Keio University

Sahoko Kaji - Retiring in AY2024

Participant Profile

  • Sahoko Kaji

    European Economy, International Macroeconomics, FinTech/Token Economy

    1982: Graduated from the Faculty of Economics, Keio University1984: Research Associate, Faculty of Economics, Keio University1985–1988: Studied in the Doctoral Programs in Economics at The Johns Hopkins University, USA1988–1989: Visiting Graduate Student, Department of Economics, Yale University, USA1991: Associate Professor, Faculty of Economics, Keio University1992: Received Ph.D. in Economics from The Johns Hopkins University1999: Professor, Faculty of Economics, Keio University2006–2023: Concurrently served as Co-ordinator of the Professional Career Programme, Faculty of Economics, Keio University2014–2023: Concurrently served as Academic Director of PEARL, Faculty of Economics, Keio University2017: Co-founded the Centre for Finance, Technology and Economics at Keio (FinTEK)

    Sahoko Kaji

    European Economy, International Macroeconomics, FinTech/Token Economy

    1982: Graduated from the Faculty of Economics, Keio University1984: Research Associate, Faculty of Economics, Keio University1985–1988: Studied in the Doctoral Programs in Economics at The Johns Hopkins University, USA1988–1989: Visiting Graduate Student, Department of Economics, Yale University, USA1991: Associate Professor, Faculty of Economics, Keio University1992: Received Ph.D. in Economics from The Johns Hopkins University1999: Professor, Faculty of Economics, Keio University2006–2023: Concurrently served as Co-ordinator of the Professional Career Programme, Faculty of Economics, Keio University2014–2023: Concurrently served as Academic Director of PEARL, Faculty of Economics, Keio University2017: Co-founded the Centre for Finance, Technology and Economics at Keio (FinTEK)

On My Retirement

Reflections on My Teaching Career at the Faculty of Economics

It is a beautiful aspect of Japanese culture to use humble language and refrain from praise when speaking about oneself, one's family, or one's organization. However, as this is my final message, I hope you will permit me to praise Keio University a little, even if it may sound like boasting.

My encounter with Keio University dates back to 1975. That was the year I was fortunate enough to enter Keio Girls Senior High School, at a time when I was struggling, caught between the two vastly different cultures of the United States and Japan. Blessed with an educational environment that inherited the teachings of Yukichi Fukuzawa and affirmed individuality, I felt like a fish in water and was able to start moving forward.

At the Faculty of Economics, where I became a student three years later and found employment ten years after that, the spirit of Keio University—respecting the individual and recognizing freedom backed by responsibility—was vibrantly alive. The policy of putting the right person in the right place, rather than having everyone experience the same job, is ultimately beneficial to both the individual and the organization as a whole, as it increases productivity by allowing people to work on tasks they are relatively good at. In my research, although my seminar background was in international economics, I was fascinated by Europe, which combines Western rationality with Japanese subtlety, and pursued my studies with passion. At the same time, when I launched the FinTech center, which was slightly outside my area of expertise, I received help from many colleagues and support from the members of the Mita-kai. I am filled with gratitude.

The various changes that Japan and the world experienced during my time before retirement had both good and bad aspects, but the shift toward opening up the country and embracing diversity, and the fact that Keio University actively adopted this direction, was something I was extremely grateful for. Especially when we welcomed the students of the Faculty of Economics' PEARL program, I felt as though I had "waited 40 years to finally meet my own kind." "Country" and "culture" are different things; it is possible to share the same culture regardless of what passport one holds.

Even before PEARL, the Faculty of Economics had launched the PCP (Professional Career Program), an "all-English program" for third- and fourth-year students. The existence of this program facilitated the establishment of the Faculty of Economics' own study abroad and double degree programs, as well as our participation in CEMS. Deepening our collaboration with overseas universities in this way has had a very positive impact on the Faculty of Economics, the Graduate School of Economics, and myself. The range of views heard in the classroom has become incomparably more diverse, providing wonderful stimulation even for students who grew up in Japan and have no plans to study abroad.

Thus, the educational and research environment that Keio University has provided me has been optimal. To make demands about what should happen after my retirement would be nothing short of the meddling of an old retiree, but if there is something I wish to convey, it would be the following three points.

First, I sincerely hope that you will cherish the relationships with overseas educational and research institutions, including the student exchange programs. If our partners are no longer convinced that we are an attractive institution for research and education, and that our people meet the standards worthy of acceptance, they will sever ties. It is very unfortunate, but I have actually seen such situations occur. An agreement, once signed, does not last forever. Of course, the same can be said for prospective students, both domestic and international: if we neglect our efforts, they will turn away.

Second, and related to the first point, the environment surrounding Japan is becoming increasingly severe. The amount of money that so-called emerging countries are investing in research and education far exceeds that of Japan, which is struggling with financial difficulties. If the international competitiveness of Japanese companies declines relatively, the opportunities that families can provide for their children and the funds they can spend on education will also decrease. The resources that allow Japan to look outward, reflect on itself, and make improvements are, at least in relative terms, diminishing. It is not quite "a samurai pretends to be full even when he is starving," but I earnestly hope that even if resources become scarce, you will not lower your ideals but will continue, with ingenuity, to pursue knowledge and cultivate truly international individuals.

Third, regarding AI, and generative AI in particular, I have a major concern not only for Keio University but for the world at large. It is said that "the use of AI expands human potential," but this is based on the premise of today's level of human ability. In the future, will children who grow up relying on generative AI to find answers from a young age develop the ability to think with their own brains? While we place "independence and self-respect" at the core of our education, are we not at risk of raising individuals who are not independent from AI, but rather dependent on it? And are not AI-dependent voters easy prey for a dictator who wants to claim they were "democratically elected"?

The road ahead may be fraught with difficulties. However, if I were to name one of Keio University's strengths, it would be the clear presence of Yukichi Fukuzawa and his spirit, under which we can unite our hearts and combine our strengths.

From now on, in early spring, I will wonder, "Have the early cherry blossoms near the Maboroshi no Mon bloomed?" and around the time of the Mita Festival, "Are the golden ginkgo leaves dancing?" I wish you all the best.

Experienced faculty members discuss the universal nature of economics departments.

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Experienced faculty members discuss the universal nature of economics departments.

Showing item 1 of 3.