Masaya Sakuragawa (1959–) is a Japanese economist and Professor Emeritus at Keio University. Specializing in macroeconomics, monetary economics, and international finance, he has studied financial intermediation, asset bubbles, financial crises, low interest rates, and fiscal sustainability, with particular attention to the structural causes of Japan’s bubble economy and prolonged stagnation. In his representative book, “Baburu no Keizai Riron: Teikinri, Chōki Teitai, Kin’yū Rekka,” he explains how bubble assets can serve as a vehicle for savings when interest rates remain below the rate of economic growth, reframing bubbles as phenomena connected to low interest rates and shortages of suitable assets rather than merely irrational speculation. The book received the Nikkei Prize for Economic Books and Culture and the Yomiuri–Yoshino Sakuzō Prize.
