Our previous study showed that three CO 2 /cAMP-responsive elements (CCRE) CCRE1, CCRE2, and CCRE3 in the promoter of the chloroplastic b-carbonic anhydrase 1 gene in the marine diatom Phaeodactylum tricornutum (Pptca1) were critical for the cAMPmediated transcriptional response to ambient CO 2 concentration. Pptca1 was activated under CO 2 limitation, but the absence of light partially disabled this low-CO 2 -triggered transcriptional activation. This suppression effect disappeared when CCRE2 or two of three CCREs were replaced with a NotI restriction site, strongly suggesting that light signal cross-talks with CO 2 on the cAMP-signal transduction pathway that targets CCREs. The paralogous chloroplastic carbonic anhydrase gene, ptca2 was also CO 2 /cAMP-responsive. The upstream truncation assay of the ptca2 promoter (Pptca2) revealed a short sequence of 2367 to 2333 relative to the transcription-start site to be a critical regulatory region for the CO 2 and light responses. This core-regulatory region comprises one CCRE1 and two CCRE2 sequences. Further detailed analysis of Pptca2 clearly indicates that two CCRE2s are the cis-element governing the CO 2 /light response of Pptca2. The transcriptional activation of two Pptcas in CO 2 limitation was evident under illumination with a photosynthetically active light wavelength, and an artificial electron acceptor from the reduction side of PSI efficiently inhibited Pptcas activation, while neither inhibition of the linear electron transport from PSII to PSI nor inhibition of ATP synthesis showed an effect on the promoter activity, strongly suggesting a specific involvement of the redox level of the stromal side of the PSI in the CO 2 /light cross talk.

This study examines the problem that a central bank may face after exiting a monetary quantitative easing policy. It develops a simple dynamic optimization model of a central bank, which finds that if the bank needs to absorb a substantial amount of excess reserves when exiting, the monetary base may become uncontrollable. In this case, the bank has no option but to increase the monetary base by more than the target amount, which leads to an undesirable money supply expansion and, ultimately, to inflation pressures. The model shows the condition when a central bank faces such a challenging situation.

Research on central bank capital and credibility evolved from the interests of developing countries to those of developed countries after the global financial crisis of the late 2000s. There is growing concern about central bank balance sheets at exit from quantitative easing. This paper surveys the literature in such a context. It starts by citing early literature which suggests that a central bank with insufficient capital may be pressured to pursue an inflationary policy at a time of crisis that jeopardizes its credibility. A theoretical analysis of this problem is carried out by the use of the central bank budget constraints and its intertemporal variant, leading to discussions on the solvency of the central bank. Several central banks make fiscal transfers to the government, and their solvency situation is influenced by whether a central bank has fiscal transfers to and from the government.

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IntroductionThe purpose of this paper is to provide an overview of the Japanese economy and its problems after the global financial crisis, and to discuss the prescription which the government is carrying out. The discussion in this paper shows the importance of new opportunities for the Japanese economy, such as those for V-4 and Japan cooperation, which is the main topic of this conference.When the global financial crisis hit the world economy, Japan had not fully recovered from the sustained stagnation after the burst of the Japanese bubble in the early 1990s. This made it more difficult for Japan to cope with its economic difficulties. The global financial crisis, together with the earthquake disaster in 2011, kept the economy slow, and the government announced a package of economic policies called "Abenomics" in early 2013 to revitalize the economy.Section 2 provides an overview of the situation of the Japanese economy in order to discuss its current problems. Then Section 3 examines how effective the "Abenomics" has been to solve the problems. Since it consists of three major policies, the effect of each of them is discussed. The discussion here shows that the Japan needs new economic opportunities for revitalization.