Waseda Business School
(Graduate School of Business and Finance)


NEMOTO Naoko, Professor


Professor Nemoto has various experience in financial world.  She took a role as a financial economist at the Asian Development Bank Institute. As former managing director at Standard & Poor’s Ratings Services, she headed the Financial Service group, covering financial institutions, insurance, and brokerage firms in Japan and Korea.  Before that she was an economist and analyst at the Bank of Japan. Her research interests include financial institutions management, monetary policy, financial inclusion, and sustainable finance.

Academic Degrees

Dr. Nemoto has a BA in law from Waseda University, Tokyo, an MBA from the University of Chicago, and a PhD in finance from Hitotsubashi University, Tokyo.

Selected Publications

She has authored three books on finance, covering theory and practice of bank management, post-crisis trends in the banking industry, and financial reform in the Republic of Korea.

Recent publications:

Nemoto, Naoko & Liu, L. (2020) “Measuring the effects of ESG factors on sovereign funding costs”, Working Paper, Asian Development Bank Institute.

Nemoto, Naoko & Storey, D. (2019) “Optimal Regulations of P2P Lending to SMEs”, Working Paper, No.912, Asian Development Bank Institute.

Nemoto, Naoko & Naoyuki, Y. (2018) “Credit Risk Reduction Effect on SME Finance using bank Account Information”, Gendai Finance,40 1-23.

Nemoto, Naoko (2016) “Analyzing Rating Differences between Japanese and U.S. Rating Agencies”, Hitotsubashi Review of Commerce and Management, vol.11, No.2.

Nemoto, Naoko & Morgan, P. (Role: Editor) Environmental, Social and Governance Investment: Opportunities and Risks for Asia, June 2020, Asian Development Bank Institute.

Nemoto, Naoko & Yoshino, N. (Role: Editor) Fintech and SMEs in Asia, May 2019, Asian Development Bank Institute.

ADBI working papers and books are placed at https://www.adb.org/publications

Courses in charge

Management of Financial Institutions / Topics in Financial Markets/ ESG/SDGs


She is a board member of the Government Pension Investment Fund Japan, Mizuho Bank and Non-Executive Director of Regional Economy Vitalization Corporation of Japan (REVIC).

She is a member of the Advisory Board of Japan’s Ministry of internal Affairs and Communication and Ministry of Finance.


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