From February 26 to March 1, 2024, the National Graduate Institute for Policy Studies (GRIPS) successfully organized the 12th “Japan-IMF Macroeconomic Seminar for Asia (JIMS)” in collaboration with the IMF Regional Office for Asia and the Pacific (OAP). The theme of JIMS 2024 is “Macroeconomic Policies in Turbulent Times,” which focusses on major macroeoconomic challenges faced by emerging economies in Asia in the post-pandemic era.?

JIMS is an executive training program targeting senior officials responsible for monetary and fiscal policies of the emerging economies in the Asia-Pacific region. It also serves as a platform for the participants to engage in macroeconomic policy dialogues and share their country experiences, which would enhance the regional economic integration and growth. GRIPS has offered this annual training since 2011. At JIMS 2024, 29 senior government officials from the central banks, finance ministries or other agencies of 17 countries participated in the training program.
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Over the course of the 5-day seminar, various topics were discussed by distinguished speakers, including “The World Economic Outlook in Turbulent Times”, “Central Bank Digital Currency”, “Exchange Rate Management and Foreign Exchange Policy”, “Impact of US Monetary Policy Tightening on Japan and the World”, “Strengthening GVC Resilience to Geopolitical Tensions and the Pandemic”, “Evidence-based Policy Making: applications in Macroeconomic Policy Analysis” and “Energy Security and Energy Transition in Japan”.?

Two Roundtable discussions were held. One focuses on “Strategies for Addressing the Surge in Public Debt,” and the other “Macroeconomic Policies of Emerging Asia in Turbulent Times.” The roundtables were designed for the participants to share their views and experiences of implementing monetary and fiscal policies to control inflation, maintain fiscal stability and achieve sustained economies growth in turbulent times.?

As part of the seminar, participants visited to the Bank of Japan (BOJ) for a half-day session. The discussion with the officer of BOJ enhanced their understandings on Japan’s macroeconomic conditions and the evolution of the BOJ’s monetary policy.

The distinguished speakers of JIMS 2024 are from the IMF Regional Office for Asia and the Pacific (OAP), Bank of Japan FinTech Center, Research Institute of Economy Trade and Industry (RIETI), Institute of Developing Economies - Japan External Trade Organization (IDE-JETRO), Nomura Institute of Capital Market Research, Hitotsubashi University, Otemon Gakuin University, Tokyo Metropolitan University, Waseda University and Hiroshima University. Their lectures enhanced the understanding of the participants on the challenges and perspective of the world economy and enriched their knowledge and skills in implementing macroeconomic policies when facing the external shocks such as the China-US competition, Russia’s invasion of Ukraine and the climate change.