氏は資産インフレ（バブル）の形成について以下２つの原因を挙げる。①ユーロ円インパクト・ローンの増加が不動産バブルを形成した。②都市銀行の個人および中小企業向け融資攻勢が中小金融機関の貸し出し機会を奪い、その結果中小金融機関の証券信託預け入れが急増して証券バブルになった。 　しかし乍ら①はユーロ円インパクト・ローンの増加というよりむしろ外貨インパクト・ローン（外貨インパクト・ローン残高は「全国銀行」貸出残高に含まれる）の増加によるところが大きい。②についても、金融機関（都市銀行及び中小金融機関）の特金、ファントラの預け入れは中小金融機関より都市銀行の方が圧倒的に大きく、金融機関よりもむしろ事業会社などの方が大きい。従って中小金融機関の証券信託預け入れ急増が証券バブルを招いたというのは誤りであるということを指摘しておきたい。

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氏は資産インフレ（バブル）の形成について以下２つの原因を挙げる。①ユーロ円インパクト・ローンの増加が不動産バブルを形成した。②都市銀行の個人および中小企業向け融資攻勢が中小金融機関の貸し出し機会を奪い、その結果中小金融機関の証券信託預け入れが急増して証券バブルになった。 　しかし乍ら①はユーロ円インパクト・ローンの増加というよりむしろ外貨インパクト・ローン（外貨インパクト・ローン残高は「全国銀行」貸出残高に含まれる）の増加によるところが大きい。②についても、金融機関（都市銀行及び中小金融機関）の特金、ファントラの預け入れは中小金融機関より都市銀行の方が圧倒的に大きく、金融機関よりもむしろ事業会社などの方が大きい。従って中小金融機関の証券信託預け入れ急増が証券バブルを招いたというのは誤りであるということを指摘しておきたい。

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I want to clarify in this article whether the Japanese agriculture can survive under the adjustment policy of economic structure or not. The main conclusions are as follows.
1) Since 1985's G5, prices of farm products have reduced and the import of farm products has rapidly increased.
As the result of these, the agricultural production has ceased to increase. Under the reduction of the local labor market, the farm household members engaged in stable part-time works are decreasing, on the other hand the members in unstable part-time works increasing. The price of farm land is falling in pure rural regions.
2) The adjustment policy of economic structure is exposing all of Japanese industries to international competition under the exchange rate of 120-130 yen par US dollar. Under this adjustment process, Japanese government is going to adopt import liberalization policy for all farm products. As the result agriculture may be forced to disappear from Japan.
3) In order to protect Japanese agriculture, today's Japanese economic structure which too deeply depend on export should be changed to the economy based on the enlargement of domestic market and parchasing power of Japanese nation. And also the protection policy of agriculture must be realized on the existence of trade union “free from capital” and farmers' movement “independent of government.”

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The world is awash with debt. Especially, "Japan's public sector is essentially bankrupt" (Financial Times, Dec. 15, 2000). The government has a public sector debt well above 160 per cent of gross domestic product. Japan's outstanding debt now equals more than 20 per cent of global GDP. But Japanese Government Bonds, 10-year bonds are yielding a mere 1. 945 per cent (Jul. 10, 2006), the lowest rate among Group of Seven industrial countries. Government Bonds market conditions are bubbly. Because, the Bank of Japan buys Government Bonds from the market each month to support bond prices, through money-market operations. And banks have cut corporate loans, they have placed their funds in government bonds. The important point here is that, in view of the uncertain economic outlook, Government Bonds are regarded by banks, investors, as excellent investment instruments. They make a big profit from the Government Bonds market. If Government Bonds bubble burst, the higher the burden rises, the bigger the economic pain any future rise in yields will cause. Then a debt crisis will trigger a economic crisis.

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The Nixon administration decided to end the dollar's convertibility into gold in 1971. The U.S. external deficit has been increasing from year to year after that. The huge U.S. external deficit caused the changeable rate of foreign exchange and interest, and consequently the short-term capital movement for the sake of hedge, arbitrage and speculation increased. In early 1980s, the portfolio investment toward U.S. by private investors of Japan and FRG increased markedly, because they could not find out the favorable investment opportunity in the domestic markets under the depression. The Dollar glut which was brought about by the huge U.S. external deficit was the source of this international investment. Thus the international money game came to be remarkable in early 1980s. Susan Strange called this situation "Casino Capitalism". In the latter half of 1990s "Casino Capitalism" entered the new stage. The most important constituent of this stage has been a marked increase of U.S. current account deficit, external debt. On the international capital markets in late 1990s, it is the popular view that "the United States is playing the role of a global intermediary; it attracts international capital by providing relatively safe, liquid instruments at relatively high returns and then reinvests them through international markets in less liquid vehicles for higher returns." But this view makes mistakes. U.S. capital inflow has the characteristics which other countries never have. Generally speaking the volumes of foreign capital export toward U.S. are limited by the volumes of U.S. external deficit itself. The significance of current account deficit for U.S. has changed drastically since late 1990s. The current account deficit has shifted its role for U.S. economic growth from the brake to the accelerator. But it is still true that the current account deficit means the leak of purchasing power from U.S. to foreign countries. Therefore U.S. can accept the current account deficit under the specific conditions that the rate of growth of domestic demand in U.S. is larger than the rate of growth of foreign demand. Now U.S. is the only country that can leave the huge current account deficit, cumulative external debt if the domestic demand growth could absorb the pressure of the current account deficit. Moreover U.S. is the only country that can increase the investment abroad in spite of the growing current account deficit. If the international money flow were favorable for U.S., it would maintain these privileges. Since late 1990s, the global casino games have been favorable for U.S. real economy. But the powerful domestic demand growth can't continue forever. That is the very limitations of U.S. growing current account deficit, i.e., cumulative external debt and "casino capitalism".

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本年度，質量分析計を用いた網羅的解析が盛んに行われている。網羅的解析で得られた成分データをもとに醤油の味・香り・色などを特徴づけることが達成されつつある。仕込み条件や醸造微生物が異なる醤油の特徴を成分，官能の両面から明らかにすることで，多様な目的に対応した品質の醤油を作り出せるようになることが期待される。そのためには今後，製麹，発酵などの各工程における成分を経時的に解析し，それを微生物の挙動や仕込み期間・温度などと結び付けていくオミックス解析が必要であろう。

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This paper reviews studies focused on the economic and social restructuring of cities in developed countries in the 2000s (2000-2009) from the viewpoint of economic geography. Drawing on critical examinations of the global cities thesis and the creative class thesis by Saskia Sassen and Richard Florida, respectively, the author points out the following four features of urban restructuring during the decade.

First, urban spaces that contain land and buildings have gradually been incorporated in global financial capitalism. In other words, they have become financial products that have been traded beyond local and national borders, which caused a growth in financial business and a rapid rise in housing prices and rent prior to the financial crisis. The surge of financial capitalism in the 2000s has had a tendency to destabilize urban spaces and the lives of the residents in these areas.

Second, neo-liberal policy movements have emphasized intensifying intercity competition and the rise of urban entrepreneurialism. City governments increasingly tend to pay more attention to attracting mobile capital, and neglect social policy for city residents, who are relatively immobile.

Third, according to Sassen, global cities are characterized by the economic and social polarization of urban residents. In the 2000s, many Japanese writers and researchers discussed the fact that Japan had been converted into a gap-widening society. The increasing job insecurity of younger workers is suggested as a cause of the widening of the income gap. In particular, some critics perceive the suburbs as a problem, partly because irregular and low-paid employment is often a feature of these regions. In addition, this decade has witnessed an increase in the regional disparity between Tokyo and the rest of Japan.

Fourth, the intercity competition for attracting highly skilled talents has been accelerated in the 2000s. Richard Florida insists that attracting the creative class is fundamental to urban development. He suggests that diversity, openness, and tolerance are magnets that attract the creative class. Although his view has drawn the attention of local politicians and policymakers, a considerable number of scholars criticized it for several reasons. One of these criticisms is that urban development can be better explained in terms of locations that offer job opportunities rather than the residential preferences of people or urban amenities. Another criticism is that urban policies based on Florida’s view possibly deepen the social divide between the creative class and the rest of the population. We have to recognize the importance of job creation in production activities throughout the production chains in order to prevent the deepening of the social divide in urban societies.

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