· Solving Challenges at Japanese Firms with M&A Masanobu Iwatani · A Time of Change for Japan's Local Government Debt Market Hiroki Miyake · Japan's pension system: Shift toward greater self-reliance is unavoidable Akiko Nomura · Recent Developments Regarding the Establishment of Employee Share Ownership Plans in China Eiichi Sekine · Key Issues Regarding Japan's Public Pension Reform Akiko Nomura