15th Tokyo Roundtable on Capital Market and Financial Reform in Asia

The 15th Tokyo Roundtable on Capital Market and Financial Reform in Asia took place on 11-12 March 2015 at the Asian Development Bank Institute (ADBI) in Tokyo, Japan. This meeting was jointly organised by the ADBI and the OECD, in co-operation with the Government of Japan.


The Roundtable was followed by a one-day event, High-Level Panel on Institutional Investors and Long-Term Investment Financing, on 13 March.


Initiated in 1999 in the aftermath of the Asian financial crisis, the Tokyo Roundtable offers a forum for regulators, policy-makers, experts, practitioners, scholars and international organisations to discuss issues relating to capital market reform in Asia.

DAY ONE: 11 March 2015


KEYNOTE ADDRESS:  Takahide Kiuchi, Member of the Policy Board, Bank of Japan


SESSION 1: Developments and major challenges in the Asian financial markets


Moderator:  Naoyuki Yoshino, Dean, Asian Development Bank Institute (ADBI)



Developments and Major Challenges in Korean Financial Market: Jaehong Suh, Director-General for International Cooperation, Korea Financial Services Commission


Challenges for Asian Financial Sector: Zeng Hui, Director, International Finance Division, People’s Bank of China


Financial Markets of Pakistan: Reforms, Emerging Opportunities and Challenges: Muhammad Ali Malik, Director, Financial Markets and Reserve Management, State Bank of Pakistan


Emerging Market Vulnerabilities:  Challenges and Prospects – Case of Indonesia: Dwityapoetra S. Besar,Deputy Director, Department of Macroprudential Policy, Bank Indonesia



Noritaka Akamatsu,  Senior Advisor, Regional and Sustainable Development Department, ADB

Visakha Amarasekere, Director, Department of External Resources, Ministry of  Finance and Planning, Sri Lanka



SESSION 2: International financial reforms after the global financial crisis:  impact and implications for financial stability and sustainable economic growth


Moderator:  Masahiro Kawai, Professor, University of Tokyo



Implications and Impact of Regulatory Reforms:  Case of Thailand: Vanaporn Laksanasut, Head, Financial Markets Analysis and Development Division, Bank of Thailand


Economic Consequences of New Financial Regulations: Shinichi Yoshikuni, Senior Managing Director, Mizuho Securities Research and Consulting Co.


Issues Surrounding the Global Financial System: Michio Saito, Deputy Director-General, Planning and Coordination Bureau, Financial Services Agency, Japan



Yuko Kinoshita, Deputy Head, Regional Office for Asia and the Pacific, IMF

Nguyen Vin Hung, Deputy Director-General, State Bank of Viet Nam



SESSION 3: Functioning of capital markets and their role in value creation


Moderator: Takahiro Yasui, Head, Special Projects and Outreach Unit, Directorate for Financial and Enterprise Affairs, OECD



Corporate Bonds, Corporate Bondholders and Corporate Governance: Mats Isaksson, Head of Division, Corporate Affairs Division, OECD


The Links Between Pension Systems, Long-term Value, and Financial Stability: Vedat Akgiray, Professor of Finance, Bogazici University


Corporate Governance in a Networked Age: Erik Vermeulen, Professor of Business Law & Finance, Tilburg University and Vice-President, Corporate Legal Dept., Philips International B.V, Netherlands


Corporate Governance for Growth: Japan’s Strategy in Global Setting: Kenji Okamura, Deputy Commissioner for International Affairs, Financial Services Agency, Japan


Value Creation for SMEs in a Financial Ecosystem: Liu Fuzhong, Vice Director, Strategy and International Relations, Shenzhen Stock Exchange



Shoko Negishi, Professor, Doshisha University



DAY TWO: 12 March 2015



SESSION 4:   Impact and challenges of global financial reforms on Asian banks


Moderator:  Naoyuki Yoshino, Dean, Asian Development Bank Institute (ADBI)



Global Regulatory Reforms:  What’s in Store for Asian Banks?: Eli Remolona, Chief Representative, Bank for International Settlements, Asia and the Pacific Office


Financial Regulation to Sustain Healthy Economic Growth: Toshiyuki Suzuki, Senior Market Economist, The Bank of Tokyo-Mitsubishi


Impact and Challenges of Global Financial Reforms on Chinese Banks: Ba Jinsong,  Director, Policy Research Department, China Banking Regulatory Commission 



Stephen Lumpkin, Senior Economist, Financial Affairs, OECD

Kenichi Ueda, Associate Professor, Faculty of Economics, University of Tokyo



SESSION 5: Comparative evaluation of different forms of SME financing


Moderator: Stephen Lumpkin, Senior Economist, Financial Affairs Division,OECD



SME Finance and Credit Rating of SMEs: Naoyuki Yoshino, Dean, Asian Development Bank Institute (ADBI)


Financing SMEs in Indonesia:  Experiences, Policies and Further Initiatives: Imansyah Imansyah, Head, Department for Financial Stability, OJK, Indonesia


Unlocking SME Finance Through Market-based Debt:  Securitization, Private Placements and Bonds: Gert Wehinger, Principal Administrator, Financial Affairs Division, Directorate for Financial and Enterprise Affairs, OECD


Growth Capital Financing for SMEs in Asia:  Different Models from Bank Lending: Shigehiro Shinozaki,Financial Sector Specialist (SME Finance), Sector Advisory Service Division, Regional and Sustainable Development Department, ADB



Regional Financial Soundness, R&D Activities and Firm Size: Yasuo Goto, Senior Research Fellow, the Research Institute of Economy, Trade and Industry (RIETI)



SESSION 6: Non-bank financial intermediaries and the role of capital markets in financing growth


Moderator:  Mamiko Yokoi-Arai, Principal Administrator, Financial Affairs Division, OECD



Stagnation Hypotheses: What Do Company Data on Infrastructure and Other Investments in the Global Economy Tell Us?: Adrian Blundell-Wignall, Special Advisor to the OECD Secretary General on Financial Markets and Director, Directorate for Financial & Enterprise Affairs, OECD


New Challenge and Evolution of Japanese Private Equity and Venture Capital Industry under ABENOMICS Policy: Kazunori Ozaki, Chairman, Japan Venture Capital Association (JVCA)


Capital Markets and Economic Growth:  An Economics Fundamentalist’s View: Chiaki Hara, Professor, University of Kyoto


Non-bank Financial Intermediaries and Capital Markets Development:  Supporting Economic Growth in Emerging Economies: Andre Belelieu, Associate Director, Financial Services Industries, World Economic Forum



Yutaka Okada, Deputy Director-General, Financial Markets Department, Bank of Japan