Renowned math wiz Ito, 93, dies

Kiyoshi Ito, an internationally renowned mathematician and professor emeritus at Kyoto University, died Monday of respiratory failure at a Kyoto hospital, the university said Friday. He was 93.

Kiyoshi Ito KYODO PHOTO

Ito was once dubbed "the most famous Japanese in Wall Street" thanks to his contribution to the founding of financial derivatives theory.

He is known for his work on stochastic differential equations and the "Ito Formula," which laid the foundation for the Black-Scholes model, a key tool for financial engineering. His theory is also widely used in fields like physics and biology.

Ito received the Gauss Prize from the International Mathematics Union in 2006.

He was appointed professor at Kyoto University in 1952 and served as director of the university's Research Institute for Mathematical Sciences.