11-12 March 2015, Tokyo, Japan

The 15thTokyo 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

Tokyo business



Summary Record

Download zip files of the presentations by session:

Session 1

Session 2

Session 3 (presentations 1-3)

Session 3 (presentations 3-6)

Session 4

Session 5

Session 6


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

Ms. Miyuki Izumiyama, OECD miyuki.izumiyama@oecd.org


Previous Tokyo Roundtables