Financial Research Vol. 45: Published Papers and More

Financial Research, the journal of the Institute for Monetary and Economic Studies, Bank of Japan, compiles research findings by Institute staff and external researchers and is published approximately four times per year. It publishes the Institute's research papers, proceedings of various workshops, study group reports, and other materials. The issues covered here are Volume 45, Issue 1 (published in January 2026), Issue 2 (published in April 2026), and Issue 3 (published in July 2026).

In addition to the full text of each issue, the publication list provides the authors, titles, keywords, and full-text PDFs for individual papers and reports. Clicking a title displays the paper's abstract.

The content and opinions expressed in the published papers and other materials belong to the individual authors and do not represent the official views of the Bank of Japan or the Institute for Monetary and Economic Studies.

Volume 45, Issue 3 (published in July 2026) includes Masashi Une's "Evaluation and Comparison of Deepfake Detection Models: Points to Note and Challenges When Using Research Cases" (keywords: machine learning, biometric authentication, security, deepfakes, risk management, AI) and Kazuhiro Hiraki, Shinichi Ishihara, and Jun-nosuke Shino's "Examining Alternative Methods to SHAP: An Approach Using Cooperative Game Theory" (AFA, LIME, SHAP, XAI, kernels, machine learning, cooperative game theory).

Volume 45, Issue 2 (published in April 2026) includes Masashi Une's "Toward the Realization of Quantum-Resistant Systems: Initiatives and Recommended Measures in the Financial Field" (cryptographic agility, migration of cryptographic algorithms, cryptographic inventory, public-key cryptography, post-quantum cryptography, quantum computers) and Koya Miwa's "Use of Deep Hedging in Foreign Exchange Risk Hedging for Trade Transactions" (deep hedging, foreign exchange risk management, machine learning, dynamic hedging strategies).

Volume 45, Issue 1 (published in January 2026) includes proceedings of the 25th Information Security Symposium, "Security Trends in the Financial Field: Commemorating the 20th Anniversary of the Establishment of CITECS," and "Private-Law Risks and Management Associated with the Use of AI by Financial Institutions," by the Study Group on Legal Issues Surrounding the Use of AI by Financial Institutions.

The sections for Volume 45, Issues 1, 2, and 3 each include a PDF of the full text: "Volume 45, Issue 1 Full Text," "Volume 45, Issue 2 Full Text," and "Volume 45, Issue 3 Full Text." They also provide guidance on the Institute for Monetary and Economic Studies website and on papers and other materials published on that website.