Morgan Stanley has provided financial services in Japan since 1971. To commemorate its long-term commitment to Japan and to augment its contribution to the Bridging Project for Study Abroad in Japan through the US-Japan Bridging Foundation, Morgan Stanley Japan is awarding two $7,500 scholarships to US students who will be studying in Japan for the academic year beginning September 2003.

Eligible students include juniors and seniors at US universities with an interest in economics and international finance who have been accepted for study in Japan for the 2003-2004 academic year. Winners will be awarded scholarships of $7,500 to finance their study and also may be considered for internships at Morgan Stanley Japan's Tokyo headquarters.

Co-sponsors of the scholarships are the US-Japan Bridging Foundation and the Association of Teachers of Japanese, which will coordinate the collection of applications and the initial selection process. Final selection will be made by Morgan Stanley Japan.

To compete for the MSDW Japan scholarships, students must comply with the following procedure:

1. Submit a complete application for the Bridging Scholarship to the Bridging Project Clearinghouse. Bridging Scholarship application forms and information can be found at www.colorado.edu/ealld/atj/Bridging/scholarships.html. The deadline for receipt of applications is April 3, 2003.
2. In addition, send to the Bridging Project Clearinghouse a 6-10-page essay on one of the following topics:
   • What does Japan's experience of the last 13 years teach us about where textbook macroeconomics is wrong?
   • What economic, political, and diplomatic roles will Japan play as China asserts itself as a power in Asia? What economic, political or social adjustments are necessary for Japan to play those roles?
   • What role can education play in transitioning Japan's human capital to the competitive marketplace?
   • What changes in corporate governance can be made to bring corporate Japan into the global economy?

The deadline for receipt of essays (which may be submitted by e-mail to atj@colorado.edu or by fax to 303-492-5856) is April 3, 2003.

The results of the scholarship competition will be announced in June 2003.