Waseda Business School
(Graduate School of Business and Finance)


NEMOTO Naoko, Professor


Professor Nemoto takes a role as a financial economist at the Asian Development Bank Institute, Tokyo. Her research interests include financial institutions management, monetary policy, financial markets, financial inclusion, and structural reform.

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.  She also led research and thought-leadership activities on Japan-related agenda and Asia-Pacific financial institutions and served as the primary spokesperson in the region. Before that she was an economist and analyst at the Bank of Japan.

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.

Major Publications:

Angrick, Stefan & Nemoto, N. (2016) “The Implementation and Effects of Negative Interest Rate Policies in Europe: Taking Stock”, Working Paper, No.164, Asian Development Bank Institute.

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 & Naoyuki, Y. (2018) “Credit Risk Reduction Effect on SME Finance using bank Account Information”, Working Paper, No.857, Asian Development Bank Institute.

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

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

Courses in charge

Management of Financial Institutions / Challenges and Solutions of Financial Institutions


She is a board member of the Government Pension Investment Fund Japan, Chubu Electric Power Co., and Concordia Financial Group 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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