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  • Strategic default in the U.S. housing market and household portfolio choice

Shotaro’s research focuses on housing vacancy and household behaviour in housing and mortgage market.

Before beginning his study in real estate and planning PhD programme, he has obtained master’s degrees, MSc in Real Estate in University of Glasgow and MPP in the University of Tokyo. In addition, Shotaro had practical work experience in a private real estate company in Japan, MORI TRUST CO., LTD., and had engaged in property development, asset management, residential leasing and so on.

Areas of academic interest

Household Finance and Investment Decisions; Household Behaviour in the Housing Market; Mortgage Default; Housing Demand and Supply


  • Master of Science in Real Estate - University of Glasgow, UK
  • Master of Public Policy (Economic Policy Programme) – The University of Tokyo, Japan
  • Bachelor of Arts in Economics - Keio University, Japan

Research grants

Henley Business School PhD Studentship


“Empirical Analysis of Demographic Change and Housing Vacancy in Japan.” (2018). The Quarterly Journal of Housing and Land Economics, 109, 28-35.