Mitsumaru Kumagai

Deputy Chairman, Daiwa Institute of Research Ltd.
Senior Executive Managing Director

Government Committees and Other External Activities:

  • Special Advisor to the Cabinet (2020 –2024)
  • Meeting on a Social Security System Oriented to All Generations (2021 –)
  • Fiscal System Council, Ministry of Finance (2021 –)
  • Research Commission on the Tax System (2020 –)
  • Meeting for Promotion of Development of Specified Integrated Resort Districts (2017 –)
  • Financial Services Agency’s Working Group on Social Bonds (2021 –)
  • Information and Communications Council (2015 –2023)
  • Council of New Form of Capitalism Realization, Subcommittee on Doubling Asset Income (2022)
  • Liberal Democratic Party’s Headquarters for Promoting Fiscal Consolidation (2022)
  • Trustee of The Japan Association of Corporate Executives since 2018
  • Follow-up Meeting on the Review of Market Segmentation of the Tokyo Stock Exchange (2022 –)

Speaker Biography:

Graduated from Tokyo University Law Department in 1989, and began working for the Industrial Bank of Japan (currently Mizuho Bank). Became Senior Economist at the Daiwa Institute of Research in 2007. In 2014 he was named Operating Officer and Chief Economist, and in 2015 he was named Executive Officer Deputy General Manager of Research. In 2017 he was appointed Managing Executive Officer Deputy General Manager of the Research Division and Chief Economist, and in 2018 he was named Managing Director and Deputy General Manager of the Research Division. He was named Senior Executive Managing Director, Head of Research Division in 2020. He has been in his current position since 2021.

In 1993 Mr. Kumagai received a master’s degree in law from Tokyo University. In 2016 he completed the Harvard Business School Advanced Management Program. He is a chartered member of the Securities Analysts Association of Japan. Since 2020 he has served as Special Advisor to the Cabinet in charge of economics and finance. In 2015 he was appointed a committee member on the Ministry of Internal Affairs and Communications’ Information and Communications Council. In 2013 he was member of the expert committee for the Cabinet Secretariat’s Blue Ribbon Panel on Improvement of Investment and Risk Management of Public & Quasi-Public Funds. He was also a member of the Cabinet Office’s Intensive Inspection Meeting on Economic and Fiscal Policy Trends in 2013. He was a member of the Customs Tariff and Foreign Exchange Council, Ministry of Finance from 2002-2011, and a visiting researcher for the Budget Committee Research Bureau at the House of Councilors in 2010 and 2012. Mr. Kumagai has sat on the nominating committee for the Zaikai Co. Financial World Executive Prize since 2011. He was a visiting professor at Osaka University of Economics (2013-16).

He is author of Post-Corona Economics – How the Japanese Should Live with Eight Structural Changes on Nikkei Business Publications, and What a Trump Presidency Means for Japan’s Economy published by Nikkei Publishing. He is also author of How the Consumption Tax Will Save Japan’s Economy (also on Nikkei Business Publications), and The Coming of World Inflation on Toyo Keizai. He placed first seven times as economist and forex analyst in various surveys, and was a regular commentator on TV Tokyo’s World Business Satellite, Japan’s leading business news program.