Financial markets

17th Tokyo Roundtable on Capital Market and Financial Reform in Asia


2-3 March 2017, Tokyo, Japan


The 17th Tokyo Roundtable on Capital Market and Financial Reform in Asia took place on 2-3 March 2017 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:  2 March 2017



Mr. Masatsugu Asakawa, Vice Minister of Finance for International Affairs, Japan

SESSION 1: Capital Flows in Asia: Identified Trends and Challenges in an Uncertain World with Slowing Trade and Lagging Economic Growth

Moderator: Mr. Bokhwan Yu, Deputy Dean, ADBI


Mr. Ranil Salgado, Assistant Director, Regional Studies Division, APD, IMF: Global Economic Outlook and Implications for Capital Flows to Asia

Mr. Ilhyock Shim, Principal Economist Representative Office for Asia and the Pacific, BIS: Asset Managers in EMEs: Implications for Capital Flows

Mr. Hirotaka Hideshima, Deputy Director-General, Financial Markets Department, BOJ: Recent Capital Flows in Asia: Comparison with “Taper Tantrum 2013”

Mr. Fan Zhai, Former Head of Asset Allocation, China Investment Corporation and Visiting Fellow, China Finance 40 Forum: Capital Flows in China: Some Recent Developments

Mr. Ephyro Luis Amatong, Commissioner, Securities and Exchange Commission, Philippines: Boosting Resilience Amid Uncertainty: Flows and The Role of Domestic Markets

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



Mr. Naoyuki Yoshino, Dean, ADBI


SESSION 2: Capital Market Developments in Asia

Moderator:  Mr. Grant Spencer, Deputy Governor and Head of Financial Stability, Reserve Bank of New Zealand, and Chair of the Committee on Financial Markets, OECD


Mr. Serdar Celik, Senior Economist, Corporate Affairs Division, OECD: Asian Equity Markets Review: Interim Report and Methodology for Discussion

Mr. Jun Mizuguchi, Deputy Commissioner for International Affairs, FSA, Japan: Transforming the Flow of Funds in the Japanese Financial Markets

Ms. Naoko Nemoto, Financial Economist, ADBI: Bond Market Development in Emerging Asia

Mr. Thuong Quang Nguyen, Deputy Director General of Market Development Department, State Securities Commission of Viet Nam (Former GLOPAC Visiting Fellow): Development of Derivatives Market in Viet Nam

Mr. Susanta Kumar Das, Deputy General Manager, Market Regulation Department, SEBI (GLOPAC Visiting Fellow): Trends of Flow of Funds in the Indian Capital Market

Lead discussant: Ms. Yoko Ogimoto, Senior Consultant, Nomura Research Institute  


DAY TWO:  3 March 2017


SESSION 3:  FinTech Developments and Regulatory Responses

Moderator: Mr. Masato Miyazaki,Deputy Vice Minister for International Affairs, MoF, Japan


Mr. Erik Vermeulen, Professor, Tilburg University: What is the Best Regulatory Response to FinTech?

Mr. Junichi Kanda, Director, Credit System Office, Planning and Coordination Bureau, FSA, Japan: Japan FSA’s Initiative to Create a Pro-FinTech Environment

Mr. Roy Teo, Director, FinTech & Innovation Group, MAS: Globalising FinTech: Smart Financial Centre

Ms. Flore-Anne Messy, Head of Financial Affairs Division, OECD: Maximising FinTech potential : Fostering Financial Innovation while Safeguarding Financial Stability and Consumer Protection

Ms. Bihong Huang, Research Fellow, ADBI: Promoting and Regulating FinTech in Asia: Case of Peer to Peer Lending

Lead discussant: Mr. Takahiro Yasui, Head of Special Projects and Outreach Unit, OECD



Task Force on Climate-related Financial Disclosures: Overview of Report and Implementation Guidance

Mr.Masaaki Nagamura, Member of TCFD, and Head, Corporate Social Responsibility, Tokio Marine Holdings


SESSION 4: Financing of Green Infrastructure Investment

Moderator: Mr. Rintaro Tamaki, Deputy Secretary-General, OECD


Mr. Naoyuki Yoshino, Dean, ADBI: Green Energy Development: Role of Financing

Mr. Raffaele Della Croce, Lead Manager, Long-term Investment Project, OECD: Growth, Investment and the Low-Carbon Transition : OECD Contributions, G20 and APEC

Mr. Yasuhisa Nakao, Deputy Vice Minister  for International Affairs, MoF, Japan: Japan's Actions to Promote Green Finance

Mr. Luky Alfirman, President Commissioner, Indonesia Infrastructure Guarantee Fund and MoF Indonesia: Guarantee Fund for Green Infrastructure Development - A Case of Indonesia: Prospects, Opportunities and Challenges

Mr. Syed Ahmad Syed Mustafa, Chief Executive Officer, GreenTech Catalyst Sdn Bhd: Derisking Green Investments  – Malaysia Perspective

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



Tokyo business



Summary Record


Download zip files of the presentations by session:


Session 1

Keynote Address: Mr. Naoyuki Yoshino

Session 2

Session 3

Special Presentation: Mr. Masaaki Nagamura

Session 4




Ms. Morven Alexander, OECD

Ms. Miyuki Izumiyama, OECD



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