Efficient computation of regular differential systems by change of rankings using Kähler differentials

We present two algorithms to compute a regular differential system for some ranking, given an equivalent regular differential system for another ranking. Both make use of Kähler differentials. One of them is a lifting for differential algebra of the FGLM algorithm and relies on normal forms computations of differential polynomials and of Kähler differentials modulo differential relations. Both are implemented in MAPLE V. A straightforward adaptation of FGLM for systems of linear PDE is presented too. Examples are treated

Tokyo as an International Capital Market--Its Economic and Legal Aspects

The internationalization of the Japanese capital market began in 1955, but for a considerable length of time the market served only as a source of foreign capital needed to cover the deficits in the nation\u27s balance of payments. It was not until after 1970, when the Japanese balance of payments showed a steady surplus, that the Japanese market could accommodate the issue and acquisition of foreign securities on a full-fledged scale, and that Tokyo could become a truly international capital market. This trend, however, proved to be short-lived, for the steep rise in the cost of oil imports has recently forced the Japanese Government to revert to its pre-1970 policy, and take measures to reduce the deficits in the nation\u27s long-term capital payments balance. It is now a subject of debate in the international business world whether the Tokyo capital market will ever reemerge as an international capital market. This article attempts to evaluate whether and in what form the Tokyo capital market can be expected to regain its former place in international finance. To evaluate this prospect, one must examine Japan\u27s economy and international balance of payments position, as well as Tokyo\u27s development as an international market and the relevant laws and regulations governing the operation of this market

Merger and Acquisition Activities in Japan: the Present and the Future

Merger and acquisition are expected to generate increasing interest in industrial circles throughout Japan. Those who argue in favor of mergers and acquisitions emphasize that these activities will help rejuvenate the economy of Japan through the revitalization of corporate management and the efficient reallocation of resources. Some commentators are strongly in favor of takeover bids and argue that aggressive takeover bids will lead to the revitalization of the individual corporations targeted for acquisition through the arousal of top officials of the targets. Critics charge, on the other hand, that only raiders, lawyers and speculators find takeover bids profitable. Some complain that raiders purchase equity shares of a corporation simply to run up the share price and make money. They menace the target corporation with a possible acquisition and then attempt to reap large profits by forcing the target to buy back the shares at a higher price. This scenario does nothing for the future of the corporation or the economy as a whole. Because monetary relaxation has prevailed in Japan for the past five years, some corporations have been engrossed in what some call a money game and have managed their surplus funds in money markets in an effort to build up financial assets. There is a consensus in the financial circles of Japan that every effort must be made to prevent this money game from making further progress and that what might be called a casino society should be prevented from taking root in Japan as it has in the United States. Industrial circles in Japan are ready to welcome merger and acquisition activities in general from a constructive point of view, though they rightly fear the effects of excess speculation

Daiwa Bank Scandal in New York: Its Causes, Significance, and Lessons in the International Society

The New York Daiwa Bank scandal, which involved Daiwa Bank\u27s concealment of $1.1 billion in losses from the illegal funding of U.S. Treasury bonds and the diversion of another$100 million in losses incurred by Daiwa Bank Trust Company, resulted in the most severe economic penalties ever imposed by the United States against Japan. These penalties included the termination of Daiwa Bank\u27s U.S. operations and the reinforcement of the increased rates at which Japanese banks can borrow U.S. currency--the Japanese premium. In addition, the Daiwa Bank case substantiated an international distrust of Japanese financial institutions, which are closely aligned with their governmental regulator, the Ministry of Finance. Despite the internationally-based opposition to Japan\u27s regulatory and banking practices, Japanese authorities view the retaliatory steps taken by the United States as excessively harsh. In this Article, the author compares the differing United States and Japanese reactions to the New York Daiwa Bank scandal on legal, economic, and sociological levels. Based on his analysis, the author concludes that cultural differences between the United States and Japan lie at the heart of the scandalous proportions of the Daiwa Bank incident. Furthermore, the author believes that the Daiwa Bank case offers an important lesson for Japanese companies with international operations: When in Rome, do as the Romans do. According to the author, Japanese banks and other industries will eventually earn the trust of the international market by abiding by foreign laws and improving Japan\u27s regulatory practices

The Japanese Issues and Perspective on the Convergence of International Accounting Standards

Japan is negotiating diligently with the European Union and is asking for its approval of the Japanese accounting standard as an equivalent to the IFRSs. If the Japanese accounting standard fails to be recognized as an equivalent of the IFRSs, disclosure by Japanese companies based on the Japanese accounting standard currently in the European Union would not be allowed. This would severely affect the financing activities of Japanese companies seeking to raise funds in the European Union. Japanese corporations are also concerned about the possibility that Japanese accounting standards could be branded as inferior to the European or U.S. Accounting Standards, thus causing a general mistrust among investors in Japanese capital markets

The Japanese Issues and Perspective on the Convergence of International Accounting Standards

Japan is negotiating diligently with the European Union and is asking for its approval of the Japanese accounting standard as an equivalent to the IFRSs. If the Japanese accounting standard fails to be recognized as an equivalent of the IFRSs, disclosure by Japanese companies based on the Japanese accounting standard currently in the European Union would not be allowed. This would severely affect the financing activities of Japanese companies seeking to raise funds in the European Union. Japanese corporations are also concerned about the possibility that Japanese accounting standards could be branded as inferior to the European or U.S. Accounting Standards, thus causing a general mistrust among investors in Japanese capital markets

Securities Regulation in Japan

Japanese securities exchanges, which were closed at the beginning of the Allied Force occupation in 1945, were permitted to reopen in 1949. During the following two decades, the Japanese economy displayed vigorous growth. An expansion of the operations of the securities markets accompanied the expansion of the economy, but the expansion did not progress evenly. The development of the securities markets in the post-War period can be divided into a number of stages: (1) the period of confusion and frustration (August 1945 to August 1949); (2) the period of reorganization (May 1949 to January 1954); (3) the period of high growth (January 1954 to June 1961);(4) the period of stagnation (July 1961 to January 1968); and (5) the period of internationalization (January 1968 to the present). A. The Period of Confusion and Frustration (1945-1949) The defeat in World War II left the Japanese economy in a state of near breakdown. Termination of the War disrupted the control mechanism of the economy and for a while created a chaotic condition. The rate of price increases was alarming. In order to counteract the sharp spiraling of inflation, occupation authorities (SCAP) in 1946 directed the Japanese Government to enforce emergency financial measures. One of these measures was the issuance of a new currency, while old currency in excess of specified amounts was frozen in blocked accounts. Since it was permissible to use frozen funds to purchase corporate stocks, there was a notable increase in securities transactions

利用率と生産性の双方を向上させる薪材生産に特化したコナラ林の皆伐

ナラ薪の需要が拡大する中，小径個体が多い高齢のコナラ林も薪材であれば一定の収益が確保されるまでになったが，用材生産を志向すると生産性が悪かった。そこで，薪材に特化した皆伐施業を試みて，直材部分を選別せずにチルト機能のあるプロセッサで，幹だけでなく枝先の6cm程度の小径材まで，機械的に造材して70％の利用率が確保できた。またチルト機能を有するプロセッサによる造材は，曲がり材を掴み直して鋸断できることや，太枝を掴んで枝払いができることから，作業の大半が機械で実施でき，造材の生産性が45.6㎡/人日となった。journal articl