On 17-20 December 2023, students from the Division of Public Policy (PPOL) studying PhD in Public Policy (PP), Master of Public Policy (MPP) and Master of Public Management (MPM) embarked on a three-day study trip to Tokyo. Led by Prof. Donald LOW, Professor of Practice in Public Policy of PPOL, and Prof. Alex Jingwei HE, Associate Professor of PPOL, the theme of the study trip was "What’s so bad about Japani­fication? Lessons from Japan’s Lost Decade". The trip allowed students to examine Japan’s lost decades, how it survived nearly two decades of economic stagnation, and the health and social policy reforms introduced in that period. They also had the opportunity to discuss lessons for contemporary China, which is grappling with similar problems summarised by the 4Ds: excessive debt, deflation, decline of asset values, and aging demographics.

On the fi­rst morning, the students visited Mitsubishi Corporation for a discussion on energy and infrastructure fi­nancing in emerging markets, with a view to gaining insights into sustainable infrastructure fi­nancing, which is something vital in China’s Belt and Road Initiative (BRI). In the afternoon, students visited the Graduate School of Public Policy at Tokyo University to discuss Japan’s public sector, ­financial, and social security reforms in the 2000s. Prof. Naomi AOKI introduced the administrative reforms undertaken by the Japanese government from the late 1990s to 2020; Prof. Yasushi IWAMOTO gave a talk on the social security system under low growth, and Prof. Takahiro HATTORI spoke on ­financial market and institutions in Japan. Prof. Donald LOW also provided historical insights into Japan’s banking system in the 1950s-70s and Japan’s lost decades and highlighted parallels with the fi­nancial situation in China today.

The following day, students visited Macquarie Group Limited to study Japan’s equity market that outperformed in 2023 and prospects in 2024, with a talk delivered by the Head of Japan’s Equity Research and Managing Director of Macquarie Group, Mr. Damian THONG. In the afternoon, at the Tokyo Foundation for Policy Research, students examined and discussed Japan’s health policy reforms since the 2000s. Prof. Haruka SAKAMOTO from Tokyo Women’s Medical University shared valuable insights on the social security system for Japan’s super-aging population. The day concluded with a visit to Godot Inc., a tech startup specializing in evidence-based policy-making and behavioral design.

On the third day, students engaged in discussions at Waseda University on Japan’s lost decades and gained valuable perspectives on possible lessons for China. Professors Tomoo KIKUCHI and Kozo UEDA gave incisive and thought-provoking talks.

This study trip provided our students with a broad understanding of Japan’s lost decades, allowing them to think comparatively and historically about the current state of the Chinese economy, and the economic and social security reforms necessary for a sustained economic recovery.