Policy Makers In Japan Research Articles

Reviving the entomophagy tradition among the younger generation: An application of the theory of planned behavior

Edible insects are sustainable sources of animal protein. Although insects are novel foods in Western societies, the Asia-Pacific region preserves traditional entomophagy cultures. In parts of the Asia-Pacific region, the amount consumed gradually declined with each passing generation. Reviving the entomophagy tradition among the younger generation is crucial for the future market for edible insects. This study examined young consumers’ perceptions of edible insects and the psychological determinants of their consumption. This study was conducted in Japan, which is a typical example of generational differences in insect consumption due to traditional eating habits. We adopted the theory of planned behavior (TPB) to identify psychological determinants of entomophagy and conducted two online surveys among 391 and 342 young Japanese consumers, respectively. We extended the original TPB by adopting a treatment–control design in which respondents in the treatment group received information on product availability. The results revealed that edible insects remained a novel food among respondents. The TPB revealed that subjective normsand perceived behavioral control (PBC) were determinants of consumption intention, whereas intention and PBC were determinants of behavior. Information on product availability had a significant positive impact on intention; however, it had little impact on behavior. Furthermore, we found that food safety control was the most valued product attribute and hedonistic attributes were prioritized over functionalist attributes. Based on these findings, this study proposes possible promotional strategies that provide valuable insights for marketers and policymakers in Japan and other countries to revive the entomophagy tradition among younger generations.

Carbon footprints and health security: A comparative assessment of the Sustainable Development Goals 3 and 13 in East Asian countries.

In East Asia, where several countries are among the top emitters of carbon dioxide globally, the need to address the dual challenges of reducing carbon footprints and ensuring health security is paramount. Against this backdrop, this study used a descriptive analysis to provide a comparative assessment of the carbon footprints and the level of health security in East Asia using secondary data, sourced from the World Development Indicators. The findings from the study show that it is only North Korea that its average carbon footprint of every person is less than 2.3 tons. However, China, Japan, Mongolia and South Korea are currently lagging behind in meeting the SDG 13 target. Meanwhile, North Korea recorded the highest incidence of tuberculosis in the region. Despite the fact that South Korea and Japan were the highest emitter of CO2, the duo had the lowest under five mortality, infant mortality, incidence of TB alongside the highest life expectancies which surpassed the regional performance. In view of the above, the policymakers in Asia and the rest of the countries with health insecurity should emulate the policymakers in Japan and South Korea by making adequate investment in health, education, and standard of living of their citizens.

Health care expenditure, economic growth, and population ageing in Japan: empirical evidence using the nonlinear ARDL approach

ABSTRACT In Japan, health care expenditure (HCE) has increased with the rapid ageing of the population. It raises concerns on how the public health care insurance system should be sustained in the future, since the dependence on public burdens is growing under the government’s difficult financial conditions. This study investigates the cointegration relationship between HCE, GDP, and the population ageing rate (AGE) in Japan for the period 1960–2019 by using the nonlinear ARDL approach. The results revealed that per capita HCE may increase more significantly during an economic downturn than during an economic improvement in the long-run. Moreover, an increase in AGE has a positive effect on per capita HCE. These findings show the need to achieve stable economic growth and seriously address the issue of ageing for policymakers in Japan.

List prices and clinical value of anticancer drugs in China, Japan, and South Korea: a retrospective comparative study

High prices of anticancer drugs have raised concerns due to their financial impact on patients and healthcare systems. This study aimed to assess the initial and latest list prices and clinical value of reimbursed anticancer drugs in China, Japan, and South Korea. We identified anticancer drugs newly approved by the National Medical Products Administration of China from January 2012 to June 2022, and by the Pharmaceuticals and Medical Devices Agency of Japan and the Ministry of Food and Drug Safety of South Korea up until June 2022. We compared initial and latest treatment prices between countries and assessed clinical value using patients' survival, quality of life (QoL), and European Society for Medical Oncology Magnitude of Clinical Benefit Scale (ESMO-MCBS). We calculated Spearman rank correlation coefficients of treatment prices with clinical value for individual countries and employed regression analyses to investigate whether the relationship between prices and clinical value was modified by the country setting. Our cohort included 91 anticancer drug indications, with 60 listed for reimbursement in China, 91 in Japan, and 87 in South Korea. Median treatment prices were highest in Japan, followed by South Korea, and lowest in China, both for initial prices (US$64082 vs. US$45529 vs. US$19144, p<0.0001) and latest prices (US$50859 vs. US$31611 vs. US$18666, p<0.0001). Over time, China (β=-0.047, p<0.0001) and South Korea (β=-0.049, p<0.0001) witnessed more significant price reductions compared to Japan (β=-0.013, p=0.011). The correlations between both initial and latest treatment prices and clinical value (QoL and ESMO-MCBS) were more significant and stronger in China and South Korea than in Japan, although Japan exhibited slightly stronger correlations in terms of survival compared to China and South Korea. The relationship between clinical value and treatment prices may not be modified by the country setting. In comparison, South Korea's list prices and their correlations with clinical value appear reasonable. Policymakers in Japan could enhance efficiency by controlling prices and aligning them with clinical value, while China would need to take substantial steps to expand anticancer drug coverage. National Natural Science Foundation of China (72374149 and 72074163), and China Center for South Asian Studies, Sichuan University.

Board Gender Diversity and Firm Performance: Recent Evidence from Japan

Gender diversity is increasingly recognized as a critical element in corporate management. However, existing research on its impact on firm performance demonstrates inconsistency in a global context. This study employs 1990 publicly listed Japanese companies from 2006 to 2023 and examines the effect of board gender diversity on firm performance in Japan. Findings from the fixed-effects regression model revealed a significant negative impact of board gender diversity on firm performance. This adverse correlation is more pronounced in smaller firms, those with greater leverage and reduced institutional ownership, and regulated and consumer-focused industries, particularly pre-COVID-19. The detrimental impact of board gender diversity on firm performance is transmitted via corporate social responsibility and firm innovation instead of board independence or CEO duality. Notably, the two-stage least squares estimation addresses potential endogeneity, employing an equal opportunity policy as an instrumental variable. Moreover, the robustness of our results is affirmed via the substitution of return on equity for return on assets as an indicator of firm performance. Lastly, our analysis does not reveal a U-shaped nonlinear relationship between board gender diversity and corporate performance. As Japan progressively promotes women’s participation in corporate governance, this research bears significant implications for corporate leaders, investors, and policymakers in Japan.

The impacts of priority settings at the start of COVID-19 mass vaccination on subsequent vaccine uptake in Japan: One-year prospective cohort study.

Distributing COVID-19 vaccines to the people was an important task for the governments of each country. Due to various limitations, priority settings for vaccination were determined at the launch of mass vaccination. However, trends between vaccine intention and uptake, and reasons for getting vaccinated, or not getting vaccinated among these groups were understudied, undermining verification of the legitimacy of the selection of priority. (1) To illustrate a trend from prior COVID-19 vaccine intention, when the vaccine was not available, to the actual uptake within one year when all residents have access to vaccine; (2) To illustrate a change of reason for getting vaccinated or not getting vaccinated; (3) To examine whether priority settings predicted subsequent vaccination uptake. Prospective cohort online self-administered surveys were conducted in Japan at three timepoints: February 2021, September-October 2021, and February 2022. In total, 13,555 participants (53.1 years old on average) provided valid responses, with 52.1% follow-up rate. Based on the information obtained in February 2021, healthcare workers (n = 831), people aged 65 years or older (n =4,048), and those aged 18-64 years with underlying medical conditions (n = 1,659) were identified as three types of priority group. The remainder were treated as a non-priority group (n = 7,017). Modified Poisson regression analysis with a robust error estimated risk ratio for COVID-19 vaccine uptake after adjusting for socioeconomic background, health-seeking behavior, attitude toward vaccines, and COVID-19 infection history. In February 2021, 38.2% of the total respondents said they had intention to receive the vaccination. In February 2022, 11.6% completed the third dose and 78.1% completed the second dose vaccination. Prior vaccine intention and subsequent vaccine coverage rates were higher in the priority groups. Protection of themselves and their families from potential infection was the most frequent reason for getting vaccinated, while concern about side effects was the most frequent reason to be hesitant across the groups. Risk ratios for receiving, reserved, or intended for vaccination in February 2022 were 1.05 (95% Confidence Interval: 1.03, 1.07) for the healthcare worker group, 1.02 (95% Confidence Interval: 1.005, 1.03) for the elderly group, and 1.01 (95% Confidence Interval: 0.999, 1.03) for the pre-exiting conditions group compared to the non-priority group. Prior intention for vaccination and confidence in vaccines were strong predictors for vaccine uptake. The priority settings at the start of the COVID-19 vaccination program had a significant impact on the vaccine coverage one year later. The vaccination priority group achieved higher vaccination coverage in February 2022. There was a room to improve among the non-priority group. This study's findings are essential for policymakers in Japan and other countries to develop effective vaccination strategies for future pandemics.

Measure and spatial identification of social vulnerability, exposure and risk to natural hazards in Japan using open data

Understanding the location of risk to natural hazards, namely the areas of high exposure and vulnerability is a major priority that was identified by the Sendai framework for Disaster Reduction 2015–2030 in order to reach substantial reduction of disaster risk. It is also a necessary decision-making tool for disaster mitigation policy-makers in Japan and around the world. This paper successfully develops a simple methodology using only open data to build the first large-scale (whole country), fine resolution (sub-municipal level) social vulnerability analysis in the context of five different types of natural hazards (earthquake, tsunami, storm surge, flooding and landslide). The result is then compared to an indicator of exposure of population to these hazards in Japan in order to propose a representation of disaster risk. Results show that vulnerability in Japan is highly heterogeneous with urban/rural and north/south fractures. Combining the social vulnerability index with exposure analysis, results show a wide variety of spatial patterns of risk areas in Japan.

Policy Change in the Shadow of the Paralympics: Disability Activism and Accessibility Reforms in Japan

The Tokyo 2020 Olympic and Paralympic Games provided Japanese stakeholders opportunities to pressure policymakers to pass reforms, including measures to improve accessibility. However, the Games alone are not sufficient to explain the scope and consequences of recent accessibility reforms. We argue that researchers must also consider the impact of historical contingencies such as decades of activism for accessibility by affected parties (tōjisha), the 3/11 ‘triple disaster,’ and Japan’s 2014 ratification of the United Nations Convention on the Rights of Persons with Disabilities to understand how disabled persons’ organizations were able to leverage the Games to influence reforms. Drawing on government records, news media reports, and documents from disability advocacy organizations, we unpack several causal mechanisms that linked activism for accessibility to policy changes and thereby contribute to studies of minority social movements and policymaking in Japan. Our analysis of accessibility initiatives documents a ‘legalistic turn’ in Japanese governance, characterized by more formal rules and enforcement mechanisms. While the implementation of those initiatives was hampered by scarcity of human and material resources as well as the spread of COVID-19, they nevertheless improved accessibility for many individuals and encouraged conversations about equity and inclusion that persist into the present.

Time and frequency co‐movement between economic policy uncertainty and inflation: Evidence from Japan

This study examines the time‐frequency causal link between economic policy uncertainty and inflation in Japan while answering the following questions: (i) is there any causal link between economic policy uncertainty and inflation in Japan? (ii) if yes, in which direction(s)? To the best of our knowledge, this is the first study that conducts this nexus. To do so, this study employs the wavelet coherence causality test and focuses on the wide range period from 2003:03 to 2021:03, in which Japan was experienced the specific Quantitative and Qualitative Monetary Easing Policies. Overall, the findings mirror that economic policy uncertainty is an essential predictor of inflation in Japan, and economic policy uncertainty leads to inflation at different periods and frequencies. The results of this study are crucial for policy decision‐making, monetary authorities, and central banks, and Japan should reduce uncertainty about economic policies to curb the possible risk of inflation rises. The policymakers in Japan can control the inflation rate fluctuation if they can ensure a more reliable prediction of economic policies.

Environmental Pollution and Disaggregated Economic Policy Uncertainty: Evidence from Japan

Though, the attention of researchers on exploring the impact of economic policy uncertainty on carbon emissions is on increase, however, the impact of different types of economic policy uncertainty remains unexplored. Thus, this study investigates the impact of different types of economic policy uncertainty on carbon emissions in Japan. A monthly data from 1987M1 to 2019M12 was used, while the FMOLS, DOLS, CCR and ARDL estimators were employed for examining the cointegration among the variables, as well as the long- and short-run relationship between types of economic policy uncertainty and carbon emissions. The study findings revealed a long-run cointegration among energy consumption, per capita income, fiscal, exchange rate, monetary, and trade policy uncertainties and carbon emissions. Moreover, this study found energy consumption, exchange rate, monetary, and trade policy uncertainties to contribute significantly to the increase of carbon emissions in Japan. Finally, this study suggests that environmental policy makers in Japan should take into account the economic policy uncertainty so as to promote robust information for climate policy that will be targeted at ameliorating the carbon emissions in Japan.

Action Research on Meaning‐Making at Residents' Meetings for Local Disability Policy1

AbstractThis is the third in a series on residents' meetings (RMs) for municipal disability policymaking in Japan; members included people with disabilities (PWDs). I focused on members' meaning‐making process for three community organizational goals: task, process, and relationship. Action research was employed in all three studies during my participation in RMs, which began in 2002. The present study is a follow‐up on the meetings' development and covers 2013 to 2019. Meetings were divided into three phases: (a) use of the annual symposium to inform a broader audience about disability policies; (b) appreciation that PWDs can play active roles as supporters of others, especially other PWDs; and (c) recognition that contradiction and dilemma are present in attempts to provide “universal” social equipment for social minorities. The three goals were interrelated through uncertainty and vagueness of RMs; however, it enabled the members to interpret their multifaceted disability‐related experiences. PWDs realized their power to help others and developed disability identities through intensive discussions, while they realized the difficulty of social acceptance of their power and the limited solidarity among PWDs.

The Clustering of Health-Related Behaviors in the Adult Japanese Population.

BackgroundResearch findings indicate that four health-related behaviors (HRBs), smoking, alcohol, diet, and physical activity, do not co-occur within individuals by chance and therefore cluster. To date, there is a lack of research investigating the clustering of these HRBs in the Japanese population.MethodsThe Japanese National Health and Nutrition Survey 2010 was used, containing information on 8,015 community-dwelling adults. Latent profile analysis identified distinct cluster patterns of four HRBs: smoking status, alcohol consumption, calorie intake, and the number of steps per day.ResultsFor men, four distinct HRB clusters were identified. The largest cluster (54%) was characterized by drinking more than Japan’s recommended alcohol guidelines and walking an inadequate number of steps per day. A small cluster (4%) also emerged, characterized by smoking, high calorie intake, and exceeding alcohol guidelines. Members of these clusters had higher systolic blood pressure than those in the remaining clusters. For women, five distinct HRB clusters were identified. The largest cluster (57%) was characterized by not smoking or drinking and walking an inadequate number of steps per day. For both genders, there was a relationship between cluster membership and age. Cluster membership was associated with income and health status among men but not women.ConclusionDetecting distinct clusters of HRBs in a Japanese population-based survey provides a person-centered understanding of Japanese lifestyles. This approach can assist policy makers in Japan and overseas to identify new strategies for targeting behavioral risk factors and make health promotion policies more effective in their respective countries.

Japanese students' perceptions of the role that shadow education plays in competition in education

AbstractThe relationship between shadow education and competition has been discussed and studied widely by educational experts and policy makers in Japan. One major topic has been the role that shadow education plays in social inequality by creating winners and losers. Another is related to competition and students' psychological health; and a third concerns the cause-and-effect relationships between cram/preparatory schools and competition. The present paper focuses on students' perspectives and describes an empirical study carried out with 211 Japanese senior high school students and 145 university students. The students answered open-ended questions about their cram/preparatory school attendance, and were asked to describe how they perceived the relationship between cram/preparatory schools and competition. The free descriptive answers were content-analysed and categorized. The majority of the respondents not only saw a relationship between the two but also listed a number of functions that increased students' competitive advantage. Educational experts' and sociologists' common criticism that shadow education has detrimental effect on fairness or equal chances in education was hardly at all expressed. Relatively few students expressed doubts or emphasized the negative or harmful side of cram/preparatory school attendance and competition. The results call the attention to the importance of studying different aspects of shadow education more in-depth from the direct “users'” i.e, the students' perspective as well.

The position of teacher training in UK higher education - unification of higher education and "quality assurance"

Government officials and policymakers in Japan are interested in England's teacher training model but how did England arrive at its current teacher training programmes? Professor Kazuko Takano, Meiji University, Japan, is working to improve understanding in this area, which will assist officials from different countries when implementing similar policies. To do this she is shedding light on the history of teacher training in England, with a specific focus on the effects of reforms introduced by the Thatcher and Major governments. A key element of this work involves an exploration of teacher training in higher education during the Thatcher-Major educational reforms when the quality assurance system was being developed. Importantly, Takano is looking at both professional and academic aspects of teacher training. The Education Reform Act 1988 was introduced under the Thatcher government and the Further and Higher Education Act 1992 was brought in by the Major government. Teacher training courses were largely provided by polytechnics and higher education colleges, which were public sector institutions and after higher education was unified by the 1992 Act, polytechnics and higher education colleges meeting the standards of scale and quality were promoted to university status. With the introduction of further acts, it started to become clear that the administration of teacher training was positioned not in the higher education series but the primary and secondary education series. This was one of the milestones in the history of teacher training in the post-war period.

Functioning of the system for evaluating the effectiveness of international technical assistance: the experience of the European Union and the world's leading countries

The authors of the article study the foreign experience of the administrative and legal organization of systems for evaluating the effectiveness of international legal assistance (ITA). The article notes that the definition of international technical assistance in different countries is interpreted differently. States, at the national level, establish their own definitions of the concept, which may differ in content and characteristics. It is established that the assessment of the effectiveness of the use of ITA has the ultimate goal to ensure its better use. Both ITA donors and recipients are interested in this. The largest ITA donors have been identified as Japan, the United States, and the European Union. Each of these donors has its own system for evaluating the effectiveness of the ITA provided. In the study of the model for evaluating the effectiveness of the US ITA, the key role of the United States Agency for International Development (USAID) was highlighted. The Agency itself has developed tools to monitor the assistance provided, implements analysis programs, publishes reports, and conducts training among its employees. In Japan, the Ministry of Foreign Affairs of Japan and the Japan International Cooperation Agency (JICA) have been found to be the central policy-makers in Japan. These bodies issue regulatory regulations on which the performance appraisal process is based, analyze experience, conduct training, and publish reports on their official websites. In the Japanese model for assessing the effectiveness of the provision and use of ITA's, the key features are assessing the usefulness of the assistance provided in terms of Japan's diplomatic interests. It was found that a characteristic feature of the evaluation system of the European Union is the functioning of the Regulatory Control Council, which reviews and improves the legislation in the field of ITA. The article establishes the relationship between national legal systems and global standards for assessing international assistance. It is established that the donors of the ITA, for the organization of the system of evaluation of its effectiveness, use as a basis the Quality Standards for evaluation, which are developed by the Development Assistance Committee (DAC) at the Organization for Economic Cooperation and Development (OECD).

Skilled or unskilled?: The reconfiguration of migration policies in Japan

ABSTRACT While Japan has long been perceived as a country with restrictive immigration policies, it has been rapidly widening its immigration gates through various policy reforms in the past decade. The most prominent policy shift in Japan took place in 2018 when the government decided to officially open its labour market to migrants who work in 14 occupational sectors, including agriculture, elder care and construction, which used to be considered ‘unskilled’ and 'semi-skilled' in previous migration schemes. This study analyses how the major shifts in Japan’s migration policies have been introduced through the redefinition of ‘skills’ and ‘skilled migrants’. In doing so, it integrates the scholarly debates on immigration policymaking in Japan and the literature on the conceptualisation of skills. By reviewing the development of skilled migration policies and some impactful discourses driven by global, national and regional forces, this study argues that the ambiguous nature of ‘skills’ and the multi-level merits as outcomes have facilitated the major policy transformation in Japan.

Pak-Japan comparative study of consumption tax (value added tax) and its effects on economic growth rate and gross savings

Abstract. The purpose of this research attempt is to statistically observe the causal impact of consumption tax (value added tax) on GDP/economic growth and gross savings in Pakistan as well as in Japan and their comparative analysis for the period defined (1989 to 2015). Furthermore, to explore if the increase in value-added tax is either contributing to rising growth rate or increasing gross savings using time series secondary data. It is found through running regression that tax on goods and services (value added tax) maintains significant and healthy/positive association with gross domestic product growth rate and gross saving in Japan and Pakistan also. An increase in value-added tax contributes more to gross savings in Japan and Pakistan than the economic growth rate. The policymakers in Japan and Pakistan need to design policies to increase value-added tax rates to increase gross savings that could be utilized to increase physical and human capital investment to increase more production to achieve sustained economic growth. Also, this study guides Japan and Pakistan policymakers to restrict the export of the primary product to avoid value-added tax loss. Keywords. Consumption tax, VAT, Economic growth, GDP growth, Gross savings. JEL. H22, E21, O47.

Knowledge Regimes in Post-Developmental States: Assessing the Role of Think Tanks in Japan's Policymaking Process

Knowledge Regimes in Post-Developmental States: Assessing the Role of Think Tanks in Japan's Policymaking Process

政権交代による政策変容と教育政策決定システムの課題(教育政策形成プロセスの変容と教育行政,I 年報フォーラム)

政権交代による政策変容と教育政策決定システムの課題(教育政策形成プロセスの変容と教育行政,I 年報フォーラム)

Central Banks and Gold: How Tokyo, London, and New York Shaped the Modern World by Simon James Bytheway and Mark Metzler

Reviewed by: Central Banks and Gold: How Tokyo, London, and New York Shaped the Modern World by Simon James Bytheway and Mark Metzler Michael Schiltz (bio) Central Banks and Gold: How Tokyo, London, and New York Shaped the Modern World. By Simon James Bytheway and Mark Metzler. Cornell University Press, Ithaca NY, 2016. xviii, 240 pages. $39.95. Since the beginning of the twenty-first century, Japan has constantly been in the spotlight of economic and financial historians. This may have to do with the particular relevance of Japan's financial travails in recent history. As is well known, the bursting of the country's proverbial bubble economy heralded a "lost decade" (some would argue two lost decades). In hindsight, it turned out to be a highly delineated experience of the predicament that struck most of the developed world in the aftermath of the crisis of 2007–8. Not only was "quantitative easing," the preferred medicine for stress relief practiced by central bankers, remarkably similar to Japan's postbubble strategy, but, as Japan's policymakers had learned earlier, Western economies have responded very slowly, if at all, to their medicine. According to some, maintaining adequate aggregate demand is a worldwide problem and will persist for some time. Scholars such as Lawrence Summers and Robert Gordon refer to this phenomenon as "secular stagnation" (as opposed to a cyclical, or short-term, stagnation). Very low, and even negative, interest rates may be around for a long time, and this without causing out-of-control [End Page 492] inflation—an assumption that not only upsets long-established economic theory but, eventually, may also invalidate a host of conceptual instruments guiding central bankers when trying to understand and forecast inflation.1 The significance of Japan's early encounter with protracted economic stagnation has not been lost on Simon Bytheway and Mark Metzler, but they also identify a pattern. As they emphatically note in the introduction to Central Banks and Gold, Japanese markets have been the de facto leading indicator for economic turbulence in the history of modern finance capitalism. This has held true for the largely Great Britain–led gold standard period before 1914, the turbulent interwar years, and the postwar, (obviously) U.S.-led dollar standard period. In their own words: "Every truly major international crisis of the era—1907, 1920, 1929—appeared first in Tokyo, having an onset some three to six months earlier than in New York and London." This book can legitimately be read as an attempt to dissect and unravel the networks and protocols behind Japan's particular position. On the one hand, Japan is located at the periphery of the world's monetary geography, as the country's frequent exclusion from the London-New York axis makes abundantly clear. On the other hand, it has turned out to be at the very center of a host of policy debates and developing crises. If anything, Bytheway and Metzler's meticulously researched argument takes aim at this paradox. Key to explaining the latter, they argue, is the persistently secretive nature of tightly knit networks of central bankers that existed from the late nineteenth century onward and that must be held accountable for many systemic events in the world economic order throughout the twentieth century (and into the twenty-first century). Their story is at once a very personal one, for instance, highlighting the oddities of these powerful men and their often withdrawn lives. At the same time, the authors attempt to describe these networks as a profoundly structural element in central bank policymaking. In their view, personal relationships functioned as powerful tools for mobilizing power and commitment to self-proclaimed policy expertise and for defining the latter as unpolluted by political preference. The book starts by showing how Tokyo-London cooperation started long before World War I, in the aftermath of the Sino-Japanese War, something that may still be surprising to some readers. The roots of cooperation are found in the setting up of Japan's gold standard, particularly in the way Japan was to receive the Chinese war indemnity (1895). In a contentious move, the indemnity was kept in a non-interest-bearing account at the Bank [End...