KOIKE Yuriko, Governor, Tokyo Metropolitan
ITO Ren, COO, Sakana AI
Moderated by:
SERIZAWA Yu, Founder & CEO, Forma Corporation

A panel of leading economists identify what they consider as the three most important risks of disruption for the world economy and rank them by order of probability. Each of them then explains the reasons behind the top priority/probable risk when compared to the other two and the implications for Japan. This will set the context for a discussion with all participants.
ANGRICK Stefan, Head of Japan Economics, Moody’s Analytics
KUMAGAI Mitsumaru, Deputy Chairman, Daiwa Institute of Research Ltd. Special Advisor to the Cabinet
MOMMA Kazuo, Executive Economist, Mizuho Research & Technologies, Ltd.
Moderated by:
SMADJA Claude, President, Smadja & Smadja Strategic Advisory Switzerland

• What do the domestic policy decisions and the performance of PM Takaichi in the international domain tell us about the Prime Minister’s way of handling her power and assuming her role?
• What next steps or initiatives to expect on the domestic and international fronts?
• What is the assessment of the margin of maneuver of PM Takaichi in the present domestic political landscape?

TANIGUCHI Tomohiko, Special Advisor, Fujitsu Future Studies Center, Specially appointed professor, University of Tsukuba
OCHI Takao, Chairman, The Japan Research Institute, Limited
Moderated by:
SATO Osamu, Political Editor, Nikkei

Does the rise of Mrs. Sanae Takaichi as Prime Minister – and the conditions that led to it – mark the end of politics as usual for Japan? A number of factors that had sustained the post-WW2 political system have been put into question in the last period, whether it is the emergence of new political forces, the growing public frustration with repeated political scandals, the changes in Japan’s social fabric or the transformation of the global geopolitical context requiring new approaches and responses. However, many of the forces and factors that sustained the “old political order” are still there.

• Will PM Takaichi be able to assert her power and implement some of the transformative changes she has been advocating?
• Is – or will – PM Takaichi move towards the center as did her mentor and model PM Shinzo Abe, or will she stick to the policy goals she stated before being confirmed as PM?
• Are we witnessing the beginning of a “clean break” or rather an adjustment of the system?
• If the system is changing, what will emerge in the coming years? Two leading political analysts share their perspectives and their initial assessment about the future of Japan’s political system.

SAITO Ken, The House of Representatives
Moderated by:
KAMIKURA Takayuki, Acting President, The Matsushita Institute of Government and Management, Chairman, Imagineer Co., Ltd.

While risk aversion had traditionally made Japanese households keep their savings in cash or deposits a major shift has taken place in the last couple of years, triggered by a convergence of factors such as rising inflation, increased pressure from the Japan Stock Exchange Group and the government pushing corporate Japan to prioritize improving efficiency and delivering more dividends to shareholders. Another factor is the expansion of the Nippon Individual Savings Account program providing fiscal incentives for investment accounts. There is no under-estimating the transformative impact of this shift on the country’s economy and society.

• How to assess the impact of corporations’ interest in attracting households’ investment on their efficiency and competitiveness?
• How could additional revenues coming from dividends – the Nikkei estimates that households are set to receive 3.5 trillion yen ($23.6bn) in dividends this fiscal year – help expand domestic consumption and contribute to sustain GDP growth.
• How much of the estimated 1’100 trillion Yen still lying in cash or in very low interest rates bank deposits could shift to equity markets in the coming years?
• What could be the medium and long-term impact of this shift on the overall competitiveness of the Japanese economy and its ability to sustain the country’s prosperity?

FELDMAN Robert Alan, Senior Advisor, Morgan Stanley MUFG Securities
YOSHIDA Masanori, Executive Officer, Global Chief, Japan Exchange Group, Inc.
SEKINE Toshitaka, Graduate School of Economics, Professor, Hitotsubashi University
Moderated by:
TAMAKI Rintaro, Chairman, Japan Center for International Finance

Featuring a Keynote speaker
KATAYAMA Satsuki, Minister of Finance

Japan’s digitization process is moving ahead with the Digital Agency pushing with a number of measures in the domain of digital governance and reforms such as a review of an inordinate amount of legal and regulatory procedures which can be made only on paper or/and require a physical presence, or the harmonization of data among the different branches of the government. On the private sector side there is an acceleration of the digitization of operations as corporations fully realize the competitiveness costs of lagging behind at the international level, and the need to accelerate digitization and automation to offset the negative impact of an aging and declining population. However, several obstacles and challenges remain that only a multi pronged approach could address efficiently.

• How to accelerate the change of a traditionally risk-averse mindset, looking for the safety of collective decision-making, and seeing sometimes more the cost side of digitization than the strategic transformative impact for the corporation?
• What actions to bridge the digital divide between the big urban centers and the rural areas and local governments in parts of the country with much less available financial resources and skills?
• What actions and synergies between the corporate world, government entities and academic institutions to accelerate the provision of the necessary skills and talents?
• How to use digitization not only to accelerate operations or improve efficiency but to, somehow, re-imagine new ways to do business?
• What actions to ensure heightened cyber security in view of the greater vulnerability that expanded digitization implies?
• How to use digitization not only to accelerate operations or improve efficiency but to, somehow, re-imagine new ways to do business?

HIRANO Miku, Representative Director and CEO, Cinnamon Co., Ltd.

2025 has been a record year for M&A deals in Japan with transactions amlunting to about US$ 350 billion, and the oulook for 2026 is seemingly as promising. Corporate governance reforms pushing for the selling of non-core units, increase of take-private transactions, low interest rates have been sustaining the momentum of domestic and outbound deals. How does the M&A picture 2026 look like?

• How could further rates rise or a credit tightening impact new deals in 2026?
• What will be impact of the continuous trend towards strategic consolidation in some sectors like Telecoms, consumer electronics, etc.?
• Will private equity deals continue to drive the M&A momentum?

The last increase of the Bank of Japan key policy rate confirmed that the BO is shifted away for its decade-long loose monetary policy and is now in search of a new balance between sustaining growth and keeping inflation under control. The process of normalization of Japan’s monetary policy will thus continue throughout 2026 and beyond.

• What are the expectations about further rates hikes? How much and when?
• What could be the impact of the looser present fiscal policy on the next monetary policy orientations?
• If expectations of Yen weakness are validated in the coming period what could be the threshold for intervention by the country’s authorities to support the currency?

FELDMAN Robert Alan, Senior Advisor, Morgan Stanley MUFG Securities
SHIRAI Sayuri, Professor, Faculty of Policy Management, Keio University
FUJITA Ayako, Chief Economist, JP MORGAN SECURITIES
Moderated by:
FUJII Akio, Executive Chair of Editorial Board, Nikkei Inc.

Japan’s equity market has been delivering attractive returns to investors in the last few years, A number of factors such as the improvement of corporate governance, the Yen’s weakness, government policies to promote investments in equity markets, the undervaluation of Japanese stocks have contributed to put the country’s equity market on the radar screen of foreign investors. What new developments will help sustain this attractiveness in the coming years vis à vis other competing regional and global stock exchanges?

• What additional regulatory reforms would further improve framework conditions for foreign and domestic investors?
• How could corporate Japan further improve its ability to deliver higher ROI?
• What actions to promote the emergence or the development of technology pioneers expanding Japan’s innovation capability and helping to attract investors in search of new opportunities?
• What about Japan’s attractiveness for FDI’s?

OHASHI Jun, Managing Director Head of Actis Japan
TAKESHITA Seijiro, Dean/Professor, School of Management, Informatics and Innovation Professor, University of Shizuoka
Moderated by:
PORTÉ Thierry, Vice Chairman and Managing Director, J.C. Flowers

What initiatives can Japan develop in a global context where nothing can be taken for granted to remain a significant global player on the global scene, with the ability to mitigate the impact of negative international developments and protect core strategic national interests in whatever circumstances?

• What path for Japan to assume the stature of a global leader by taking initiatives in domains such as the safeguarding of the multilateral trade system, or the strengthening of regional security or other regional or global issues?
• What possible actions for diversifying the country’s options by strengthening its relationship with ASEAN, the EU or emerging powers such as India?
• What is required to manage the balancing act of maintaining the security relationship with the US while stabilizing and even strengthening the complex relationship with China involving both critical economic relations – China being Japan’s largest trading partner – AND geopolitical rivalry and competition for influence in Asia.

CHOI Woosuk Kenneth, Deputy Managing Editor, The Chosun Daily Newspaper/ Director General, The Asian Leadership Conference, Republic of Korea
MIDFORD Paul, Professor, Political Science, Meiji Gakuin University
PESEK William, Columnist, Bloomberg

Japan Security treaty, and alignment with America’s foreign priorities have been the cornerstone of Japan’s foreign policy. However, the country – along with other US allies – has to adjust to dealing with an American president who has a purely transactional approach to the relationship with his country’s allies. Longstanding relationships don’t carry much weight anymore. US pressures on Tokyo on trade issues, quasi- mandatory Japanese investments in the US, or raising Japan’s military budget have generated frustration and anxiety. At the same time, nobody questions the crucial importance for Japan of the continuation of the security alliance with the US. President Trump and PM Takaichi celebrated the start of “a new golden age” for this alliance during their first meeting last October – at the price of concessions from Tokyo – but it would be risky to base policy on the assumption of the forever perennity of this golden age, given the modus operandi of President Trump.

• Are there ways for Japan to mitigate the impact of any new “surprise” decision or initiative from Washington that would upset previous assumptions?
• Can strengthening ties with other regional powers help consolidate Japan’s posture?
• Is a much-expanded military capability an option for compensating for a less automatic US commitment? Could it also be a way of strengthening the security alliance by highlighting the important role that a more military capable Japan could play in supporting the US strategic objectives in the region?

FUJISAKI Ichiro, President, The America-Japan Society Inc
KOTANI Tetsuo, Chief Research Fellow, Japan Institute of International Affairs
SMADJA Claude, President, Smadja & Smadja Strategic Advisory Switzerland

Innovative entrepreneurs, at the fine edge of their respective technology sectors highlight their successful innovation path, discuss the challenges they have overcome and provide their perspective on how their success could be emulated to ensure that Japan’s economy maintains the innovation capabilities, the productivity and efficiency and the adaptability that will allow it to remain in the top global league.
FUKUDA Keiichi, Founder & CEO, Heartseed
SHIBATA Takumi, Fiducia, Inc.
Moderated by:
ITOH Motoshige, Professor Emeritus, University of Tokyo