mulls action

The government and the Bank of Japan on Saturday began considering intervening in the market for the second time this month after the dollar briefly lost ground against the yen in New York on Friday, marking a postwar record low of ¥75.95.

The previous record was ¥76.25 set five months ago.

But market watchers are skeptical that a fresh but unilateral intervention would have a big impact on the market since the rising yen is stemming from concern over the U.S. and European economies. And coordinated intervention with U.S. and European authorities is not considered feasible.

Japan intervened in the market Aug. 4 by selling the yen and conducted additional monetary easing steps amid concern the strong yen will deal a blow to exporters struggling to recover from the March 11 quake and tsunami.

On Friday in New York, the dollar later recouped losses. At 5 p.m., it fetched ¥76.49-59, compared with ¥76.47-49 at 5 p.m. Friday in Tokyo.

Earlier remarks by Takehiko Nakao, vice finance minister for international affairs, were taken to mean Japanese authorities were hesitant to step into the market. This appeared to be behind the dollar's temporary plunge.

Nakao suggested in an interview Friday with The Wall Street Journal that while the government would take appropriate actions when necessary, it has no plans for frequent intervention.

The dollar skidded after his remarks were quoted by Reuters news agency, which said the interview encouraged yen buying.

Finance Minister Yoshihiko Noda has said Japan will take "measures in a resolute manner when necessary," hinting the possibility of a fresh intervention. But with Noda rumored to be the top candidate to run in the Democratic Party of Japan presidential race, some bureaucrats are skeptical if addressing the rising yen is Noda's main concern.

The credibility of the dollar has been challenged since the Aug. 5 historic downgrading of the AAA U.S. credit rating by Standard & Poor's.

The Group of Seven industrial economies subsequently issued a joint statement calling for a stable market, but its impact was limited as it contained no specific steps such as possible concerted market intervention.

The U.S. currency has also come under pressures since the U.S. central bank announced Aug. 9 it would maintain its effectively zero interest rate policy over an extended period. Some data released recently also pointed to a deteriorating U.S. economy.

The fiscal woes of the eurozone, triggered by the Greek debt fiasco, that have been generating concern about Europe's financial systems and economies have also prompted a fund shift to the yen, market players said.

Recent gyrations of global stock markets are also seen as encouraging buying of the yen, regarded as a relatively safe currency.

"Amid speculation that the Federal Reserve Board may convene an urgent meeting shortly, investors, factoring in the possibility of another monetary easing step, sold the dollar," a dealer said.


View the original article here