Financial markets

16th Tokyo Roundtable on Capital Market and Financial Reform in Asia


22-23 March 2016, Tokyo, Japan


The 16th Tokyo Roundtable on Capital Market and Financial Reform in Asia took place on 22-23 March 2016 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.


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


DAY ONE: 22 March 2016


KEYNOTE ADDRESS: Mr. Masamichi Kono, Vice Minister for International Affairs, FSA, Japan


SESSION 1: Capital flows in Asia – impacts and implications of the recent global economic developments and the normalization of the US monetary policy


Moderator: Mr. Toshinori Doi, Deputy Director-General of the International Bureau, MOF, Japan


Capital flow: direction, impacts, and policy options: Mr. Kenichiro Kashiwase, Economist, IMF, Regional Office for Asia and the Pacific

International banking flows and intra-regional banking in Asia: Mr. Ilhyock Shim, Principal Economist, BIS

Capital flows in Asia: recent change and its driving forces: Mr. Kenji Fujita, Associate Director-General, Financial Markets Department, Bank of Japan

Global economic risks and their impacts on Asian emerging market economies: Mr. Jae-Ha Park,Senior Fellow, Korea Institute for Finance

The implication of interest rate normalization on equity market - the Malaysian/ASEAN experience: Mr. Roselee Shah Shaharudin, Assistant General Manager, SC Malaysia (AFPAC Visiting Fellow)

Capital flows and financial crisis: the Indian experience: Mr. Manu Vettickan, Deputy Director, Ministry of Finance, India

Lead Discussant:  Mr. Peter Morgan, Senior Consultant for Research, ADBI


KEYNOTE ADDRESS: Greening capital markets: Mr. Rintaro Tamaki, Deputy Secretary-General, OECD


SESSION 2: Bond market development in Asia


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


Global trends in corporate bonds and the financing of growth companies: Mr. Serdar Celik, Economist, Corporate Affairs Division, OECD

Infrastructure finance, investor base, and credit gap: role of bond markets: Mr. Noritaka Akamatsu, Senior Advisor, ADB

Bond market development: the Philippines: Mr. Ephyro Luis Amatong, Commissioner, Securities and Exchange Commission, Philippines

Enhanced transparency and corporate governance could alleviate headwinds: Ms. Naoko Nemoto, Vice President, S&P Japan

Recent developments and possible scenarios for China’s bond market: Mr. David Fernandez, Managing Director, Barclays Bank PLC, Singapore

Lead discussant: Mr. Daikichi Momma, Director-General, International Bureau, MOF, Japan


DAY TWO: 23 March 2016


SESSION 3: Effective and efficient support for SME finance in Asia


Moderator: Mr. Bokhwan Yu, Deputy Dean, ADBI


Importance of credit guarantee systems in SME financing: evidence from Asia: Mr. Naoyuki Yoshino, Dean, ADBI and Mr. Farhad Taghizadeh-Hesary, Faculty Member, Keio University and Visiting Professor, The University of Tokyo

Evaluating publicly supported financial guarantee programmes for SMEs: Mr. Sebastian Schich, Principal Economist, Financial Affairs Division, OECD

Opening the black box of financing high growth companies: Mr. Erik Vermeulen, Professor, Tilburg University

A comprehensive financing ecosystem for SMEs: the Malaysian experience: Ms. Karunajothi Kandasamy, Deputy CEO, SME Corporation Malaysia

SMEs Financing: Thailand case: Ms. Sujaree Monchon, Director, Examination Department, Bank of Thailand

Lead discussant: Mr. Shigehiro Shinozaki, Financial Sector Specialist (SME Finance), ADB


KEYNOTE ADDRESS: Economic Effects of Infrastructure Finance

Keynote speech:  Mr. Naoyuki Yoshino, Dean,ADBI

Commentary: Mr. TakahiroYasui, Head of Special Projects and Outreach Unit, OECD


SESSION 4:  Promoting long-term investment and savings in Asia


Moderator: Mr. Timothy Bishop, Head of Financial Affairs Division, OECD


Promoting long-term savings vehicles and instruments: Mr. Stephen Lumpkin, Senior Economist, Financial Affairs Division, OECD

Global infrastructure hub perspectives on long-term infrastructure investment: Mr. Mark Moseley, Senior Director, Global Infrastructure Hub

Enhancing the role of capital market in long-term financing: case of Indonesia: Ms. Etty Retno Wulandari, Deputy Commissioner, OJK, Indonesia

Optimal financial structure and financial reform: a perspective from China: Mr. Fan Zhai, Managing Director, China Investment Corporation

Strengthening infrastructure and capital market through retirement income policies: Ms. Vanessa Wang, Managing Director and Asia Pacific Head of Pensions, Citigroup, APFF

Lead discussant: Mr. Makoto Okubo, General Manager, International Affairs, New York Representative Office, Nippon Life Insurance Company


Tokyo business



Summary Record

Download zip files of the presentations by session:

Keynote Address: Mr. Masamichi Kono

Session 1

Keynote Address: Mr. Rintaro Tamaki

Session 2

Session 3

Keynote Address: Mr. Naoyuki Yoshino

Session 4



Ms. Morven Alexander, OECD

Ms. Miyuki Izumiyama, OECD



Previous Tokyo Roundtables



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