In IS-LM model, it seems difficult to intuitively understand the concept of money market. Therefore, in this paper we present a simple economic model that explains the determination of loan interest rates, deposit interest rates, and government bond yields without using the concept of a money market.

For Chinese people, study abroad is an important matter. During the COVID-19 pandemic, many countries implemented travel regulation policies. Except for the early part of 2020, however, long term residents, including international students, were allowed to enter Japan. Despite the COVID pandemic, some of the degree program students entered Japan from abroad. In addition, as soon as the international travel regulations ended, a huge number of non-degree students including kenkyusei（ research students） and language program students rushed to Japan.

Online education has strongly developed during the COVID-19 pandemic. While public schools in Japan were off to a slow start, China became a pioneer in online education under the policy of "classes stop but learning continues." On the other hand, this drastic educational reform was painful, although the situation was better than in Japan. In this paper, we present both relevant literature and local examples in order to consider from various perspectives.