4-5 April 2013, Tokyo, Japan

The 13th Tokyo Roundtable on Capital Market Reform in Asia took place on 4-5 April 2013 at the Asian Development Bank Institute (ADBI) in Tokyo, Japan.  This meeting was jointly organised and sponsored 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, practitioners, scholars and international organisations to discuss issues relating to capital market reform in Asia.

Recent trends and developments in financial markets confirm anew the challenges authorities face in their efforts to ensure the safety and soundness of the financial system as a whole and to improve the efficiency and effectiveness of regulatory approaches in the financial sector.

Roundtable presentations

>> Download Roundtable presentations (zipfile)

DAY ONE: 4 April 2013


Mr. Takehiko Nakao, Special Advisor to the Minister of  Finance; former Vice Minister of Finance for International Affairs, Ministry of Finance, Japan

SESSION 1: European Sovereign Debt Crisis:  Implications for Asia:


Asian Perspectives: Dr. Masahiro Kawai, Dean and CEO, ADBI

European Perspective: Professor Martin Klein, Professor of International Economics,Martin-Luther-Universität Halle-Wittenberg, Germany

Chinese Perspective: Dr. Jin Zhongxia, Director General, Research Institute of People’s Bank of China, PRC

Discussant:Dr. Michael Spencer, Chief Economist, Asia Pacific and Co-Head, Global Economics, Deutsche Bank, Hong Kong

SESSION 2: Understanding the Relationship between Liberalization, Capital Flow Measures & Macro-Prudential Measures:


Understanding the Relationship between Liberalization, Capital Flow Measures & Macro-Prudential Measures:  Dr. Sukudhew Singh, Assistant Governor, Bank Negara Malaysia

Capital Account Liberalization and Capital Flow Management: Perspective from China: Mr. Fan Zhai, Managing Director, China Investment Corporation

The IMF’s Institutional View on the Liberalization and Management of Capital Flows: Dr. Giovanni Ganelli, Senior Economist,IMF Regional Office for Asia and the Pacific

The OECD Codes of Liberalisation perspective: Mr. Pierre Poret, Counsellor, Directorate for Financial and Enterprise Affairs, OECD


Mr. Bongjun Kim, Deputy Director, Ministry of Strategy and Finance, Republic of Korea

Dr. Richard Jerram, Chief Economist, Bank of Singapore

SESSION 3: Implications of Globalization for the Funding of Investments: Trends & Policy Issues:


Small Business Finance and SME Data Analysis: Professor Naoyuki Yoshino, Professor of Economics, Keio University, Japan

Capital Market Financing for SMEs – Trends and Potency in Emerging Asia: Mr. Shigehiro Shinozaki, Financial Sector Specialist (SME Finance), Office of Regional Economic Integration,Asian Development Bank (ADB)

Equity Markets, Corporate Governance and Long-term Financing: Mr. Serdar Celik, Economist, Corporate Affairs Division, Directorate for Financial and Enterprise Affairs, OECD

Seed and Early Stage Finance and the Role of Policy: Ms. Karen Wilson, Consultant, Structural Policy Division, Directorate for Science, Technology and Industry, OECD;  Visiting Fellow, Bruegel


SME Financing: Japan’s Experience: Mr. Koji Nakamura, Head of Division, Financial System Research Division, Financial System and Bank Examination Department, Bank of Japan

DAY TWO: 5 April 2013


Mr. Masamichi Kono, Vice Commissioner for International Affairs, Financial Services Agency, Government of Japan;  Chairman of the IFRS Foundation Monitoring Board;  and former Chairman of the IOSCO Board

SESSION 4: Contribution of Long-Term Institutional Investors to Growth:  SWFs / Pension Funds:


Pension Funds and Long-Term Investment – Evidence and Policy ChallengesMr. Juan Yermo, Principal Administrator, Financial Affairs Division,Directorate for Financial and Enterprise Affairs, OECD

NPS in the Context of Long-Term Investment: Mr. Kyungjik (KJ) Lee, Head of Global Public Market Investment Division, National Pension Service, Korea

Contribution of Long-Term Institutional Investors to Growth: Dr. Leslie Teo, Chief Economist, GIC, Singapore

Long-Term Investing in Emerging Markets: Mr. Donald M. Raymond, Senior Vice-President and Chief Investment Strategist, Canada Pension Plan Investment Board (CPPIB), Toronto, Canada


Mr. Isa Rachmatawarta, Chairman of Financial Sector Policy Formulation Team, Fiscal Policy Office, Ministry of Finance, Indonesia

Mr. Makoto Okubo, General Manager, International Affairs, Nippon Life Insurance Company

SESSION 5: Changing Business Models of Financial Institutions:


Business Models of Banks, Leverage and the Distance-to-Default: Dr. Adrian Blundell-Wignall, Special Advisor to  the OECD Secretary General on Financial Markets, Deputy Director, Directorate for Financial and Enterprise Affairs, OECD

Effect of High Frequency Trading on Stock Market: Mr. Ko Nakayama, Director, Financial Markets Department, Bank of Japan

Structural Reform of the Banking Sector and Supervision in France: Mr. Edouard Fernandez-Bollo, Deputy Secretary General, ACP-Prudential Supervisory Authority, France

Discussant: Mr. Shigeru Ariizumi, Director of Banks Division I, Financial Services Agency,Japan

SESSION 6: ASEAN + 3 Financial Cooperation:  Progress, Perspectives & Challenges:


Does East Asia have a Working Financial Safety Net?: Dr. Jayant Menon, Lead Economist,Office of Regional Economic Integration (OREI), Asian Development Bank (ADB)

10+3 Financial Cooperation: Mr. Qiangwu Zhou, Executive Deputy Director General, Asia-Pacific Finance and  Development Center,Ministry of Finance, PRC

Asian Bond Markets Initiative (ABMI): Mr. Kouji Kawashima, Director, Promotion of Regional Financial Cooperation, International Bureau, Ministry of Finance, Japan

Regional Financial Cooperation in Asia: Past, Present and Challenges: Dr. Inseok Shin, Chung-Ang University, Republic of Korea


ASEAN+3 Financial Cooperation: Progress, Perspectives and Challenges: Ms. Salinee Wangtal, Assistant Governor, Supervision Group, Bank of Thailand

The Case for Strong Regional Surveillance: Dr. Jae Young Lee, Senior Economist, ASEAN+3 Marcroeconomic Research Office

Ms. Detty Agustono, Chief Representatative, Bank of Indonesia

Previous Tokyo Roundtables

Tokyo business


> Agenda (pdf)

> Presentations (zip)

> Summary Record (pdf)


Ms. Morven Alexander, OECD morven.alexander@oecd.org

Mr. Masanori Matsuo, OECD masanori.matsuo@oecd.org


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