Naohiko BabaGlobal Investment ResearchTokyo

aohiko is chief Japan economist, responsible for economic and market analysisof the region. He joined Goldman Sachs as amanaging director in 2011. Prior to joining the firm, Naohiko workedat the Bank of Japan (BOJ), beginning hiscareer there in 1992. From 2006 to 2007,Naohiko was the head of Money Markets andFixed Income, where he led a team ofeconomists and provided BOJ boardmembers with inputs for monetary policymeetings. He left BOJ in late 2007 andreturned in late 2009, serving as head of theFinancial System Research Group. Naohikowas the main author of BOJ’s flagship“Financial System Report.” From 2007 to 2009, Naohiko worked at theBank of International Settlement (BIS) inBasel, Switzerland. As a senior economist ofglobal financial markets, he prepared inputsfor high-level central bank conferences, aswell as for BIS publications. Naohiko alsoinvestigated the US dollar shortage and its

relation to the foreign exchange swap marketduring the global financial crisis, publishingarticles stimulating worldwide discussions onthe effectiveness of the central bank swaplines. Throughout his career, Naohiko haspublished numerous articles in academic andpolicy-oriented journals in the fields ofmonetary policy, yield curve, asset pricing,credit risk, international finance, corporatefinance, and hedge-fund behavior, amongothers. Naohiko earned a PhD in Economics fromthe University of California at Berkeley in1999.

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