As generally described, Japan's development of the internet industry has fallen behind even other Asian economies. Even though Japan's first trial of policy reformation in the mid 1980s was relatively early, what made this critical delay? Shin Yasunobe will present and evaluate Japan's policy track record in the 1990s. He will also present unique aspects of Internet development recently observed in Japan, and their implications for the future. Shin Yasunobe, formerly a high-ranking official with the Japanese Ministry of International Trade and Industry (MITI) has been appointed executive director at Stanford Japan CenterÑResearch, located in Kyoto. Yasunobe is a twenty-two year veteran of MITI who left his post as director of its Electronic Policy Division in the Machinery and Information Industries Bureau to take the reins of a new project at Stanford Japan CenterÑResearch. This project will be a set of comparative studies on the international dimensions of the Internet and e-commerce, with particular focus on the Asian economies.

Since the 1960s, television has been a fixture of the Japanese household, and NHK's TV news has until very recently been the dominant, and most trusted, source of political information for the Japanese citizen. NHK's news style is distinctive among the broadcasting systems of industrialized countries; it emphasizes facts over interpretation and gives unusual priority to coverage of the national bureaucracy. In his talk, Krauss will argue that this approach is not simply a reflection of Japanese culture, but a result of the organization and processes of NHK and their relationship with the state. These factors had profound consequences for the state's postwar re-legitimization, while the commercial networks' recent challenge to NHK has helped engender the wave of cynicism currently faced by the state. Professor Krauss is a leading expert on Japanese Politics, U.S.-Japan relations, and Japan's political economy. He also is the director of the International Career Associates Program (ICAP) at IR/PS. His most recent book, Broadcasting Politics in Japan: NHK and Television News (Cornell University Press, 2000), discusses Japan's mammoth public broadcaster, and its relationship to and consequences for politics. He recently received a prestigious Abe Fellowship to conduct research on Japanese foreign policy decision making in APEC and its impact on U.S.-Japan relations. Krauss is co-editor of Media and Politics in Japan and has co-edited and written contributing articles for Democracy in Japan and Conflict in Japan. He wrote a monograph for the Foreign Policy Association, entitled Japan's Democracy: How Much Change? and has authored many articles in professional journals of political science and Asian studies.

When the Asian Crisis hit in 1997, California looked particularly vulnerable. Foreign markets had been of growing importance to the state's economy over the previous decade, and California's trade was heavily weighted toward Asia. The US trade deficit had been rising steadily and the rapid depreciation of Asian currencies threatened to dampen demand for the state's goods, while at the same time flooding it with imports. Yet the State's economy weathered this storm quite well. Why? Kroll and Bardhan will present research on California's linkages with the global economy which help explain this outcome. Additionally, Kroll and Bardhan will present research showing how California is becoming integrated with the global economy in other, more complex ways. California-based firms have expanded their sales and production activities throughout the world, and production that occurs within the state has come be increasingly linked to Asia for imports of intermediate inputs. Cheaper inputs and finished goods in turn have moved the economy to higher value-added sectors and related services. Kroll and Bardhan will discuss the some consequences of these linkages and analyze their effects on the employment structure of the state. Dr. Cynthia Kroll is Regional Economist at the Fisher Center for Real Estate and Urban Economics, at the University of California at Berkeley. She holds M.A. and Ph.D. degrees from Berkeley's Department of City and Regional Planning, and serves as an advisor to the California Office of Economic Research and the Association of Bay Area Governments Ashok Bardhan is a research associate at the Fisher Center, and served formerly as an officer with the Reserve Bank of India.

Japan's macroeconomic problem has yet to be properly diagnosed. Throughout the 1990s, policy makers could not decide on the proper macro economic measures to combat the country's severe economic slump. We propose a unified explanation, with deep historical roots, of why aggregate private demand failed to recover after Japan's stock and real estate bubbles burst in 1991 and deflationary pressure continues into the new millenium. Ron McKinnon is William D. Eberle Professor of International Economics at the Department of Economics, Stanford University. His research interests cover trade and financial policy in less-developed countries, the transition from socialism in Asia and Eastern Europe, the foreign exchange market and U.S.-Japan trade disputes, European monetary unification and international monetary reform, and the economics of market-preserving federalism. Rishi Goyal is a Ph.D graduate student in international economics working with Professor McKinnon on a Japan project--and will be writing his dissertation in this area. His undergraduate B.A. (with distinction) is from Swarthmore College in 1995. He expects to complete his Ph.D in 2001.

12.00 p.m. Mr. Noriaki OZAWA (Ministry of International Trade and Industry, Japan) What is Japan? A Look at Japan's Changing Sociocultural Identity. 12.20 p.m. Mr. Nobutake SHIRAI (Ministry of Post and Telecommunications, Japan) Internet Business in U.S. and Japan: A Comparative Study. 12.40 p.m. Mr. Raita SUGIMOTO (Toyota Motor Corporation, Japan) Reorganization of the Automobile Industry and its Impact on the Asian Market. 1.00 p.m. Mr. Takeo TAKIUCHI (The Patent Office, Japan) Entrepreneurship through Technology Transfer in Silicon Valley. 1.20 p.m. Mr. Kenji UCHIDA (The Kansai Electric Power Co., Inc., Japan) Setting Up New Ventures In-house at Kansai Electric Power Company. 1.40 p.m. Mr. Zhi-Jie ZENG (CITIC Pacific, Hong Kong) China's WTO bid and the Effect on China's Internet Business. Research Introductions: Mr. Yong-Ky EUM (Hyundai Heavy Industry, Korea) Mr. Jiang FENG (People's Bank of China, PRC) Ms. Xiaohui ZHANG (People's Bank of China, PRC)

12.00 p.m. Mr. Hiroyuki FUNAGURA (Toyobo Co., Ltd., Japan) Digital Subscriber Line Research. 12.15 p.m. Ms. Reiko HAYASAKA (Sankei Shimbun, Japan) The Outlook of the Japanese Press Club. 12.30 p.m. Mr. Toshiya KOINUMA (Asahi Shimbun, Japan) Open Source Software Development and its Influence on the Software Industry. 1.00 p.m. Mr. Hidenori MITSUI (Ministry of Finance, Japan) Comparison of American and Japanese Law Fundamentals: Focusing on Tax Law. 1.20 p.m. Mr. Yoshihiko MURASAWA (The Tokyo Electric Power Co., Inc., Japan) Decision-Making Systems of Building Nuclear Power Stations in Japan. 1.40 p.m. Mr. Kiyoshi NOGUCHI (Yomiuri Shimbun, Japan) The Future of Japanese E-commerce.