From March 10 to 14, 2025, the National Graduate Institute for Policy Studies (GRIPS) successfully hosted the 13th “Japan-IMF Macroeconomic Seminar for Asia (JIMS)” in collaboration with the IMF Regional Office for Asia and the Pacific (OAP). JIMS is an important OAP technical assistance program, designed for senior officials responsible for formulating and implementing macroeconomic policies across the Asia-Pacific region.

The theme of the 13th JIMS, “Macroeconomic Policy Management in a Fragmented World,” reflected the challenges posed by rising geopolitical tensions, national security concerns, and the shift towards inward-looking policies that undermine global economic integration in the post-pandemic era. At JIMS 2025, 30 senior government officials from the central banks, finance ministries and other agencies of 19 countries participated.

Over the course of the five-day seminar, various topics were discussed by distinguished speakers, including the world economic outlook, monetary policy transitions in Japan and the United States and their impacts on the emerging Asia, Japan’s experiences of implementing qualitative and quantitative easing to end the decade long deflation, exchange rate management, evidence-based policy making, strengthening global value chain (GVC) resilience to geopolitical tensions and the pandemic, and the revival of industrial policy.

The seminar also featured two roundtable discussions. One focused on “Strategies for Addressing the Surge in Public Debt,” and the other “Macroeconomic Policies of Emerging Asia in Turbulent Times.” These sessions provided a platform for participants to exchange insights and experiences in implementing monetary and fiscal policies to control inflation, maintain fiscal stability and achieve sustained economic growth.

As part of the program, 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 its monetary policy.

The distinguished speakers of JIMS 2025 are from the IMF Regional Office for Asia and the Pacific (OAP), Nomura Institute of Capital Markets Research, Hitotsubashi University, Keio University, Research Institute of Economy Trade and Industry (RIETI), Waseda University, Kwansei Gakuin University, and GRIPS. Their lectures provided valuable insights into the challenges and prospects of the global economy, equipping participants with the knowledge and skills needed to navigate macroeconomic policymaking in an era of geopolitical tensions, national security concerns, inward-looking industrial policies, and trade restrictions.

A highlight of JIMS 2025 was a special session featuring Professor Haruhiko Kuroda, former Governor of the Bank of Japan, as a guest speaker. Participants had the unique opportunity to hear him discuss the key policies implemented during his tenure at the Bank.

JIMS 2025 was a highly engaging and impactful seminar, fostering dialogue among policymakers and experts while deepening participants' understanding of key macroeconomic issues.