Mitsuru Misawa

Mitsuru Misawa
  • Professor of Finance
  • Director for the Center for Japanese Global Investment and Finance
  • Faculty Advisor for the Asian Finance Track


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(808) 956-9713

Academic Background

  • PhD, University of Michigan, 1967
  • MBA, University of Hawai‘i, 1965
  • LLM, Harvard University Law School, 1964
  • LLB, University of Tokyo Law School, 1960

Research Interests

  • International Finances
  • International Banking

Selected Publications


(2016) "Cases on International Business and Finance in Japanese Corporations”, 2nd edition, (978-9814663090 ed., pp. 546). World Scientific Publishing Co. Pte. Ltd. (Imperial College Press London)

(2011) "Current Business and Legal Issues in Japan's Banking and Finance Industry", 2nd edition (5 chapters are added) (978-981-4291-01-9 ed., pp. 596). World Scientific Publishing Co. Pte. Ltd. (Imperial College Press London)

Cases Listed on Harvard

In 2020 Misawa's 21 Cases are listed on Harvard Business Publishing Online. Visit Harvard Business Online Under Misawa.

4607 copies were sold in 2019 through Harvard to worldwide universities and companies. Total number sold through Harvard in the past 13 years is 37,080 copies. 

Misawa’s case on Toshiba; “The Toshiba Accounting Scandal: How Corporate Governance Failed” was the best seller on Harvard in 2018 and was ranked among the top 20 most popular cases at Harvard.

Misawa listed the two new cases below on Harvard Business Publishing and they are marked as “New” on the list.

1. Toyota’s New Business Model: Creating A Sustainable Future, (2019)
“Many companies study the management strategies of others, adapting and learning from the experiences of large multinationals. But global corporations also need strategies that are capable of adapting to changing markets and profitability. Is it possible for these corporations to develop new and powerful insights from smaller firms?”

2. Negative Interest Rates: The Bank of Japan Experience, (2020)
“Despite Prime Minister Shinzo Abe's new economic strategy, known as "Abenomics," being enacted in 2012, Japan's deflationary spiral continued. In an effort to stimulate economic growth, early in 2013 the Bank of Japan (BOJ) stepped in, using quantitative and qualitative monetary easing (QQE) with the aim of achieving an inflation target of 2% in two years. At that time, the short-term prime interest rate was 1.475% per year. Could an unconventional monetary policy work? Despite all efforts, Japan's economy remained weak. On 20 January 2016, the BOJ's governor, Haruhiko Kuroda, held a policy meeting in Tokyo, where the decision was made to introduce QQE with a negative interest rate.”

Harvard Business School (MBA) purchased 1063 copies of Misawa’s cases for their own use in 2010. Other major universities such as Yale, MIT, USC, Wharton, Northwestern, Cornell, University of Washington, NYU and Colombia are users of Misawa’s cases in the US. In the foreign countries, IE Business School (Spain), University of Hong Kong (Hong Kong), Hitotsubashi University (Japan), University of Oxford (UK), National University of Singapore (NUS) (Singapore), Bocconi University (Italy), Keio University (Japan), SDA Bocconi University (Italy), Kyoto University (Japan), Waseda University (Japan), Korea University (Korea) and University of Tokyo (Japan) are users of Misawa’s cases. 

U.H. Professor Misawa-Honjo International Fellowship

Objectives of the fellowship:

1. To encourage students of the University of Hawaii to study at Japanese universities (Waseda, Keio, Sophia, Oberlin and other appropriate universities); and

2.  To encourage students of Japanese universities to study at the University of Hawaii

Fellowship Amount and Number of Recipients:

A total fellowship amount of $30,000 shall be granted to four to six recipients a year.  The amount awarded per student is $5,000 - $7,500. (Also we consider ¥/$ exchange rate at that time.)

The year of 2020 is the 14th year of this fellowship. $420,000 has been provided to 52 students.

For the past recipients, see U H  Professor Misawa-Honjo Int. Fellowship Recipients List 2007-2020.

Recipient students can select any university in Japan. In the past they have studied at Waseda, Keio, Hitotsubashi, Sophia, Oberlin and Ritsumeikan. They transferred the credits they had earned in Japan to UH.

General conditions for selection:

This fellowship must be used for formal study in the visiting country.  It may not be used for travel only. Student grantee must live in the visiting country at least for one regular academic semester (residency required and the summer session is considered as a regular semester).

Specific conditions for selection:

(1) Fellows from UH

1. Graduate and undergraduate students of UH may apply. U.S. citizenship is preferred. Preferential treatment will be given to students at SCB, UH.

2.The student has to go to Japan under the UH International Student Exchange Program.

3. Preferential treatment will be given to those who are able to conduct daily conversations in Japanese.

4. Preference will be given to applicants who have received other financial sources (Research grants and tuition grants.)

5. The applicant must believe in the importance of international exchange of culture and be willing to contribute to that cause. Grantees shall be obligated to attend the meetings of exchange fellows in Tokyo which are held by the foundation.

6. It is preferred that individuals transfer credits obtained at the university in Japan to UH.

7. After the study in Japan, the grantee must return to the United States (A temporary stay in Japan in order to intern or earn a higher degree will not be questioned.)

8. The grantee shall be obligated to submit a study result to the foundation (cc. Professor Misawa) when the school term is over.  The study outline must be attached to the application.  Students are recommended to take F321, F490c, Fin 637 or Fin 639 taught by Professor Misawa.

9. Students who are interested should contact Professor Misawa for details (

(2) Fellows from Japan to UH

1. The applicant must be a student of Japanese university which maintains International Student Exchange Program with UH.

2. The applicant must have English proficiency with a TOEFL score of 500 or higher.

3.The applicant may receive any other scholarships, research grants and tuition grants.

4. The applicant must believe in the importance of international exchange of culture and be willing to contribute to that cause.

5. It is preferable for the individual to attempt to transfer the credits obtained at UH to the university in Japan.

6. Residency requirement in Hawaii is one semester or one summer session. After the study abroad, the grantee must return to Japan. (A temporary stay in U.S. due to an internship or studies toward obtaining a higher degree will not be questioned.)

7. The grantee shall be obligated to submit a study result (cc. Professor Misawa) to the foundation when the term is over.

8. Students are recommended to take F321, F490c, Fin 637 or Fin 639 taught by Professor Misawa.

Necessary Materials:

The following materials must be submitted to Professor Misawa by the deadline (the end of October, every year) in order for your application to be considered:

1. Application form (with your picture)

2. Two letters of recommendation from two different UH professors

3. Official UH transcript (may be a copy)

4. Acceptance letter from a university in Japan (In the case that the acceptance letter will not come in time to meet the deadline, written evidence must be provided by International Exchange Program Coordinator, showing that the student has applied to a university in Japan and will most likely be accepted. In this case, the acceptance letter must be later supplied as soon as it becomes available.)

5. Your CV.

6. Your letter on: "Why do you want to study in Japan?"

Awards & Honors

  1. Commendation of the Consul General of Japan in Honolulu, The Japanese Government. (April 12, 2016).
  2. Ambassador of Ina City, Ina City, Nagano prefecture, Japan. (July 25, 2007).
  3. 13th Japan-Texas Economic Conference Member of Japan Delegation & Co-Chair, Japan-Texas Economic Conference. (September 1986).
  4. Academic Advisor, Asian Case Research Center, The University of Hong Kong. (January 1, 2007--).
  5. Appointed Member of Business Society Advisory Board, University of Michigan Club of New York. (April 1994).
  6. U.S. Counselor, Keidanren's "Council for Better Corporate Citizenship". (1989).
  7. Sixth Japan-Louisiana Economic Conference Member of Japan Delegation, Japan-Louisiana Economic Conference. (September 1986).
  8. Arkansas Traveler, State of Arkansas. (October 1985).
  9. Colonel of the State of Kentucky, State of Kentucky. (October 1984).

Professional Background

  • Management Advisor, OSG. Japan (April 1, 1997--).
  • Member of Board of Directors and President, Industrial Bank of Japan Leasing, USA. (1989 - 1996).
  • General Manager, The Industrial Bank of Japan, Tokyo. (1988 - 1989).
  • General Manager, The Industrial Bank of Japan, Tokyo. (1987 - 1988).
  • Joint General Manager, The Industrial Bank of Japan, Tokyo. (1985 - 1987).
  • Deputy General Manager, The Industrial Bank of Japan, Tokyo. (1982 - 1985).
  • Deputy General Manager, The Industrial Bank of Japan, Tokyo. (1981 - 1982).
  • Executive Vice President, The Industrial Bank of Japan Trust Co., USA. (1974 - 1981).
  • The Industrial Bank of Japan, Tokyo, (now Mizuho Financial Group, Japan) (1960 - 1974).