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This book is a compilation of the lecture series “Capital Markets and Public Policy,” delivered at the University of Tokyo in 2023. Sponsored by Mizuho Securities Co., Ltd., the course is offered annually to graduate students at the Graduate School of Public Policy and Graduate Schools for Law and Politics. It is designed to provide students with a deeper understanding of real-world policy issues.
 
For the fall semester of 2023, the course focused on the theme “Policy Measures to Support Households' Stable Asset Formation,” highlighting recent developments in the government's “Shift from Savings to Investments” initiative.
 
The term “Shift from Savings to Investment” first appeared in an official government document in August 2001, when the Financial Services Agency published its “Program for Structural Reform of Securities Markets.” Since then, various policies have been introduced to encourage individual investors to participate in the market. However, the proportion of risk assets, such as stocks and investment trusts, in Japanese household financial portfolios remains low compared to countries such as the United States.
 
In this context, the “Shift from Savings to Investment” initiative was re-launched in May 2022 with the goal of “Doubling Asset-based Income.” By December 2023, when the course was held, the “Policy Plan for Promoting Japan as a Leading Asset Management Center” had been formulated, and many of the measures discussed during the lectures were already being implemented.
 
The course was especially timely, featuring guest speakers from a wide range of experts and practitioners in the public and private sectors. These speakers, who are actively engaged in addressing policy issues, shared their latest practices and theories, drawing on extensive experience and knowledge.
 
We selected this theme not only because it addresses a pressing policy issue but also because it involves a variety of policy instruments related to capital markets. We believe this focus offers valuable insights for studying public policy and helps students build the financial literacy necessary for their future roles as members of society. We decided to publish this book to share the valuable insights and dynamic discussions from this series of lectures, enriched by guest speakers’ contributions and the lively question-and-answer sessions between guests and students.
 
We hope this book will serve as a useful reference for readers, exploring issues related to financial and capital markets and the challenges of asset formation.
 

(Written by MORIYA Takayuki, Project Professor, Graduate School of Public Policy / 2025)