I like mathematics and numbers

① Calculation

When it comes to mathematics, if “calculation” is also included in “mathematics,” and you can discover the limitless possibilities of numbers and find that they line up perfectly with “language,” that is a very happy thing. Moreover, mathematics is comparable to the great inventions of humankind and ranks among them. The content of this chapter also embraces that possibility.

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Working in Finance

What is the financial industry?

When people mention finance, what may come to mind are those who count money at banks—yet that is actually only a very small part of the financial world. The word “finance” originally comes from “circulation of funds”—lending surplus funds to where they are needed. In modern times, however, monetary transactions have become complicated, and many areas are no longer covered by the original definition. Therefore, in general, we can understand finance as “money circulating and flowing through society.”

In the financial industry, the main actors are financial institutions, which can be categorized into many types such as banks, securities companies, and insurance companies. As times change, industry domains that used to be strictly separated by law have come closer or overlapped. Finance has moved into these different domains, aiming at the gaps between them; new kinds of financial institutions have thus appeared, and the changes have been great. In addition, with internationalization, many foreign financial institutions have entered this field. We can say the industry is currently in a transitional period.

Types of financial institutions include:

• Banks (city banks, regional banks, trust banks, etc.)

• Financial institutions closely connected to small and medium-sized enterprises (credit unions, credit associations, etc.)

• Finance related to agriculture (agricultural cooperatives’ credit, the Norinchukin Bank, etc.)

• Non-bank and leasing businesses (consumer finance, real-estate finance, etc.)

• Insurance companies (life insurance, non-life insurance)

• Securities companies

• Government financial institutions

Besides the above, there are operating companies and research companies that reinforce certain functions of finance. With the development of the internet, online securities firms and small emerging companies have also appeared.

Below is a brief introduction to the main kinds of work in finance.

Raising Funds

Simply put, this is sales, but the targets range widely—from individuals to large corporations, from unspecified large groups to specified small groups. Just like a securities salesperson who sells securities or an insurance salesperson who sells policies, practitioners in this field need appropriate qualifications. If you cannot raise funds, finance cannot stand; therefore, sales is usually essential and given a certain priority. With the worship of efficiency, contradictions have also appeared. For example, if salespeople rely on “human wave tactics” to sign contracts, then they cannot simultaneously open sales windows across the country to conduct sales. The income gap between specialists and non-specialists is also gradually widening.

Operating Funds

This means investing the funds raised from customers or the company’s own funds so as to generate profits. For banks, investment targets are primarily loans to enterprises and individuals. Other financial institutions also invest in stocks, bonds, foreign exchange, etc., with professionals using various methods to operate. The specialization requirements are extremely high; knowledge of economics is indispensable, and expertise in other fields is also needed.

Conducting Research

When investing, it is very necessary to grasp corporate performance, industry outlook, and the overall economy. After investigating and analyzing such information, it is provided to institutional and individual investors.

Development and Research of Products and Services

Beyond depositing money at banks and buying stocks, financial institutions develop various financial products according to customer needs. Common retail financial products include foreign-currency deposits, loans, investment trusts, and Chinese mutual funds. There are also many complex financial products derived from other products (financial derivatives). Specialist knowledge is essential.

Administration and Management

About 1.5 million people now work in finance-related jobs. Among them, many quietly support the above front-line roles. For example, since transactions can now be done at convenience stores or online, monotonous, repetitive work like “counting cash and settling accounts at bank branches” has decreased. On the other hand, with the emergence of new financial services, related work has been increasing.

Foreign Exchange

Various Professions in the Financial Industry

Retail Banker

Among the various operations of a bank, retail refers to services targeted mainly at individuals and local small/medium enterprises at branch offices. Most bank staff at branches handle: gathering deposits, selling financial products such as investment trusts, providing home loans to individuals, and financing for local companies. The people who serve customers at counters are called tellers; for individual customers, tellers represent the bank’s image. Although these are traditional banking services, new attempts are being made to adapt to the times. Simple actions such as depositing and remitting money have been mechanized through ATMs. In addition, there are financial planners who handle the asset operations of individuals, and private bankers who specialize in VIP clients.

Wholesale Banker

Among bank operations, wholesale (large-scale business) targets large enterprises. Although some business can be handled at branches, most is done at head office. The main task is financing, and each amount is far larger than in retail. As corporate demands for financial services diversify and advance, only by building very good trust relationships with client companies can bankers meet their needs well. Therefore, every financing case must be reviewed by a screening department and ultimately approved by someone with the appropriate authority.

Investment Banker

Different from traditional banking that broadly raises and lends funds, investment banking mainly helps companies raise money by issuing stocks and bonds, acts as an intermediary for M&A (mergers and acquisitions), and assists with stock listings, etc. In securities companies, the departments handling these are called investment banking. Each project is large in scale and requires complex financial techniques and knowledge.

Analyst

In the research departments of financial institutions, many professionals conduct various investigations, analyses, and forecasts indispensable for investment. The objects of research range from individual companies to national and world economies, and the results are released to the company internally, investors, or the general public. There are analysts who analyze each company or industry, strategists who formulate investment strategies for the overall market, and economists who analyze overall economic conditions.

Fund Manager

These professionals operate stocks, bonds, etc., using funds deposited by others via investment trusts or pensions. Taking stocks as an example, they decide which stock to buy and how many shares. Investment trusts pool funds from an unspecified number of investors into one pot, are operated by professionals like fund managers, and the returns are then distributed; there are many types. Fund managers are mostly active in trust banks, investment trust banks, investment advisory firms, life insurers, and non-life insurers.

Trader

Broadly, “trader” refers to those who buy and sell financial products such as stocks (including individual day traders), but within banks and securities firms it is a professional role. Traders themselves conduct buying and selling of foreign exchange, stocks, bonds, derivatives, etc., and earn profits. In an instant they may operate tens of billions or hundreds of billions of yen; it is a highly specialized role within financial institutions. The returns can be very large, and losses can also be severe.

Financial Product Developer

Financial products derived from traditional ones like stocks and foreign exchange are called derivatives. Originally devised by merchants to hedge price fluctuation risk—akin to insurance—these products ultimately became investment targets themselves, and many new products are still being developed. Development is carried out via complex mathematical calculations and computer operations. There was once much talk about rocket scientists and other technologists changing careers to work in financial institutions.

Legal Affairs Personnel

From a management standpoint, acting in accordance with laws and regulations is increasingly important—especially for financial institutions. Because they mainly engage in activities involving money and carry strong public responsibilities, they are constrained by various laws. Some financial institutions assign legal staff to branches and departments; some set up compliance/monitoring departments; others even hire outside experts. As a highly specialized profession, legal personnel mainly handle various filings, contract execution, and employee training.

Financial Systems Personnel

In financial institutions, information systems and IT departments are increasingly important. Office automation used to be aimed primarily at improving efficiency and rationalization, but now—with the spread of online banking, international networks, and 24-hour operations—it is unimaginable to be without the IT department. The need for security is also increasing. Employees with science/engineering backgrounds who work in financial institutions are generally assigned to information systems.

Insurance Sales

Insurance sales mainly sell insurance products to customers. In large Japanese life insurance companies, one firm may have tens of thousands of salespeople (many of them women), and they are the main force of operations. Compensation is largely commission-based: the more clients, the higher the income. Today, with more complex insurance products and more competitors such as foreign insurers, competition is increasingly fierce; relying only on enthusiastic door-to-door sales has become difficult. Some companies train people called “life planners” or “life designers,” who provide broad consulting from insurance to asset management, and some insurers have achieved results with this approach.

Actuary (Insurance)

Actuaries belong to insurance companies; they set premium amounts and create new product plans. For example, in life insurance companies, actuaries analyze social mortality rates and traffic accident rates; they must avoid placing excessive burdens on clients while calculating the company’s operating costs. In trust banks, actuaries calculate corporate performance and cash flows as references for paying out corporate pensions and play a major role. An actuary’s work is not simply performing continuous calculations on collected data; rather, they must use knowledge of probability and statistics to analyze the future social situation, economy, and industries.

• If You Want to Work in Finance …

In the past, the only route into finance was to graduate from a university in economics or law. Today, even graduates from top economics programs may not necessarily enter financial institutions smoothly.

Some small and medium financial institutions, in order to increase profits—for example online securities companies that conduct stock trading on the web—do not hire fresh graduates; they hire those with work experience who can immediately become productive, and some firms have abolished retirement benefits. Hiring mid-career workers and frequent job-hopping are features of this industry. This new labor market—imbued with meritocracy and competition—is still being refined.

Finance used to be called the most stable and best-paid industry. Hiring favored educational background and naturally adopted lifetime employment. But in foreign firms, many adopt a performance-based system (compensation determined by results). Employees with good performance may receive bonuses exceeding tens of millions of yen; those with poor performance may receive nothing, and some companies even fire employees outright. Among all industries, finance is listed alongside IT as one of the most changeable sectors. It is hard to predict what finance will look like in 10 years. However, jobs in finance will not gradually disappear; there will always be a constant need for people with new abilities and expertise. For those who want to expand their financial knowledge and continuously improve themselves, this may be a very good career.

Tax Accountant

A tax accountant is a specialist in taxation who, upon commission by individuals and companies who must pay taxes, calculates the taxes due, prepares relevant documents and procedures on their behalf, and provides consultation related to taxes. To become a tax accountant in Japan, you must pass the tax accountant exam, or if you already have a lawyer or CPA qualification, be registered on the roster of the Japan Federation of Tax Accountants Associations. Some people work in general companies or accounting firms, but nowadays many obtain the personal qualification, then hire staff and open their own practices to take on clients. Currently about 71,500 people in Japan are qualified; for the nation’s tax collection, this profession is very necessary. Tax-related laws and precedents often change, so one must gather new information daily and accumulate knowledge.

In China, there is the profession of Certified Tax Agent (CTA). CTAs are technical professionals who pass a national unified exam, obtain the “Certified Tax Agent Qualification Certificate,” register, and engage in tax agency services. At present, there are over 2,860 tax agent firms nationwide, more than 60,000 practitioners, and over 60,000 certified tax agents, of whom about 20,000 are practicing.

Certified Public Accountant (CPA)

When companies publish annual financial statements, they undergo audits in advance to ensure fairness in accounting. By law auditing is obligatory. CPAs are commissioned by companies and read management conditions from numerical data such as books and records, and attest that the company’s accounting methods are legal. To become a CPA in Japan, you must break through two national exams, enter a practical training period as a CPA candidate, and pass a third exam. The CPA exam is recognized as very difficult, second only to the bar exam. After qualification, people generally work at audit corporations, and many open their own accounting firms after accumulating experience. Currently about 20,000 people in Japan hold the qualification. As local governments require statutory audits and many shareholders demand corporate disclosure, market demand is on the rise.

Online Stock Trader

These are people who trade stocks online. The number of online traders has been increasing among businesspeople, female white-collar workers, housewives, and students; some even make a living from it. In a capitalist economy, corporations (joint-stock companies) issue shares and generally accumulate capital through stock trading. If the company performs well, more people buy its shares and the price rises; if not, the price falls. In the past, stock trading centered on capitalists. With the spread of the internet, many online securities companies have emerged and individual participation has become simple. To trade online, you first open an account at an online broker. You check stock quotes online for reference and decide whether to “buy” or “sell.” Traditional stock trades were in units of 10, 100, or 1,000 shares; online, one can even trade in single-share units. If daily trading value is between 100,000 and 200,000 yen, many places charge no fees, allowing small amounts of capital to trade. Operating within small, controllable ranges can be fun, but if you aim to earn a living and invest too much, you may suffer huge losses. In Japan’s 1990s “bubble economy” and the 2008 “financial crisis” originating in the U.S., stock prices plummeted overnight and many shareholders suffered heavy losses. In any case, trading losses are your own responsibility, so you must be cautious.

Securities Analyst

“Securities” are rights and obligations pertaining to a company and its property and products. Transfers (buying/selling) of securities greatly affect economic activity. Stocks and bonds are representative securities. Securities analysts work at banks, securities firms, life insurers, etc., and are experts who provide advice for clients to trade securities for profit. In recent years, finance has become more complex and globalized; it has become difficult to predict how to profit, but excellent analysts are still in demand. Today, general companies have IR (Investor Relations) departments aimed at investors, providing a large stage for activity. Although handling huge sums is exciting, the actions of analysts may influence a nation’s economy, so the responsibility is heavy. In Japan there is a private qualification from the Securities Analysts Association, but no particular qualification is legally required. As long as you have sharp market insight, can plan fund products, and achieve outstanding results, you can gain recognition.

In China, securities analysts are also called “stock commentators” or “stock analysts.” They obtain legal licenses for securities investment consulting and practice qualifications, and provide analysis, forecasts, or advice to the public or institutions regarding the securities market, trends of security types, and investment feasibility—via oral, written, online, or other forms.

It is a high-intelligence, highly challenging profession with a not-low qualification “threshold.” Practitioners need knowledge of accounting, auditing, and law; they must be able to compare and analyze indicators and data from annual reports, interim reports, prospectuses, etc.; understand China’s legal system for controlling financial risk, securities issuance, underwriting, and trading; be familiar with the basic legal framework of the securities market; and be proficient in technical analysis of the market. They must possess strong comprehensive technical analysis abilities and, on that basis, innovate according to current market characteristics to form a unique and effective analytical approach.

Cipher (Cryptography) Maker

A cipher is special information transmitted secretly that no one other than the recipient can understand. Since ancient times, ciphers have been used for various purposes by various methods. For example, in The Gallic Wars, Julius Caesar recorded sending messages to subordinates using a cipher. He used a substitution cipher in which each Roman letter represented the letter three places later in the alphabet. Ciphers were generally for military purposes; Caesar’s use was such. Each time a cipher was cracked, methods of constructing ciphers became more sophisticated. The most complex cipher in history was the “Enigma” machine created by German inventor Arthur Scherbius, used by Nazi Germany in World War II.

Today, ciphers are not only for the military but widely used in business due to the spread of the internet and the information society. For example, email, e-commerce, and online shopping all require protection of information. Thus modern cipher makers generally possess very high-level knowledge of physics and mathematics related to computer science. Many IT-company engineers or researchers develop cryptographic systems and software while working, and obtain patents. What is especially needed now is quantum cryptography to protect information against quantum computers developed by codebreakers. Quantum computers and ciphers based on quantum physics would put a perfect period on the development of cryptography. However, beyond technical development, civil liberties and national security must also be considered; deploying them in practice is very difficult.

Cryptography will be extremely necessary in future commerce, and demand for highly skilled cipher makers is increasing. Creating an unbreakable cipher is thrilling. But to become a cipher maker, besides knowledge of mathematics, quantum physics, and computing, one also needs high moral standards and a sense of balance between science and ethics.

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Essay | A Message to Boys and Girls Aspiring to Finance

Economic Commentator: Gen Yamazaki

The Appeal of Finance

Finance is a service industry that deals with money. In a narrow sense, finance refers to actions like banks and credit unions conducting the circulation of funds. As a field of work, finance includes securities firms, insurance companies, and companies that operate these funds. Many people change jobs from banking to securities, or from securities to insurance.

Finance connects with companies in other fields, governments, and individuals. Therefore, practitioners need not only financial knowledge but also knowledge and information from other fields. We can also understand finance as the trading of information through money.

For example, consider a company and two banks—Bank A, which knows the industry well, and Bank B, which does not. Bank A can judge whether to lend to the company and under what conditions; Bank B cannot. For money to flow, there must be sources of information and the ability to judge it. Those who like acquiring information and knowledge and who keep studying suit finance.

Finance lends to or invests in promising companies and helps society develop. “This is a company I nurtured.” That is a typical boast of a veteran banker. The achievement of discovering and fostering companies and individuals is part of finance’s appeal.

Finance coexists with “markets.” Interest rates, exchange rates, and stock prices closely related to finance are all determined by markets. In scale and entertainment value, financial markets may be the largest game in the world. Although very hard to predict, their difficulty fascinates many people. Those engaged in finance related to markets often find freshness and excitement there.

As for me, I was deeply attracted by the playful nature of markets. After graduating, I worked in the finance department of a general trading company. Later, wanting to work at the very center of the financial market, I joined an investment company. After that I changed jobs 12 times within the broad financial industry—life insurance, trust banks, foreign investment firms, securities companies, etc. There were good and bad times, but the market has always been the object of my interest and the subject of my current research. I have never tired of it. In the market there are winners and losers, but there are no finance professionals bored with the market.

Points to Note

Finance is a profession of making money for oneself using other people’s money. Handling large sums belonging to others is common at work, but you must never confuse other people’s money with your own. Even if not directly using money, “insider trading,” i.e., using information related to money to profit improperly, is a crime. In financial workplaces, there are many temptations related to money.

Regard the funds of others (or companies) as chips in a game. Whether operating one million, ten billion, or one trillion yen, do not be timid. The ability to handle huge sums calmly is a quality possessed by finance professionals. But you must never put the chips into your own pocket.

Compared with other industries, finance pays higher income. This is one of its attractions. When operating huge sums, you need a commensurately superior environment. Especially in foreign financial firms, some graduates reach annual incomes of tens of millions of yen by their second year, and many seasoned employees earn over one hundred million. Although we say “don’t mind it too much,” frankly everyone cares about others’ income. But those who earn more are not necessarily more capable. How much money would satisfy you, and how far would you go for money? Between how you handle funds at work and the money you earn for yourself, a finance professional must establish a firm “view of money.” Without it, hard-earned money becomes a source of trouble.

In finance-related work, the most important thing is a sense of “risk.” Money lent may not come back; stock prices and exchange rates may move opposite to your expectations; contracts may fail to be fulfilled; laws may be violated; negative evaluations may occur. Finance professionals should anticipate possible adverse situations and deal with them.

Whatever the risk, whose responsibility it is, and the price to pay when taking responsibility—all require serious thought. Follow necessary procedures and calculate calmly. Ignoring risk causes trouble for yourself and great losses for society.

Financial companies have always hoped to create a solid image, but finance is not as firm as it appears. If you seek “stability,” entering a financial company is a big mistake. If you don’t yet understand, check the cases of Yamaichi Securities and the Long-Term Credit Bank of Japan.

Aspiring to Finance

No matter which financial profession you choose, qualifications and academic background are not the most important at the outset. But finance is “handling all relevant information in the world,” so to put it plainly, it suits those with strong learning ability. Though a cliché, generally only top students from popular universities can enter this industry. Those especially suited are people good at English and mathematics, and those who can keep studying other subjects. By the way, in the future, those who know Chinese will also have an advantage. Finance usually provides rigorous training after employees join.

In foreign firms or investment companies that require specialists, although some new graduates are hired, most hires have work experience. First, keep in mind: you may change companies in the future. Beyond the sense of belonging required by a particular company, you should also have the mindset that you are “an ordinary member of the financial world.” Through accumulating practical experience, becoming “a valuable person in finance” should be the midterm goal for your first 10 years.

In finance, ultimately people trade with people. Only “sales” that maintain good relationships with clients can create wealth. Foreign financial institutions fervently pursue such talent, and among them, high earners are those who keep excellent client relations. Being likable and able to communicate well are important secret weapons. If you aspire to finance, experience in interacting with others in various places—including school—is very important. As I emphasized at the start, finance is, in essence, a “service industry.”

(written in 2003)

Essay | Work that Monitors and Records the Flow of Money

Ryū Murakami

Professions like accountants or tax accountants—those who “calculate other people’s money”—generally give a steady, serious impression, and also a bit of dullness or boredom. But in fact, that is not so. It is not that there are unserious or ill-intentioned people among them. Though their work involves money flows, which must be strictly monitored and recorded, for those involved it is actually interesting and meaningful.

What does the movement of money tell us? If, for a given project, you clarify who provides the funds and who receives them, you can understand the nature of that project. Take organ transplants: because the need is urgent, an organ is delivered by helicopter from a donor to a waiting patient. Who should pay the helicopter fee? In the U.S., with many helicopter manufacturers and pilots, helicopter transport has become a business activity. In Japan it is different; the cost is high. By seeing who pays for the helicopter, we can understand the reality of organ transplantation.

If the state bears the helicopter costs, then transplantation can be considered a national project. If the hospital performing the operation bears it, then transplantation relates to the hospital’s goodwill and interests. If the patient bears it, we can infer the patient may be wealthy. In short, money flows contain extremely important information; the flow of money indicates the parties to a transaction.

Why then, in Japanese society, are so few people extracting information from money flows? TV news does not explain who should bear helicopter costs in transplants. This is because viewers do not demand this information, so TV stations do not report it. Since viewers want to know celebrities’ private lives and the inside stories of tragic murders, TV stations broadcast these in loops every day.

Why is there little interest in money flows in Japanese society? There are many reasons, not relevant to this piece’s title, so I won’t go into detail. But one thing is clear: individuals have very few opportunities to think about money flows. Wage earners’ taxes are a good example. Instead of first receiving salary and then paying tax, taxes are deducted before you receive your salary. In fact, this system was adopted at the start of war to raise military funds, yet it continues. If money that has entered your own pocket were then paid to the state, people might think, “What is that money used for?” But because a portion is taken off before it reaches your hand, you don’t feel that the deducted part was originally your own money, and thus you have little interest in how it is used. Some people try to save even 1 yen on apartment maintenance fees, yet they are indifferent to multi-trillion-yen bridge projects—this is laughable. Most Japanese lack the concept that the state’s money is actually their own.

Accountants, tax accountants, plus bankers in a broad sense—all their work relates to money flows. Every step in the flow of money is meaningful and important information. Especially in corporate accounting, many things—including audits—have until now been handled internally. But now, because of investors and shareholders, and as the financial system becomes more complete, information is gradually becoming open. Like audit corporations, sometimes they must make decisions and take responsibility regarding national-level financial issues. Accountants, tax accountants, and bankers—those whose work relates to money and who monitor and record its flow—will, in the future, become more independent and important.

(written in 2003)

③ Proving and Analyzing Propositions

In pure mathematics, by means of numbers, figures, and theorems, one can prove the correctness or incorrectness of various things. Therefore, mathematics is the foundation of all disciplines such as physics, logic, and philosophy.

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International Chess Player

Regrettably, Japan’s level in international chess is relatively low worldwide. Among players belonging to FIDE (168 member nations), Japan’s highest-ranked player is the shogi master Yoshiharu Habu, yet he is only 2781st. To make a living by prize money, you need to rank within the world top 100. If you are in the top 100, you will be invited to international tournaments; travel, lodging, and deposits during the stay are covered, and if you win you receive prize money as well. World-class players can earn over 100 million yen a year. In Japan there are no professional chess players who live solely on prize money. One reason Japan has not produced top international chess players is that much talent is concentrated in shogi and go. Since you cannot join FIDE as an individual, to enter international knockouts you must first join the Japan Chess Association.

In China, international chess is a newer event: since 1956 it has been listed as a national sports event, and in 1957 the first national chess tournament was held. Since 1977, China’s annual national chess tournament has added team events, women’s events, and youth events in addition to individual competition.

Go Player

Becoming a professional go player is extremely arduous. First, by age 14 you must become an “insei” (trainee) at the Nihon Ki-in’s professional training organization. Boys and girls once called “child prodigies” in their locales must study as insei; only the top dozen or so can take the professional qualifying exam, and only by passing before age 18 can one become a professional. Thereafter, according to ability, you earn appearance fees and prize money by participating in the three major title matches (Meijin, Honinbo, Kisei) and the seven major title matches (the three majors plus Judan, Oza, Tengen, Gosei). Only if you win and rise in dan rank will your income increase. Currently, there are over 440 professional players at the Nihon Ki-in and Kansai Ki-in combined. However, only about the top 10% make a living solely by playing; the rest earn income by teaching amateurs. Some amateurs also become professionals: those under 30 who achieve excellent results in amateur tournaments may turn pro.

Shogi Player

Amateur players under 22 with amateur 3-dan or 4-dan strength must be recommended by professionals to become pro shogi players. That is, to qualify for entry into a professional training organization such as the Japan Shogi Association’s Shorei-kai, you must meet the above conditions. Many join in upper elementary grades. Although it is a training organization, there are two ranking tournaments each month, and promotions are decided by results. If a trainee has not reached the initial professional rank (shodan) by age 23 or 4-dan by 26, they must leave.

Only four people per year can become professionals—about 20–30% of the trainees. Currently, among professionals there are 161 active players and 43 retired players, all belonging to the Japan Shogi Association. After becoming professional, you start in the C group of the ranking leagues and, via round-robins, advance from C to B and finally to A. Upon entering A, you can challenge famous players. Besides the Meijin title, there are six other major titles—Ryuo, Osho, Kisei, Oi, Oza, and Kiou—collectively the seven major titles. Appearance fees plus prize money from these are the basic income from the Association. In addition, you can earn by teaching at Association shogi classes or coaching amateurs. Therefore, anyone of 4-dan or above can make a living from shogi.

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