Speakers List - Risk Japan

Keynote Speaker

Shunsuke Shirakawa

Vice Commissioner for International Affairs


Mr. Shunsuke Shirakawa is Vice Commissioner for International Affairs at Japan's Financial Services Agency (JFSA). He represents the agency at the Standing Committee on Supervisory and Regulatory Cooperation (SRC) and the Resolution Steering Group (ReSG) of the Financial Stability Board (FSB) as well as the Basel Committee on Banking Supervision (BCBS). He is also contributing to regional cooperation among bank supervisors as Vice Chair of the EMEAP Working Group on Banking Supervision.

Mr. Shirakawa joined the Ministry of Finance of Japan in 1986, and has held various positions at the JFSA, including, Deputy-Director General of the Planning and Coordination Bureau (Policy Coordination); Director of the Evaluation Division, Inspection Bureau; Director of the Insurance Business Division, Supervisory Bureau; Director of the Office of International Affairs; and Private Secretary to Minister for Financial Services.

He holds an LLB degree from the University of Tokyo (1986) and a MPA degree from the Columbia University (1990).



Michelle Cheong

Director, Credit Solutions


Michelle P Cheong is Head of CreditPro® Product, Credit Solutions, where she owns product development, quality assurance, strategy, go to market, thought leadership and customer experience globally. Prior to joining S&P Global Market Intelligence, Michelle was a portfolio manager in Barclays Global Investors, State Street Global Advisors and Goldman Sachs Asset Management with responsibility of AUM up to USD 1bn; where she focused on alpha, portfolio construction and risk research.

Michelle has a Bachelors in Mathematics and Economics (with Distinction) and Masters in Financial Engineering from Cornell University. She has also completed the All But Dissertation at the Ph.D. program in Finance at Nanyang Business School, Singapore.


Yukio Egawa

Chief Strategist, Head of Research Division


Shigeyuki Goto

Director, Center for Risk Management Strategy


Shigeyuki Goto is Director, Center for Risk Management Strategy of Deloitte Touche Tohmatsu LLC (DTTL) Tokyo. Before joining DTTL Tokyo he was in charge of the Group's ongoing implementation of an enhanced risk-based and economic-value based ERM framework at a major Japanese insurance company as a Head of Group ERM.

Naoyuki Haraoka

Executive Managing Director


Born in Tokyo in 1955. After graduating the University of Tokyo in 1978 (Bachelor of Economics), he joined MITI (Ministry of International Trade and Industry) of Japanese government. Having been posted in the industrial policy section and the international trade policy section for a few years, he was enrolled in a two year MPA (Master of Public Administration) programme at Woodraw Wilson School of Princeton University in the US on a Japanese government sponsorship. After having acquired MPA at Princeton, he rejoined MITI in 1984 as an economist. Since then he had been posted as Deputy Director and Director of a number of MITI divisions including Research Division of International Trade Policy Bureau. He was also posted in Paris twice, firstly, Principal Economist of Trade Bureau of OECD (Organization of Economic Cooperation and Development) from 1988 to 92 and secondly Counselor to Japanese Delegation of OECD from 1996 to 99. After coming back to MITI from his second stay in Paris, at the occasion of the government structural reform in 2001 when MITI was remodeled as METI (Ministry of Economy Trade and Industry) he joined the efforts to found METI research institute, Research Institute of Economy Trade and Industry as its Director of Administration. He became Chief Executive Director of JETRO San Francisco in 2003 and stayed in San Francisco until 2006. He was Director-General of METI Training Institute from 2006 until July, 2007 when he left METI permanently and joined JEF as Executive Managing Director.

Shiro Katsufuji

Director, Center for Risk Management Strategy


Shiro Katsufuji is Director of Deloitte Touche Tohmatsu LLC, where he is responsible for risk and regulatory advisory since July 2017. Prior to the current position, he was the Deputy General Manager for Corporate Risk Management Division of Mitsubishi UFJ Financial Group from 2011 to 2017. He was responsible for enterprise risk management, the internal capital adequacy process. He also worked on regulatory affairs regarding Basel III reform. He was U.S. Chief Economist of Bank of Tokyo-Mitsubishi UFJ, the role he held from 2005 to 2011 in New York. He also had held senior positions for more than 10 years in the Treasury and Sales & Trading in Bank of Tokyo-Mitsubishi Tokyo and London.

Satoshi Kumeta

Director, Fixed Income Currency and Commodity (FICC) Department


Koichi Kurose

Chief Economist, Chief Market Strategist, Asset Management Division


Tsuyoshi Oyama

Partner, Head, Center for Risk Management Strategy


Tsuyoshi Oyama joined Deloitte in 2010 after working 23 years at the Bank of Japan, most recently as deputy director-general in Financial System and Bank Examination Department. At the Bank of Japan, he conducted projects to deal with Japanese banks' non-performing loans problem, on-site examinations for Japanese major financial institutions, and led Basel II implementation in Japan. He has also worked as a member of several meetings of the Basel Committee on Bank Supervision.

Dr Hiromichi Shirakawa

Managing Director, Vice Chairman/ Chief Economist, Japan


Hiromichi Shirakawa joined Credit Suisse Securities (Japan) Limited in April 2006 as Managing Director, Chief Economist and Head of Economic Research Department for Japan. From November 1999 to March 2006, Shirakawa was Chief Economist at UBS Securities Japan. In June 2017, Shirakawa was appointed Vice Chairman of Credit Securities (Japan) Limited in addition to his existing role as Chief Economist for Japan.

Shirakawa was ranked runners-up in the 2013 Institutional Investor survey for Japan economics. His team won the Forecast Accuracy Award (ranked No. 1) for Japan's GDP and inflation from Consensus Economics (UK) for 2015 and 2016.

Shirakawa started his professional career at the Bank of Japan in 1983. He spent about 16 years at the Bank, mainly in charge of research and analysis of money and credit markets. He was a special assistant to the governor in 1997-1998 when the country was in the middle of banking crisis. From 1991 to 1994, Shirakawa was a senior economist at the Organization for Economic Co-operation and Development (OECD), based in Paris. He holds a B.A. in Economics and a Ph.D. in Policy Studies.

He was a member of the Cabinet Office's special study group on economic policy management in 2012-13. He was one of the private-sector advisers to the Prime Minister's Office on the 2014 VAT hike. He has authored a number of books, which include "Consumption Tax versus Savings Tax" (2011), "Is Japan becoming a twin deficit country?" (2012), and "The Isolated Central Bank: BoJ" (2014) as his recent publications.

Yutaka Soejima

Head of Fintech Center, Payment and Settlement Systems, Department Deputy Director-General of the Department


Year of Birth: 1966
Nationality: Japanese

Work experience in BoJ
2018-current Head of Fintech Center, Payment and Settlement Systems Department
2017-2018 General manager of Sendai branch
2016-2017 General manager of Hakodate branch
2014-2016 International department, Head of international coordination division
2012-2014 Frankfurt office, Chief representative
2009-2012 Payment and settlement systems department, Chief analyst
2006-2009 Institute for monetary and economic studies, Head of quantitative financial study group
2003-2006 Bank examination and surveillance department, Chief analyst on financial system stability
2001-2003 Research and statistics department, Economic outlook and forecast
1998-2001 Financial markets department, Financial market surveillance and market micro-structure analysis
1993-1996 Institute for monetary and economic studies, Macro and monetary economics study
1991-1993 Regional branch in Matsue, Analysis on regional economic developments
1990-1991 Credit and market management department, Bank surveillance

1996-1998 University of Washington, Department of Economics, MA
1986-1990 University of Kyoto, Department of Economics, BA

Contributions to global central banking activities

  • Member of the international standard setting group for "Principles for Financial Market Infrastructure" published by CPSS and IOSCO in April 2012
  • Member of the CPSS working group on Post-trade services which published "Market structure developments in the clearing industry: Implications for financial stability" in November 2010
  • Member of the CGFS working group on Post-trade services which published "The implications of electronic trading in financial markets" in January 2001


Establishment of BoJ's institutional reports

  • Financial Stability Report (the first issue in 2005 and the second in 2006)
  • Market Review (Former of BoJ Review, Short report on special topics)
  • Main author and editor of the institutional reports
    Payment and Settlement Systems report (vol.2009 and vol.2010-11)
    Recent developments of electric money (vol. 2010 and vol.2011)


  • "The Transaction Network in Japan's Interbank Money Markets," Monetary and Economic Studies Vol.28, Institute for Monetary Economic Studies, Bank of Japan, November 2010. with Kei Imakubo.
  • "The Microstructure of Japan's Interbank Money Market: Simulating Contagion of Intraday Flow of Funds Using BOJ-NET Payment Data," Monetary and Economic Studies Vol.28, Institute for Monetary Economic Studies, Bank of Japan, November 2010. with Kei Imakubo.
  • "Fiscal Sustainability and long-term interest rate developments," BoJ Working Paper 03-J-7, Bank of Japan, October 2003, with Toru Nakazato, Yutakiko Shibata and Munehisa Kasuya. (in Japanese)
  • "Order-matching System and Order Strategy in JGB Futures Market," Journal of Gendai Finance, Institutional journal of the Nippon Finance Association, No.10, September 2001, pp3-33. (in Japanese)
  • "Enhancing the Linkages between Primary and Secondary Government Bond Markets: Institutional Design of Primary Markets in G5 Countries and Some Empirical Studies," Financial Markets Department Working Paper 01-J-2, Bank of Japan, July 2001, with Tetsuro Hanajiri and Takeshi Shimatani. (in Japanese) 
  • "Development of electronic trading and its implication for Japanese financial markets," Market Review, 2001-J-1, Bank of Japan, January 2001, with division staffs. (in Japanese)
  • "Information infrastructure in Japanese government bond markets," Market Review, 2000-J-2, Bank of Japan, November 2000, with division staffs. (in Japanese)
  • "Market Participants' Behavior and Pricing Mechanisms in the JGB Markets: Analysis of Market Developments from the End of 1998 to 1999," Financial Markets Department Working Paper 01-E-1, April 2001, Bank of Japan, March 2000, with Yosuke Shigemi, Sotarou Kato and Tokiko Shimizu.
  • "Tasks Inherited from the Financial and Currency Crises: Market Participants' Behavior and Transparency of Transaction Information," Financial Markets Department Working Paper 00-J-1, Bank of Japan, January 2000. (in Japanese)
  • "Effects of Financial Innovation on Welfare and Business Cycle," Kinyu Kenkyu, Vol.16 No.2, Institute for Monetary and Economic, Bank of Japan, July 1997. (in Japanese)
  • "An Estimation of Central Bank Preference among Objectives by Neural Network Model," Kinyu Kenkyu Vol.15 No.3, Institute for Monetary and Economic, Bank of Japan, August 1996. (in Japanese)
  • "The Long Run Relationship between Real GDP, Money Supply and Price Level: Unit Root and Cointegration tests with Structural changes," Monetary and Economic Studies Vol.14 No.2, Institute for Monetary Economic Studies, Bank of Japan, December 1996.
  • "A Unit Root Test with Structural Change for Japanese Macroeconomic Variables," Monetary and Economic Studies Vol.13 No1, Institute for Monetary and Economic Studies, Bank of Japan, July 1995.


Dr Ping Sun

SVP of Financial Engineering


Dr. Ping Sun is SVP of Financial Engineering and Head of the Numerix Financial Engineer Team in the U.S. He is also the product manager of Numerix Cross Asset. Dr. Sun works with clients to help solve their derivative pricing and risk management challenges. Dr. Sun's extensive experience includes publications in academic oriented journals, academic lecturing. During his career at Numerix, he also served as a Consultant and FX/EQ Desk Quant for the Lehman Brothers estate. Dr. Sun was a postdoctoral fellow at Rutgers University, and he earned a doctorate degree in Physics from City College of New York.