NOMURA Koji

写真a

Affiliation

Research Centers and Institutes, Keio Economic Observatory (Mita)

Position

Professor

E-mail Address

E-mail address

Related Websites
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Career 【 Display / hide 】

  • 1996.04
    -
    2003.03

    Keio University,, Keio Economic Observatory,, Assistant Professor

  • 2003.04
    -
    2005.03

    Harvard University,, Kennedy School of Government,, CBG fellow

  • 2003.04
    -
    2017.03

    Keio University,, Keio Economic Observatory,, Associate Professor

  • 2005.07
    -
    2008.09

    Cabinet Office, Government of Japan,, ESRI (Economic Social Research Institute),, Visiting Fellow

  • 2006.11
    -
    2007.08

    OECD, STI (Directorate for Science, Technology and Industry),, Economist

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Academic Background 【 Display / hide 】

  • 1989.03

    Hakodate Chubu High School, Hokkaido

    Graduated

  • 1993.03

    Keio University, Faculty of Business and Commerce

    University, Graduated

  • 1995.03

    Keio University, Graduate School of Business and Commerce

    Graduate School, Completed, Master's course

  • 1998.03

    Keio University, Graduate School of Business and Commerce

    Graduate School, Withdrawal after completion of doctoral course requirements, Doctoral course

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Academic Degrees 【 Display / hide 】

  • M.A., Keio University, Coursework, 1995.03

  • Ph.D, Keio University, Dissertation, 2005

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Research Areas 【 Display / hide 】

  • Humanities & Social Sciences / Economic statistics

  • Humanities & Social Sciences / Economic policy

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Research Keywords 【 Display / hide 】

  • Economic Growth, Capital and Productivity

  • Energy and Environment

  • Labor Input and Human Capital

  • Japanese and Asian Economies

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Books 【 Display / hide 】

  • Hydropower-Led Economic Growth in Bhutan: Development of Industry-Level Productivity Account, 1990–2022

    Koji Nomura, Contemporary South Asian Studies, Springer, 2025.05,  Page： 259

    　View Summary

    This book provides a comprehensive analysis of Bhutan’s economic growth and productivity dynamics from 1990 to 2022, with a special focus on hydropower development. Through the construction of detailed industry-level productivity accounts, the study addresses significant data gaps in Bhutan’s national accounts, measuring outputs and inputs across various sectors and developing quality-adjusted labor and capital input series. The analysis reveals the complexities of Bhutan’s hydropower-led growth strategy: while the sector has driven substantial economic growth, its contribution to overall productivity improvement has been limited. The electricity sector shows gains in labor productivity but declining capital productivity, resulting in stagnant Total Factor Productivity (TFP). The study also examines productivity trends in non-electricity sectors and addresses potential “Dutch disease” effects on manufacturing and agricultural competitiveness. International comparisons place Bhutan’s productivity performance in a regional context, revealing significant gaps in productivity performance, particularly when compared to India, Bhutan’s largest trading partner and a regional economic benchmark. This comparative analysis informs policy recommendations for achieving more balanced and sustainable economic growth. The findings are particularly relevant for Bhutan’s Thirteenth Five-Year Plan (2024–2029), which emphasizes productivity improvements across all economic sectors. The book serves as a valuable resource for policymakers, economists, and researchers interested in development economics, particularly those focused on the unique challenges faced by small, landlocked nations pursuing sustainable economic development.

  • Energy Productivity and Economic Growth: Experiences of the Japanese Industries, 1955–2019

    Koji Nomura, Springer, 2023.01,  Page： 268

    　View Summary

    Energy costs in the economy amount to only a few percent of gross domestic product, but their importance to economic growth is much greater than their apparent number. Energy is used in almost all production and consumption activities, and energy price changes induce significant spillover effects throughout the economic system. More importantly, stable and affordable access to energy is a critical factor in determining the rate of capital accumulation in a domestic economy and, hence, labor productivity growth. The expansion of production per hour worked is achieved by using more and higher quality capital, which requires more energy to operate. This book aims to provide robust observational facts on energy productivity improvement (EPI) and to analyze the mechanisms of EPI achieved in Japan’s economic growth from 1955 to 2019. Linking the productivity account with energy statistics enables us to attempt not only to develop a better indicator of energy productivity but also to evaluate the EPI with other significant changes in the production process, such as capital productivity, labor productivity, and even the overall efficiency measured in terms of total factor productivity. This book is a valuable resource for researchers and policymakers seeking to understand the role of energy throughout the economy and for economic planners seeking to ensure the efficient use of energy now and into the future.

  • APO Productivity Databook 2024

    Koji Nomura and Mun S. Ho, Asian Productivity Organization, Keio University Press, 2024.09,  Page： 201

    　View Summary

    This seventeenth edition of the APO Productivity Databook describes the quality of economic growth and productivity by providing comparable accounts across countries with different accounting systems. This is intended to serve as a useful resource for policymakers and researchers. Productivity gains, which enable an economy to produce more with the same inputs or to achieve the same output with fewer inputs, are crucial for ensuring sustainable economic growth in the long run. Improving national productivity performance is a key public policy objective, which requires reliable monitoring of past performance. This edition covers more than half a century of Asian economic development, from 1970 to 2022. Additionally, this edition includes projections for economic growth and labor productivity improvements up to 2035. Baseline economic growth and productivity indicators are calculated for 31 Asian economies, representing the 21 Asian Productivity Organization member economies (APO21) and the ten non-member economies in Asia.1 The APO21 consists of Bangladesh, Cambodia, the Republic of China (ROC), Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran (Iran), Japan, the Republic of Korea (Korea), the Lao People’s Democratic Republic (Lao PDR), Malaysia, Mongolia, Nepal, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkiye, and Vietnam. The ten non-member economies in Asia are the Kingdom of Bhutan (Bhutan), Brunei Darussalam (Brunei), the People’s Republic of China (China), Myanmar, and the Gulf Cooperation Council (GCC), consisting of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). In addition, Australia, the European Union (EU), France, Italy, Germany, New Zealand, the United Kingdom (UK), and the United States (US) are included as reference economies.

  • Independent Energy Strategy by Non-Governmental Experts, 5a Edition (in Japanese)

    Taishi Sugiyama, Koji Nomura, Yoshioaki Oka, Tomohiko Okano, Koko Kato, Naoki Tatsumi, Hiroshi Tanaka, Naoki Toda, Haruhisa Nakazawa, Tsuruhiko Nambu, Koji Hirai, Satoshi Matsuda, Ryuzo Yamamoto, Masami Kojima, Tetsuo Sawada, Yoshihiro Muronaka, Masayuki Yamaguchi, and Tadashi Watanabe, 2025.07,  Page： 212

    　View Summary

    エネルギードミナンスとは、「強く豊かな日本を造るために、豊富、安価、安定なエネルギーを供給し、エネルギーに関する優勢（ドミナンス）を築く」という概念である。

    この確立のため、我々は以下の11項目にわたる提言をする。

    01. 光熱費を低減する。電気料金は東日本大震災前の水準を数値目標とする。エネルギーへの税や賦課金等は撤廃ないし削減する。
    02. 原子力を最大限活用する。全電源に占める比率50％を長期的な数値目標とする。
    03. 化石燃料の安定利用をCO2規制で阻害しない。
    04. 太陽光発電の大量導入を停止する。
    05. EV化により日本の自動車産業振興を妨げない。
    06. 再エネなどの化石燃料代替技術は、性急な導入拡大をせず、コスト低減を優先する。
    07. 過剰な省エネ規制を廃止する。
    08. 電気事業制度を垂直統合型に戻す。
    09. エネルギーの備蓄およびインフラ防衛を強化する。
    10. CO2排出総量の目標を置かず、部門別の排出量の割当てをしない。
    11. パリ協定を代替するエネルギードミナンス協定を構築する。

  • Energy Productivity in Japan's Economic Growth: Exploring Possibilities for Balancing Economy and Environment (in Japanese)

    Koji Nomura, Keio University Press, 2021.06,  Page： 288

    　View Summary

    拙速なエネルギー環境政策の強化が更なる経済停滞を招く危険を説いた警世の書。日本のエネルギー効率が「環境規制」によってではなく「経済成長」下で改善されてきた事実を示し、２０５０年「脱炭素社会」を見据え、その移行期における国際的に調和したエネルギー環境政策を提言する。

    目次
    第１章　経済成長とエネルギー
    第２章　エネルギー生産性改善の源泉
    第３章　エネルギー価格高騰に対する耐性
    第４章　エネルギー生産性と全体効率
    第５章　間接的な電力輸入
    第６章　日本のエネルギー転換に向けて

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Papers 【 Display / hide 】

  • "Bhutan’s Productivity Trends, 1990–2023: Findings from Bhutanese Productivity Account 2025"

    Koji Nomura

    (United Nations Economic and Social Commission for Asia and the Pacific)   2025.08

    Research paper (other academic), Single Work

    　View Summary

    The Bhutanese Productivity Account 2025 provides updated productivity estimates for 1990–2023, developed jointly by the DMDF and Keio University. While Bhutan’s hydropower-led growth model has achieved rapid labor productivity gains, the report reveals persistent stagnation in total factor productivity (TFP) and a steep decline in capital productivity. Capital input accounted for nearly 84% of GDP growth during this period, yet TFP contributed negatively on average, underscoring a pattern of capital accumulation without corresponding efficiency gains. The electricity sector, despite significant investment, saw long-term declines in TFP due to rising construction costs and limited output growth. Moreover, positive spillover effects to non-electricity industries have been limited, with manufacturing showing only modest improvements. International comparisons highlight a widening TFP growth gap between Bhutan and countries like India. Growing electricity demand from data centers and rising import dependency pose further challenges. The report emphasizes that Bhutan’s growth cannot be fully understood through labor productivity alone. To achieve sustainable, high-quality growth aligned with the 13th Five Year Plan, Bhutan must improve productivity in non-electricity sectors through investment in innovation, human capital, and structural reform, while addressing electricity supply constraints and maintaining macroeconomic resilience.

  • "Bhutan’s Productivity Stagnation: Hydropower and Beyond"

    Koji Nomura

    Hydropower-Led Economic Growth in Bhutan (Springer)     207 - 237 2025.05

    Part of collection (book), Single Work

    　View Summary

    This chapter analyzes Bhutan’s productivity dynamics from 1990 to 2022, focusing on industry-level and aggregate total factor productivity (TFP) and capital and labor productivity. Hydropower plays a pivotal role in shaping Bhutan’s economic structure, driving substantial gains in labor productivity, especially after the commissioning of major plants. However, these gains have been offset by a capital productivity decline, leading to overall TFP growth stagnation. Despite hydropower’s importance in Bhutan’s economic expansion, its long-term contribution to TFP remains limited due to the capital-intensive nature of large-scale projects, which strains capital efficiency. The chapter also highlights productivity patterns in the non-electricity sector, where labor productivity gains are more prominent, but TFP improvements remain minimal. These findings emphasize the challenges of sustaining productivity growth in Bhutan’s hydropower-led economy and point to the risks of over-reliance on a single sector. A dual strategy is necessary: fostering internationally competitive industries that leverage hydropower while ensuring affordable and stable electricity supply to meet the expanding domestic demand. This approach is essential for achieving long-term sustainable economic growth.

  • "Measuring Capital Accumulation in Bhutan"

    Koji Nomura

    Hydropower-Led Economic Growth in Bhutan (Springer)     171 - 205 2025.05

    Part of collection (book), Single Work

    　View Summary

    This chapter constructs industry-level capital inputs for Bhutan from 1990 to 2022, addressing the absence of a capital stock account in the Bhutanese System of National Accounts (BTSNA). It develops time-series investment and stock matrices to create industry-specific, quality-adjusted capital inputs. A key methodological adjustment is the shift of hydropower investments from a work-in-progress basis to an installed basis, ensuring that only fully operational assets are included in capital services. Large-scale hydropower projects often experience time lags of over 10 years from construction to operation, so this adjustment is crucial for accurate productivity assessment. As of early 2022, Bhutan’s nominal net capital stock is estimated at Nu 905 billion, roughly four times its GDP—the highest ratio in South Asia. Despite being one of the most capital-intensive economies in the region since the 1990s, Bhutan’s capital inputs continued to expand rapidly, averaging 9.5% growth per year between 1990 and 2022. This rapid growth occurred not only in the electricity sector but also across non-electricity industries, with an even faster accumulation after the democratic transition in 2008. While data limitations remain, this study establishes a vital framework for understanding Bhutan’s capital dynamics and lays the foundation for future refinements.

  • "Bhutan’s Aggregate Output: A Review"

    Koji Nomura

    Hydropower-Led Economic Growth in Bhutan (Springer)     15 - 51 2025.05

    Part of collection (book), Single Work

    　View Summary

    This chapter comprehensively reviews Bhutan’s aggregate outputs from 1990 to 2022, focusing on expenditure-side GDP and hydropower-led growth. It reconciles multiple versions of the Bhutanese System of National Accounts (BTSNAs) to address inconsistencies and construct reliable long-term series for key indicators such as gross fixed capital formation (GFCF), exports, and imports. A key concern in constructing industry-level productivity accounts is investment, which in Bhutan is closely tied to imports. Ensuring alignment between final demand by product and investment measurement is crucial for accurate productivity analysis. The chapter highlights the significant role of hydropower in driving Bhutan’s nominal GDP growth, accounting for 34.0% of growth from 1990 to 2008 and 22.1% from 2008 to 2022. Bhutan’s high share of investment in GDP, which surpasses that of other South Asian nations and often exceeds China’s, is noteworthy. However, the capital-intensive model raises concerns about resource allocation efficiency and productivity improvements. This chapter lays the groundwork for a deeper understanding of Bhutan’s economic trajectory and future challenges, which will be explored in greater detail in the following chapters.

  • "Reevaluating Industry Origins of Bhutan’s Economic Growth"

    Koji Nomura

    Hydropower-Led Economic Growth in Bhutan (Springer)     53 - 132 2025.05

    Part of collection (book), Single Work

    　View Summary

    This chapter develops time-series Supply and Use Tables (SUTs) for Bhutan from 1990 to 2022, addressing challenges posed by data gaps and inconsistencies across various versions of the Bhutanese System of National Accounts (BTSNA). It emphasizes the importance of adopting consistent methodologies for assessing industry and product outputs, particularly in sectors like electricity, where pricing complexities and measurement issues are prominent. The official estimates, which are based on fixed-weight Laspeyres indices, tend to underestimate real value-added growth. By applying double deflation and chain indices based on the time-series SUTs constructed in this chapter, real GDP growth estimates for the post-democratization period (2008–2022) are revised, revealing an average revised real growth rate of 5.5%, 0.74 percentage points higher than the official figs. A notable shift in growth drivers is also identified: hydropower’s contribution to real growth decreased from 27.2% (1990–2008) to 14.1% (2008–2022). The manufacturing sector’s contribution also halved, suggesting potential signs of “Dutch disease.” The findings emphasize the need for further refinement in data to strengthen the analysis and lay the groundwork for a detailed productivity study in subsequent chapters.

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Papers, etc., Registered in KOARA 【 Display / hide 】

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Reviews, Commentaries, etc. 【 Display / hide 】

  • "Productivity Dynamics in the Maldives, 1970–2023: Evidence from SAARC and Fiji Comparisons"

    Koji Nomura

    (United Nations Economic and Social Commission for Asia and the Pacific)   2025.08

    Lecture material (seminar, tutorial, course, lecture, etc.), Single Work

    　View Summary

    This study examines productivity dynamics in the Maldives from 1970 to 2023 in comparison with SAARC countries and Fiji. Strong TFP growth in the late 1980s was followed by investment-led growth with negative TFP in the 1990s–2000s. Since the 2010s, TFP growth has stagnated near zero, while labor quality has ceased to improve. Despite relatively high per capita GDP, the Maldives shows weak labor productivity performance—above Afghanistan but below Nepal and Pakistan. The economy remains highly vulnerable to external shocks such as the 2005 tsunami, the 2009 global financial crisis, and the 2020 pandemic.

  • "Exit and Voice" (in Japanese)

    Koji Nomura

    Wave (Denki Shimbun) (The Denki Shimbun)   2025.08

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media), Single Work

  • "Independent Energy Strategy by Non-Governmental Experts, 5a Edition" (in Japanese)

    Taishi Sugiyama, Koji Nomura, Yoshioaki Oka, Tomohiko Okano, Koko Kato, Naoki Tatsumi, Hiroshi Tanaka, Naoki Toda, Haruhisa Nakazawa, Tsuruhiko Nambu, Koji Hirai, Satoshi Matsuda, Ryuzo Yamamoto, Masami Kojima, Tetsuo Sawada, Yoshihiro Muronaka, Masayuki Yamaguchi, and Tadashi Watanabe

     2025.07

    Internal/External technical report, pre-print, etc., Joint Work

    　View Summary

    エネルギードミナンスとは、「強く豊かな日本を造るために、豊富、安価、安定なエネルギーを供給し、エネルギーに関する優勢（ドミナンス）を築く」という概念である。

    この確立のため、我々は以下の11項目にわたる提言をする。

    01. 光熱費を低減する。電気料金は東日本大震災前の水準を数値目標とする。エネルギーへの税や賦課金等は撤廃ないし削減する。
    02. 原子力を最大限活用する。全電源に占める比率50％を長期的な数値目標とする。
    03. 化石燃料の安定利用をCO2規制で阻害しない。
    04. 太陽光発電の大量導入を停止する。
    05. EV化により日本の自動車産業振興を妨げない。
    06. 再エネなどの化石燃料代替技術は、性急な導入拡大をせず、コスト低減を優先する。
    07. 過剰な省エネ規制を廃止する。
    08. 電気事業制度を垂直統合型に戻す。
    09. エネルギーの備蓄およびインフラ防衛を強化する。
    10. CO2排出総量の目標を置かず、部門別の排出量の割当てをしない。
    11. パリ協定を代替するエネルギードミナンス協定を構築する。

  • "What is Realistic?" (in Japanese)

    Koji Nomura

    Wave (Denki Shimbun) (The Denki Shimbun)   2025.07

    Article, review, commentary, editorial, etc. (trade magazine, newspaper, online media), Single Work

  • "Independent Energy Strategy by Non-Governmental Experts, 5th Edition" (in Japanese)

    Taishi Sugiyama, Koji Nomura, Yoshioaki Oka, Tomohiko Okano, Koko Kato, Naoki Tatsumi, Hiroshi Tanaka, Naoki Toda, Haruhisa Nakazawa, Tsuruhiko Nambu, Koji Hirai, Satoshi Matsuda, Ryuzo Yamamoto, Masami Kojima, Tetsuo Sawada, Yoshihiro Muronaka, Masayuki Yamaguchi, and Tadashi Watanabe

     2025.06

    Internal/External technical report, pre-print, etc., Joint Work

    　View Summary

    エネルギードミナンスとは、「強く豊かな日本を造るために、豊富、安価、安定なエネルギーを供給し、エネルギーに関する優勢（ドミナンス）を築く」という概念である。

    この確立のため、我々は以下の11項目にわたる提言をする。

    01. 光熱費を低減する。電気料金は東日本大震災前の水準を数値目標とする。エネルギーへの税や賦課金等は撤廃ないし削減する。
    02. 原子力を最大限活用する。全電源に占める比率50％を長期的な数値目標とする。
    03. 化石燃料の安定利用をCO2規制で阻害しない。
    04. 太陽光発電の大量導入を停止する。
    05. EV化により日本の自動車産業振興を妨げない。
    06. 再エネなどの化石燃料代替技術は、性急な導入拡大をせず、コスト低減を優先する。
    07. 過剰な省エネ規制を廃止する。
    08. 電気事業制度を垂直統合型に戻す。
    09. エネルギーの備蓄およびインフラ防衛を強化する。
    10. CO2排出総量の目標を置かず、部門別の排出量の割当てをしない。
    11. パリ協定を代替するエネルギードミナンス協定を構築する。

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Presentations 【 Display / hide 】

  • "Post-pandemic Energy Price Differences and Industrial Structural Changes" (in Japanese)

    Koji Nomura

    RITE ALPS IV Economic Analysis Working Group, 

    2025.06
    , 

    Oral presentation (general), RITE

  • "Japan’s Economic Struggles in the Face of Energy Transition" (in Japanese)

    Koji Nomura

    IoT・M2Mフォーラム 第20回講演会 (ヤンマーエネルギーシステム（株）東京支社会議室) , 

    2025.06
    , 

    Public lecture, seminar, tutorial, course, or other speech

  • Dynamic Sources of Growth: TFP Change and Capital Accumulation

    Mun S. Ho, Koji Nomura, and Jon D. Samuels

    The 8th World KLEMS Conference (International House of Japan, Roppongi, Tokyo) , 

    2025.03
    , 

    Oral presentation (general)

    　View Summary

    We identify and measure two impacts of industry-level total factor productivity (TFP) growth on aggregate price change in the U.S. and Japan. The first is a standard effect from the definition of aggregate GDP. TFP change lowers aggregate prices ceteris paribus. The second is that a change in TFP in the production of investment goods lowers the cost of capital via lower investment prices. We call this the cost-of-capital effect and formulate an expanded growth accounting framework to capture both effects. We apply it to a harmonized dataset for the two countries and find that the standard effect has fallen since the peak around 2000 due to lower TFP growth and a diminished share of GDP. However, the cost-of-capital effect has risen in importance and offsets part of this decline in the standard effect.

  • Estimating Flexible Functional Forms Using Macroeconomic Data

    W. Erwin Diewert, Koji Nomura, and Chihiro Shimizu

    The 8th World KLEMS Conference (International House of Japan, Roppongi, Tokyo) , 

    2025.03
    , 

    Oral presentation (general)

    　View Summary

    The paper estimates a flexible functional form for a joint cost function using US aggregate data for the years 1970-2022. There are four outputs (consumption, government, investment and exports) and six inputs (imports, labour, machinery and equipment services, structure services, other capital services and land services). Curvature conditions on the joint cost function are imposed without destroying the flexibility of the functional form. Various elasticities of supply and demand are estimated along with technical progress bias terms for each input. When using aggregate time series data based on the System of National Accounts, the paper shows that it is probably better to estimate a joint cost function rather than a gross output function or a GDP function. The paper also shows that assuming that an aggregate production function has constant elasticities of substitution is not appropriate for the US. Finally, the importance of including land as an aggregate input is stressed.

  • "Challenges and Directions for Climate Change Measures that are Compatible with Strengthening Industrial Competitiveness" (in Japanese)

    Koji Nomura

    Global Environment Subcommittee, Keidanren Environment Committee (Keidanren Kaikan) , 

    2025.03
    , 

    Public lecture, seminar, tutorial, course, or other speech, Keidanren

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Works 【 Display / hide 】

  • Development of APO Productivity Database 2025

    Koji Nomura, Sho Inaba, and Shiori Nakayama

    Asian Productivity Organization and Keio Economic Observatory, 

    2024.11
    -
    2025.06
    , 

    Database science, Joint

    　View Details

    The APO-PDB 2025 is utilized in the APO Productivity Databook 2025 (to be published in September 2025), covering the period 1970–2023.

    It includes 27 Asian economies—Afghanistan, Bangladesh, Cambodia, China, Chinese Taipei, Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran, Japan, the Republic of Korea, the Lao People's Democratic Republic, Malaysia, Mongolia, Myanmar, Nepal, the Maldives, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkey, Bhutan, Brunei, and Viet Nam—as well as the United States. The 2025 edition newly incorporates Afghanistan and the Maldives.

  • Development of Asia QALI Database 2025

    Koji Nomura, Sho Inaba, and Shiori Nakayama

    Keio Economic Observatory, Keio University, 

    2024.11
    -
    2025.06
    , 

    Database science, Joint

    　View Details

    The AQALI 2025 is utilized in the APO Productivity Databook 2025 (to be published in September 2025). The measurement period covers 1970–2023.

    It includes 27 Asian economies—Afghanistan, Bangladesh, Cambodia, China, Chinese Taipei, Fiji, Hong Kong, India, Indonesia, the Islamic Republic of Iran, Japan, the Republic of Korea, the Lao People's Democratic Republic, Malaysia, Mongolia, Myanmar, Nepal, the Maldives, Pakistan, the Philippines, Singapore, Sri Lanka, Thailand, Turkey, Bhutan, Brunei, and Viet Nam—as well as the United States. The 2025 edition newly incorporates Afghanistan and the Maldives.

  • Energy Cost Monitoring for Japan (ECM_JPN_202507)

    Koji Nomura, Sho Inaba, and Mansaku Yoshida

    Nomura Lab at Keio Economic Observatory, 

    2025.08
    , 

    Database science, Joint

    　View Details

    ECM_JPN_202507 is updated through June 2025 (with EITE indicators updated through May 2025).
    Projections of real and nominal GDP beyond June 2025 are based on the OECD Economic Outlook released on June 3, 2025. Forecasts for crude oil, natural gas, and coal prices reflect the U.S. EIA Short-Term Energy Outlook released on July 8, 2025.
    In the latter, crude oil price projections were revised upward in response to the deterioration of the Middle East situation following the escalation of tensions between Iran and Israel in June 2025.

  • Multilateral Energy Cost Monitoring (ECM_202507)

    Koji Nomura, Sho Inaba, and Mansaku Yoshida

    Keio Economic Observatory, Keio University, 

    2025.08
    , 

    Database science, Joint

    　View Details

    The PLI (price level index) is estimated through June 2025, RUEC (real unit energy cost) through Q1 2025 (forecast is through Q4 2025), and the EITE (energy-intensive trade-exposed) output index through May 2025.

    PLI/RUEC covers seven countries (Japan, China, South Korea, the U.S., the UK, Germany, and France) and EITE covers four countries (Japan, China, the U.S., and Germany).

  • Monthly GDP Growth (JMGDP_202507)

    Koji Nomura and Sho Inaba

    Nomura Lab at Keio Economic Observatory, 

    2025.07
    , 

    Database science, Joint

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    JMGDP_202507 is updated through June 2025.

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Awards 【 Display / hide 】

  • The 48th Nikkei Award (Nikkei Keizai-Tosho-Bunka-Sho)

    Koji Nomura, 2005.11, Nihon Keizai Shimbun, Measurement of Capital and Productivity

    Type of Award： Award from publisher, newspaper, foundation, etc.

  • Keio Award

    Koji Nomura, 2005.11, Keio Univeristy

    Type of Award： Keio commendation etc.

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Courses Taught 【 Display / hide 】

  • THEORY OF INDEX NUMBERS

    2025

  • SPECIAL STUDY OF ECONOMETRICS

    2025

  • SEMINAR: SPECIAL STUDY OF ECONOMETRICS

    2025

  • SEMINAR: ECONOMETRICS

    2025

  • SEMINAR (QD)

    2025

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Social Activities 【 Display / hide 】

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Media Coverage 【 Display / hide 】

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Academic Activities 【 Display / hide 】

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Committee Experiences 【 Display / hide 】

  • 2025.08
    -
    2026.04

    Consultant, UNESCAP (United Nations Economic and Social Commission for Asia and the Pacific)

  • 2025.06
    -
    2026.03

    Committee Member, Research Institute of Innovative Technology for the Earth (RITE), Working Group for Promoting Innovation and Investment

  • 2025.06
    -
    2026.03

    Chief, Research Institute of Innovative Technology for the Earth (RITE), Economic Analysis Working Group

  • 2025.06
    -
    2026.03

    Committee Member, Research Institute of Innovative Technology for the Earth (RITE), Technical Committee for International Strategy against Global Warming

  • 2025.05
    -
    2026.03

    Committee member, Committee on Energy System Research, APIR (Asia Pacific Institute of Reseach)

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