Richard C. Koo is the Chief Economist of Nomura Research Institute with responsibilities to provide independent economic and market analysis to Nomura Securities, the leading securities house in Japan, and its clients. Consistently voted as one of the most reliable economists by Japanese capital and financial market participants for nearly a decade, he has also advised successive prime ministers on how best to deal with Japan’s economic and banking problems. He is also the only non-Japanese member of the Defense Strategy Study Conference of the Japan Ministry of Defense. Prior to joining Nomura, he was an economist with the Federal Reserve Bank of New York, and was a Doctoral Fellow of the Board of Governors of the Federal Reserve System.