The Center on Japanese Economy and Business of Columbia Business School celebrated its 20th year with a conference on May 15, 2006 in Tokyo at the Palace Hotel. In this conference, “Japan’s Future Economic Directions,” distinguished business leaders and academics discussed how Japan’s policies, financial and business institutions, and markets are developing. Mr. Toshihiko Fukui, Governor of the Bank of Japan, delivered the keynote speech on Japan’s evolving monetary policy context. The two panels of academics and business leaders addressed Japan’s role in the global economy and East Asia, and important new directions in Japanese business.