Yoichi Matsubayashi’s scientific contributions

This paper overviews the long-run and short-run movements of the current account in Japan over the period of 1980–2014 from various points of view. Firstly, some empirical work was conducted to analyze fluctuations in the current account in Japan by deconstructing structural and nonstructural components. This investigation shows that not a single factor may cause the sharp reduction of the current account surplus since 2010s. Our empirical model also indicates that Japanese current account will fall in deficit in the middle of 2020s.