KEIO RESEARCHERS INFORMATION SYSTEM

Career 【 Display / hide 】

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 】

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

Academic Degrees 【 Display / hide 】

Academic Degrees 【 Display / hide 】

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

• Ph.D, Keio University, Dissertation, 2005

Research Areas 【 Display / hide 】

Research Areas 【 Display / hide 】

• Humanities & Social Sciences / Economic statistics

• Humanities & Social Sciences / Economic policy

Research Keywords 【 Display / hide 】

Research Keywords 【 Display / hide 】

• Economic Growth, Capital and Productivity

• Energy and Environment

• Labor Input and Human Capital

• Japanese and Asian Economies

Books 【 Display / hide 】

Books 【 Display / hide 】

• APO Productivity Databook 2026

  Koji Nomura and Mun S. Ho, Asian Productivity Organization, Keio University Press, 2026.09,  Page： 207

  　View Summary

  The 19th edition of the APO Productivity Databook provides standardized productivity and growth comparisons across 38 Asian economies and selected global reference economies over the period 1970–2024, with projections extending to 2035. Based on harmonized statistical concepts and internationally comparable methodologies, it evaluates Asia’s structural transformation, growth and productivity trends, and long-term development prospects. It also examines trade reconfiguration under geopolitical and policy shocks, energy prices and industrial competitiveness, and the relationship between AI and productivity. Productivity enhancement is defined as either increasing output from a given level of inputs or maintaining or expanding output while reducing resource use. As the indispensable foundation of resilient, sustained economic growth, improving national productivity remains a fundamental policy imperative. The Databook presents indicators of economic growth and labor productivity for 38 Asian economies (Asia38), comprising the 21 APO member economies (APO21) together with 17 non-member economies. For a subset of 28 economies (Asia28)—the APO21 plus Afghanistan, Bhutan, Brunei, China, the Maldives, Myanmar, and Saudi Arabia—it develops full productivity accounts, including capital and labor inputs and total factor productivity (TFP), covering approximately 94% of the region’s output in purchasing power parity (PPP) terms in 2024. The 2026 edition expands the coverage of labor productivity indicators from Asia33 to Asia38 by adding the Central Asian Five—Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan—and extends the full productivity accounts from Asia27 to Asia28 by incorporating Saudi Arabia. It also incorporates major national accounts benchmark revisions in seven economies while ensuring consistency across the long-term series. In addition, the United States (US), Australia, the European Union (EU), France, Germany, Italy, New Zealand, and the United Kingdom (UK) are included as reference economies.

  • Access to Document (DOI)

• 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.

  • Access to Document (DOI)

• 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.

  • Access to Document (DOI)

• 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

  This book reexamines the sources of Japan’s long-term economic stagnation from the perspectives of energy constraints and productivity. Although energy appears as a relatively small cost component in GDP, it constitutes a fundamental input underpinning capital utilization and labor productivity. Its price level and supply structure therefore exert a substantial influence on medium- to long-term economic growth.
  
  Using long-term data covering the period since 1885 at the macro level and since 1955 at the industry level, the book analyzes the dynamics of energy productivity (EPI). It develops a productivity accounting framework that integrates energy quality, industrial structure, and technological change. In addition, by employing indicators such as the real unit energy cost (RUEC) and the effective import dependency of electricity (EID), the book examines Japan’s resilience to energy price changes and its structural vulnerabilities in an international comparative context.
  
  The empirical findings suggest that recent energy and environmental policies in Japan, rather than promoting growth through improvements in energy productivity, may have constrained economic growth by suppressing capital accumulation and slowing total factor productivity (TFP) growth. The book concludes by redefining the conditions under which economic growth and environmental policy can be reconciled, and provides a foundation for designing effective energy policies.

• "Technological Innovation and the Divergence of the Japanese Economy" (in Japanese)

  Koji Nomura, Nikkei Business Publications, Inc., 2026.10

  　View Summary

  Using SBI-BIP, this chapter portrays the Japanese economy of 2040 along two scenarios: a Business-as-Usual (BaU) path extending current trends, and a Technology and Societal Implementation (TSI) path in which the societal implementation of technological innovation advances. It analyzes the sources of growth under TSI—where nominal GDP reaches approximately ¥1,000 trillion—and its consequences for employment, income distribution, AI utilization, and energy constraints, showing that realizing this potential depends not on technological progress alone but also on the economic and social foundations that support its implementation.

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Papers 【 Display / hide 】

Papers 【 Display / hide 】

• "Technological Innovation and the Divergence of the Japanese Economy" (in Japanese)

  Koji Nomura

  政井 貴子・増島 稔・SBI金融経済研究所編『2040年の日本再生　進化系フィジタル経済の衝撃』 (Nikkei Business Publications, Inc.)   2026.10

  Part of collection (book), Single Work

  　View Summary

  Using SBI-BIP, this chapter portrays the Japanese economy of 2040 along two scenarios: a Business-as-Usual (BaU) path extending current trends, and a Technology and Societal Implementation (TSI) path in which the societal implementation of technological innovation advances. It analyzes the sources of growth under TSI—where nominal GDP reaches approximately ¥1,000 trillion—and its consequences for employment, income distribution, AI utilization, and energy constraints, showing that realizing this potential depends not on technological progress alone but also on the economic and social foundations that support its implementation.

• "Two Uncertainties—Energy Transition and the Choices Facing the Japanese Economy" (in Japanese)

  Koji Nomura

  政井 貴子・増島 稔・SBI金融経済研究所編『2040年の日本再生　進化系フィジタル経済の衝撃』 (Nikkei Business Publications, Inc.)   2026.10

  Part of collection (book), Single Work

  　View Summary

  This chapter reviews the history of policymaking on low-carbon development and decarbonization, examining distortions in economic and technological assessments and the uncertainty that remains in their scientific basis. Under the “two uncertainties” of climate change and the energy transition, it argues for the importance of not betting on any single path and of keeping diverse options open.

• "Decarbonization Outcomes at Institutional Seams: Non-Identification and Selection in the Rebuilding of Kourakuen’s Asaka Store as a ZEB Ready Building" (in Japanese)

  Koji Nomura

  KEO Discussion Paper (Keio Economic Observatory, Keio University)   ( 206 ) 1 - 44 2026.07

  Research paper (bulletin of university, research institution), Single Work

  　View Summary

  This paper examines the rebuilding of Kourakuen’s Asaka Store, a ramen restaurant in Fukushima Prefecture, Japan, as a ZEB Ready building, as reported in July 2026. Using publicly available primary sources—including real estate registration records, building confirmation documents, municipal budgets, and corporate disclosures—it reconstructs the conditions under which this case came to circulate as a decarbonization policy “achievement.” Neither national nor Fukushima Prefectural subsidies covered a small, newly constructed ZEB Ready building of this type, and the Koriyama City subsidy is unlikely to have induced the initial investment decision. The road-widening project explains the opportunity and timing of the rebuilding, but not the adoption of the ZEB Ready specification. The project combined a small scale, which could limit total incremental costs, with the publicity, learning, and rollout value associated with a store in a restaurant chain. For Tohoku Electric Power, the expected value of early market entry, learning, and the formation of a first-project track record may also justify its involvement as the ZEB Planner. Yet land and building ownership, construction, operation, and ZEB support were divided among multiple parties, while cost sharing, contractual relationships, and service remuneration were not disclosed. The economic arrangement that satisfied the parties’ participation constraints therefore cannot be identified.
  This non-identification arises from institutional design. The ZEB system records compliance with a design-based technical standard within a prescribed assessment boundary, but does not link outcome information to operating performance, financing and contractual relationships, counterfactual benchmarks, or cost incidence. Actual energy savings, private viability under ordinary market conditions, policy additionality, and replicability across projects therefore cannot be verified. At the institutional seam created by this informational disconnect, a “decarbonization achievement” is generated through two stages of selection. In the inner selection, project-specific opportunities and benefits allow the relevant parties’ participation constraints to be satisfied, thereby forming a ZEB Ready project. In the outer selection, projects with symbolic attributes—such as first-of-its-kind status or regional collaboration—are made visible through corporate announcements and media coverage. Narratives emphasizing technical achievement and inter-organizational collaboration while omitting project-specific formation histories may thereby bias public perceptions of policy effects.
  Appropriate policy evaluation requires examining the incentives that outcome indicators and subsidy-eligibility categories create for project and technology choices, while establishing a recordkeeping system that links project formation histories, public support, financing sources, related-party relationships, and post-completion operating performance to building-level outcome information. Additional resources committed by private actors in response to policy incentives should also be recognized as policy costs arising outside the fiscal process, and their incidence should be assessed.
  

  • Access to Document (DOI)

• "Declining Energy Cost Competitiveness in Japan and Europe — A Real PLI–Based Comparison of Nine Major Economies and Threshold Effects on EITE Output" (in Japanese)

  Koji Nomura and Sho Inaba

  DBJ Discussion Paper Series (Research Institute of Capital Formation, Development Bank of Japan)   ( 2502 ) 1 - 33 2026.03

  Research paper (bulletin of university, research institution), Joint Work

  　View Summary

  This paper examines international energy cost competitiveness using real price conditions rather than exchange-rate-based nominal comparisons. Focusing on nine major economies—Japan, China, Korea, India, the UK, Germany, France, Italy, and the U.S.—we construct a Real Price Level Index for energy (Real PLI) based on value-added prices using the ECM Database and extend the measurement through the fourth quarter of 2025. The results indicate that, in the post-pandemic period, real energy price differentials have persistently widened in Japan, Korea, and several European economies relative to the U.S. and to China and India. We further investigate the relationship between Real PLI and the output of energy-intensive and trade-exposed (EITE) industries. Panel threshold regressions reveal significant nonlinear effects: once Real PLI exceeds estimated critical levels, EITE production declines sharply. In contrast, no statistically significant threshold effect is detected for China and India. The paper also shows that recent improvements in Gross Energy Productivity (GEP) and the apparent stabilization of Real Unit Energy Costs (RUEC) in advanced economies partly reflect structural shifts—specifically, the relative contraction of EITE sectors—rather than purely technological efficiency gains. While such structural adjustment may reduce macroeconomic sensitivity to energy price shocks, it simultaneously implies declining domestic basic-material production capacity and greater external dependence. These findings suggest that persistently adverse real energy price conditions act as structural constraints on industrial location and investment decisions.

• "How Does the Social Implementation of Technological Innovation Transform the Japanese Economy?—Visualizing Structural Change with the High-Resolution Economic Model BIP" (in Japanese)

  Koji Nomura

  SBI Research Review (SBI Financial and Economic Research Institute)  9   27 - 49 2026.02

  Research paper (bulletin of university, research institution), Single Work

  　View Summary

  This paper develops a high-resolution economic model, BIP, designed to evaluate the macroeconomic impacts of the social implementation of technological innovation in Japan. The BIP framework visualizes how technological innovations propagate across economic activities through structural transformation and aims to capture multiple dimensions of the economy—production, employment, income distribution, and energy consumption—within a consistent general equilibrium framework. Two scenarios are examined. The first is a business-as-usual (BaU) trajectory that extends the stagnation observed in the Japanese economy, while the second is a technology and social implementation (TSI) scenario in which technological innovations are widely adopted across society. The analysis traces the divergence between these scenarios toward 2040. Under the TSI scenario, the service sector expands significantly; however, the core growth mechanism remains the reconstruction of an industrial foundation centered on manufacturing. Relative to the BaU baseline, nominal value added increases by ¥257 trillion, of which ¥132 trillion is attributable to productivity improvements and market expansion associated with the adoption of artificial intelligence. These productivity gains simultaneously enable shorter working hours and rising wages, while also promoting domestic capital accumulation supported by affordable and stable electricity supply. The results suggest that technological innovation of this kind could fundamentally alter the long-term growth trajectory of the Japanese economy.

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

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

• Decarbonization outcomes at institutional seams : non-identification and selection in the rebuilding of Kourakuen’s Asaka Store as a ZEB Ready building

  Nomura, Koji

  KEO discussion paper (Keio Economic Observatory Sangyo Kenkyujo)   ( 206 )  2026.07

• Energy price surge and widening real price differentials in the post-pandemic era : a comparative analysis of seven major countries

  Nomura, Koji

  KEO discussion paper (Keio Economic Observatory Sangyo Kenkyujo)   ( 185 )  2025.03

• Indirect steel trade in the postwar Japanese economy

  Nomura, Koji

  KEO discussion paper (Keio Economic Observatory Sangyo Kenkyujo)   ( 184 )  2025.02

• Measuring public civil engineering output prices based on bidding data in Japan, 1989–2021

  Nomura, Koji

  KEO discussion paper (Keio Economic Observatory Sangyo Kenkyujo)   ( 173 )  2022.10

• Measurement of labor shares and quality-adjusted labor inputs in Vietnam, 1970–2018

  Nomura, Kōji

  KEO discussion paper (Keio Economic Observatory Sangyo Kenkyujo)   ( 156 )  2020.12

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Reviews, Commentaries, etc. 【 Display / hide 】

Reviews, Commentaries, etc. 【 Display / hide 】

• ”Japan’s Nominal Unit Energy Cost Rises 36% above Its Pre-Pandemic Level" (in Japanese)

  Koji Nomura and Sho Inaba

  Energy Monitor (Keio Economic Observatory, Keio University)   ( 2615 )  2026.10

  Article, review, commentary, editorial, etc. (other), Joint Work

  　View Summary

  日本の名目単位エネルギーコスト(NUEC)は、2026年8月に実質GDP1万円当たり763円となり、コロナ禍前の560円を203円上回った。補助金等による料金抑制を反映したNUECの直接負担額も704円とコロナ禍前を144円上回っており、補助金による負担の移転にとどまらず、エネルギーコストの抑制を重視した政策への転換が課題となる。

  EM2615

  • Access to Document (DOI)

• ”Low-Carbon Power and Economic Growth: A Weak Relationship across 21 High-Income Countries" (in Japanese)

  Koji Nomura and Sho Inaba

  Energy Monitor (Keio Economic Observatory, Keio University)   ( 2614 )  2026.10

  Article, review, commentary, editorial, etc. (other), Joint Work

  　View Summary

  高所得のOECD加盟21か国では、2015年平均から2026年第2四半期までのゼロエミッション電源発電量と実質GDPの変化に明瞭な正の相関はみられない。日本は発電量が2.2倍となった一方、実質GDPの増加は21か国で最小の6%であった。脱炭素電源の拡大を成長の鍵とする政策には、その条件について具体的な説明が求められる。

  EM2614

  • Access to Document (DOI)

• ”Imports of Energy-Intensive Products: Japan’s Increase Concentrated in Chemicals" (in Japanese)

  Koji Nomura and Sho Inaba

  Energy Monitor (Keio Economic Observatory, Keio University)   ( 2613 )  2026.10

  Article, review, commentary, editorial, etc. (other), Joint Work

  　View Summary

  日本のEITE製品輸入の2024年以降の増加は、ほぼ化学製品に集中している。化学以外の主要部門では日独とも弱い動きがみられる一方、日本では国内生産が低下するなかで化学製品輸入が増加しており、国内供給から輸入品への代替がより明瞭に表れている。

  EM2613

  • Access to Document (DOI)

• ”Import-to-Production Ratio: Japan-Germany Gap Widens Again in Energy-Intensive Industries" (in Japanese)

  Koji Nomura and Sho Inaba

  Energy Monitor (Keio Economic Observatory, Keio University)   ( 2612 )  2026.10

  Article, review, commentary, editorial, etc. (other), Joint Work

  　View Summary

  日本とドイツの輸入生産比を産業グループ別に比較すると、Non-EITEではおおむね同方向に推移し水準はドイツがやや上回る一方、EITEではコロナ期と2025年以降に乖離がみられる。Non-EITEでは日本がドイツを下回るなかでEITEのみ上回るという対照は、EITEに特徴的な供給構造の変化、とりわけ日本で輸入が国内供給を代替する動きに注意を促す。

  EM2612

  • Access to Document (DOI)

• ”Japan’s Electricity Cost Burden Reaches Its Previous Peak Even After Subsidies" (in Japanese)

  Koji Nomura and Sho Inaba

  Energy Monitor (Keio Economic Observatory, Keio University)   ( 2611 )  2026.10

  Article, review, commentary, editorial, etc. (other), Joint Work

  　View Summary

  2026年の日本の電力コスト負担総額は23.5兆円と、コロナ禍前を6.3兆円上回り、2023年のピークも0.8兆円更新する見通しである。直接負担額も22.7兆円と2023年の負担総額に並び、短期的な需要の価格弾力性が小さい電力では、補助金による負担の移転だけでなく、供給側における高コスト要因の検証が課題となる。

  EM2611

  • Access to Document (DOI)

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Presentations 【 Display / hide 】

Presentations 【 Display / hide 】

• "How Will Technological Implementation Transform Economic Structures?—Visualization Using BIP and Future Visions for BIP" (in Japanese)

  Koji Nomura

  [Domestic presentation]  "Reseach on Japanese Economy in 2040", 

  2026.03

  , 

  Oral presentation (general), SBI Financial and Economic Research Institute

• "Declining Energy Cost Competitiveness in Japan and Europe" (in Japanese)

  Koji Nomura

  [Domestic presentation]  RITE ALPS IV Economic Analysis Working Group, 

  2026.03

  , 

  Oral presentation (general), RITE

  　View Summary

  This report examines the international comparison of energy cost competitiveness, emphasizing the importance of evaluating energy prices using a real price level index based on value-added prices (Real PLI) rather than nominal price differences that depend on exchange rates. Using data for nine economies—Japan, China, Korea, India, the United Kingdom, Germany, France, Italy, and the United States—measured through the fourth quarter of 2025, the analysis confirms that since the post-pandemic period the real energy price gap faced by Japan, Korea, and European economies relative to the United States, China, and India has structurally widened and become increasingly persistent. Japan’s Real PLI reaches 2.08 times that of the United States, while Germany’s reaches 2.73 times.
  
  The study further estimates a threshold effect whereby production in energy-intensive and trade-exposed (EITE) industries declines nonlinearly once the energy price gap exceeds a certain critical level. The recent improvement in measured energy productivity observed in advanced economies therefore reflects not only gains in technical efficiency but also significant structural change associated with the hollowing out of EITE industries. This dynamic implies the emergence of new risks for economic security in energy-dependent industrial economies.

• "How Does the Social Implementation of Technological Innovation Transform the Japanese Economy? —Visualizing Structural Change with the High-Resolution Economic Model BIP?" (in Japanese)

  Koji Nomura

  [Domestic presentation]  RITE ALPS IV , 

  2026.01

  , 

  Oral presentation (general), RITE

• "Economic Growth, Electricity Consumption, and CO2 Emissions Accompanying the Social Implementation of Technological Innovation: An Evaluation Using the High-Resolution Economic Model BIP" (in Japanese)

  Koji Nomura

  [Domestic presentation]  RITE ALPS IV Economic Analysis Working Group, 

  2025.12

  , 

  Oral presentation (general), RITE

• "Social Implementation of Technological Innovation in the 2040 Economy and Society: An Evaluation Using the High-Resolution Economic Model BIP" (in Japanese)

  Koji Nomura

  [Domestic presentation]  "Reseach on Japanese Economy in 2040", 

  2025.12

  , 

  Oral presentation (general), SBI Financial and Economic Research Institute

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Works 【 Display / hide 】

Works 【 Display / hide 】

• APO Productivity Database (APO-PDB) 2027

  Koji Nomura, Sho Inaba, and Shiori Nakayama

  Asian Productivity Organization and Keio Economic Observatory, 

  2026.10

  -

  2027.06

  , 

  Database science, Joint

  　View Details

  The APO Productivity Database (APO-PDB) is a macro-level productivity account covering mainly Asian economies, incorporating changes in labor composition and capital inputs including land, inventories, and natural resources. It traces economic growth across Asia from 1970 to the most recent year — spanning more than half a century — constructed based on internationally harmonized SNA concepts.
  
  The Asia Quality-adjusted Labor Input Database (AQALI) 2027 and the Asia Natural Resources Database (ANRD) 2027 will be utilized in the APO-PDB2026, scheduled for publication in September 2027. The measurement coverage spans the period from 1970 to 2025.
  
  The APO-PDB 2027 includes 28 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, Saudi Arabia, Singapore, Sri Lanka, Thailand, Turkey, Bhutan, Brunei, and Viet Nam—as well as the United States.

• Asia Quality-adjusted Labor Input Database (AQALI) 2027

  Koji Nomura, Sho Inaba, and Shiori Nakayama

  Keio Economic Observatory, Keio University, 

  2026.10

  -

  2027.06

  , 

  Database science, Joint

  　View Details

  The AQALI 2027 is utilized in the APO Productivity Databook 2027 (to be published in September 2027). The measurement covers from 1970 to 2025.
  
  It includes 28 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, Saudi Arabia, Singapore, Sri Lanka, Thailand, Turkey, Bhutan, Brunei, and Viet Nam—as well as the United States.

• Multilateral Energy Cost Monitoring (ECM_202609)

  Koji Nomura and Sho Inaba

  Keio Economic Observatory, Keio University, 

  2026.10

  , 

  Database science, Joint

  　View Details

  The ECM provides a high-frequency indicator — Real Unit Energy Cost (RUEC) and Real Price Level Index for energy (Real PLI) — to measure and compare real energy cost differentials across nine countries: four in Asia (China, India, Japan, and Korea), and four in Europe (France, Germany, Italy, and the UK), and the U.S. The ECM also releases the EITE (Energy-Intensive Trade-Exposed) Output Index.

• Energy Cost Monitoring for Japan (ECM_JPN_202609)

  Koji Nomura and Sho Inaba

  Nomura Lab at Keio Economic Observatory, 

  2026.10

  , 

  Database science, Joint

  　View Details

  ECM monitors international disparities in real energy costs across nine countries — Japan, China, South Korea, India, the United States, France, Germany, Italy, and the United Kingdom — publishing high-frequency estimates of the Real Unit Energy Cost (RUEC) and the Real Price Level Index (Real PLI). The Japan-specific component provides monthly estimates of real energy costs and identifies the effects of energy subsidies. In addition, production and import indices for energy-intensive and trade-exposed (EITE) manufacturing industries affected by energy price surges and environmental policies are measured and published with international comparisons.

• Asia Narual Resources Database (ANRD) 2027

  Koji Nomura and Sho Inaba

  Keio Economic Observatory, Keio University, 

  2026.10

  -

  2027.06

  , 

  Database science, Joint

  　View Details

  ANRD 2027 will be incorporated into the APO Productivity Database (APO-PDB) 2027 and used in the APO Productivity Databook 2027 (to be published in September 2027). The measurement period covers 1970–2025.
  
  It includes 28 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, Saudi Arabia, Singapore, Sri Lanka, Thailand, Turkey, Bhutan, Brunei, and Viet Nam—as well as the United States.

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Awards 【 Display / hide 】

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.

Courses Taught 【 Display / hide 】

Courses Taught 【 Display / hide 】

• INPUT-OUTPUT ANALYSIS

  2026

• INPUT-OUTPUT ANALYSIS

  2026

• THEORY OF INDEX NUMBERS

  2026

• SEMINAR: SPECIAL STUDY OF ECONOMETRICS

  2026

• SPECIAL STUDY OF ECONOMETRICS

  2026

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Social Activities 【 Display / hide 】

Social Activities 【 Display / hide 】

• 「国際情勢から見る日本のエネルギーと経済の未来」

  北海道エナジートーク, 北海道エナジートーク２１ (ニューオータニイン札幌)

  , 

  2026.10

• "Thinking About the World Economy: What Changes, What Remains the Same" (in Japanese)

  品川三田会 第28回定期総会 (慶應義塾大学 三田キャンパス)

  , 

  2026.10

• "What Impact Will Decarbonization Policies Have? — The Japanese Economy Guided by ‘Rhetoric’” "

  食の信頼向上をめざす会, 

  , 

  2026.09

• Publication of “Energy Monitor”

  Keio Economic Observatory, Keio University, Energy Monitor, 

  , 

  2026.08

  　View Summary

  Energy Monitor (EM) is a newsletter that provides an overview of energy costs, supply and demand, and industry trends in major countries.

• Technical Training Workshop on Productivity Account for Bhutan

  Ministry of Finance, Royal Government of Bhutan, and UNESCAP,  (Keio Economic Observatory, Keio University, Tokyo)

  , 

  2026.08

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Media Coverage 【 Display / hide 】

Media Coverage 【 Display / hide 】

• "Uzbekistan’s GDP per Employed Person Doubled between 2010 and 2024"

  Dunyo, 2026.10

• "Vietnam’s output per hour grew 4.5% a year in 2019–2024"

  Southeast Asia Connect, 2026.10

• "Press Release: APO Productivity Databook 2026 Highlights Asia’s Continued Economic Expansion"

  Asian Productivity Organization, 2026.10

• "Philippines seen growing 5.3% through 2035, but industrial decline poses challenge—APO"

  Manila Bulletin, 2026.10

• "When Policy Drives Technology" (in Japanese)

  Denki Shimbun, 2026.10

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Academic Activities 【 Display / hide 】

Academic Activities 【 Display / hide 】

• Development and Dissemination of Productivity Research Notes (PRN), 2026–

  Keio Economic Observatory, Keio University, 

  2026.03

  　View Summary

  Productivity Research Notes (PRN) is a series of concise analytical briefs, each designed as a self-contained analysis typically presented in a two-page format, produced by the Keio Economic Observatory (KEO), Keio University, Tokyo, focusing on productivity and economic performance in Asia. It highlights key measurement issues, empirical findings, and policy-relevant insights, and serves as a platform to communicate selected results from the APO Productivity Databook/Database and related research activities at KEO, including APDB, AQALI, ANRD, ECM, and related analytical resources.

• Development of Augmented Productivity Database (APDB) 2026, 1970–2024

  Keio Economic Observatory, Keio University, 

  2025.10

  -

  2026.09

• Development of Augmented Productivity Database (APDB) 2025, 1970–2023

  Keio Economic Observatory, Keio University, 

  2024.10

  -

  2025.09

• UNESCAP Project- Development of Growth Accounting Framework for Bhutan

  Ministry of Finance and Keio Economic Observatory,  (Ministry of Finance, Royal Government of Bhutan, and KEO, Keio University) , 

  2024.09

  -

  2024.12

• Contibution to the special issue honoring professor Dale W. Jorgenson and his pioneering contributions to unraveling the impact of digital technology on economic growth

  Barbara M. Fraumeni and Khuong M. Vu,  (Telecommunications Policy) , 

  2023.12

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Committee Experiences 【 Display / hide 】

Committee Experiences 【 Display / hide 】

• 2026.11

  -

  2027.01

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

• 2026.06

  -

  2027.03

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

• 2026.06

  -

  2027.03

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

• 2026.06

  -

  2027.03

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

• 2026.04

  -

  2027.03

  Editorial Board Member, "Economic Analysis" Editorial Board, Economic and Social Research Institute, Cabinet Office, Government of Japan

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