Home > People > NAKAMURA, Jun-ichi

NAKAMURA, Jun-ichi
General Manager

Research Interest

  1. 1.Corporate Finance, Financial System
  2. 2.Corporate Investment Behavior and Profitability
  3. 3.Japanese Economy


M.A. in Economics, University of Tokyo, 1995.
B.A. in Economics, Keio University, 1989.

Work Experience

2014-present General Manager, Research Institute of Capital Formation.
2014-2014 Chief Economist, Research Institute of Capital Formation.
2011-2014 Associate Professor, CEI, Institute of Economic Research, Hitotsubashi University.
2006-2011 Senior Economist, Research Institute of Capital Formation.
1999-2004 Associate Senior Economist, Economic & Industrial Research Department.
1989-present The Japan Development Bank (Development Bank of Japan, 1999-).

Books in English

Papers in English

  • *“Keynes's General Theory Reconsidered in the Context of the Japanese Economy,” (Book review article), Social Science Japan Journal, Vol. 22, Issue 1, pp.166–169. March 2019.
  • “Managerial Overconfidence, Conservative Accounting and Corporate Investment,” mimeo, 2018, Keiichi Shima and Jun-ichi Nakamura, available at SSRN: https://ssrn.com/abstract=3203187.
  • “Corporate Financial Surpluses and Allocation of Internal Cash Flow in Japan: Microdata Analysis by Enterprise Size Based on Financial Statements Statistics of Corporations by Industry,” Public Policy Review, Vol. 14, No. 3. 2018.
  • “Investment Behaviors by Capital Good and Enterprise Size: Testing Capital Goods Heterogeneity and Capital Market Imperfection with the FSSCI,” Public Policy Review, Vol.13, No.2. 2017 (Jun-ichi Nakamura, Konomi Tonogi, and Kazumi Asako).
  • *“The Development of Investment Research and Multiple q in Japan,” International Journal of Finance and Accounting, 5(5A), pp. 1-29, 2016 (Kazumi Asako, Jun-ichi Nakamura, and Konomi Tonogi).
  • *“Heterogeneity of Capital Stocks in Japan: Classification by Factor Analysis,” Journal of Knowledge Management, Economics and Information Technology, Volume IV, Issue 2, April 2014 (Konomi Tonogi, Jun-ichi Nakamura, and Kazumi Asako).
  • *“What Happened to 'Zombie Firms' in Japan?: Reexamination for the Lost Two Decades,” Global Journal of Economics, Vol.2,No.2,pp.1-18,June 2013 ( Jun-ichi Nakamura and Shin-ichi Fukuda).
  • *“Why Did 'Zombie' Firms Recover in Japan?” The World Economy, Volume 34, Issue 7, July 2011, pp.1124-1137 (Shin-ichi Fukuda and Jun-ichi Nakamura).
  • “Microstructure of Investment and Employment Dynamics: Stylized Facts of Factor Adjustment Based on Listed Company Data,” DBJ Research Report, No.31, Development Bank of Japan, 2002.
  • “Microstructure of Persistent ROA Decline in the Japanese Corporate Sector: Inter-company Disparities and Investment Strategies,” DBJ Research Report, No. 23, Development Bank of Japan, 2002.
  • “Empirical Reassessment of Japanese Corporate Investment Behavior: Features and Changes since the 1980s, Based on Micro-level Panel Data,” DBJ Research Report, No. 12, Development Bank of Japan, 2001.

* Published in peer-reviewed journals

Professional Activities


  • "Heterogeneity of Capital and Tobin's Multiple q," 11th International Conference, Western Economic Association (hosted by Victoria University of Wellington and Massey University, Wellington), at the Museum of New Zealand Te Papa Tongarewa, January, 2015. (Kazumi Asako, Konomi Tonogi, and Jun-ichi Nakamura)
  • "What Happened to 'Zombie Firms' in Japan?: Reexamination for the Lost Two Decades," International Conference on the Global Economy (Jointly Organized by the University of Tokyo, Research Center for International Economics, and the Asia-Pacific Economic Association), University of Tokyo, March 2013. (Jun-ichi Nakamura and Shin-ichi Fukuda)
  • "Why Did 'Zombie Firms' Recover in Japan?" 9th Joint Conference of AKES, KDI, BOK, SFSBRI and RCIE on Korea and the World Economy, University of Incheon, June, 2010. (Shin-ichi Fukuda and Jun-ichi Nakamura)
  • "Why Have 'Zombie Firms' Recovered in Japan?" 3rd ACE (The All China Economics) International Conference, APEC Study Center, College of Business, City University of Hong Kong, December, 2009. (Shin-ichi Fukuda and Jun-ichi Nakamura)
  • "Why Have 'Zombie Firms' Recovered in Japan?" 5th Annual APEA (Asia-Pacific Economic Association) Conference, University of California, Santa Cruz, June, 2009. (Shin-ichi Fukuda and Jun-ichi Nakamura)