This lecture will discuss the role of the media in policy formation from various perspectives. The media is called the fourth power after the executive, legislative, and judicial branches. In the past, mass communication such as newspapers and television was the main form of communication, but now electronic media such as the Internet and SNS also have great influence. The media not only checks power, but also plays a large role in shaping public opinion. The two roles of checking power and shaping public opinion will also play important roles in policy formation. Those who hold the reins of power in the executive branch and those who draft bills in the legislative branch place particular importance on the power of newspaper editorials. In this lecture, eleven editorial and editorial board members who write editorials and signed columns at the Nihon Keizai Shimbun will discuss the role of the media in policy formation in their respective fields of expertise. The first half of the 14 lectures will discuss the transformation of media due to digitalization and its relationship with domestic policy formation, and the second half will discuss the relationship between policy formation and the media in various countries such as the United States, China, and South Korea.