Masayoshi Amamiya: Development of Asia's capital markets - roles and challenges

Keynote speech by Mr Masayoshi Amamiya, Deputy Governor of the Bank of Japan, at the ASIFMA Annual Conference 2019, Tokyo, 10 October 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

Good morning everyone. It is my great pleasure to be here at the Asia Securities Industry and Financial Markets Association (ASIFMA) annual conference 2019. I am honored to address this distinguished audience comprised of representatives from the securities and asset management industries, institutional investors, policy makers, and regulators in Asia and other important regions.

Asia's capital markets have experienced remarkable growth since the Asian financial crisis in the late 1990s. Asia's share of global stock market capitalization soared from 1 percent in 2000 to 15 percent in 2017. Notably, the amount outstanding in local currency bond markets in Asia as a share of GDP in 2018 increased to more than double that in 2000 (Chart 1). Obviously, the rapid expansion of Asian economies has driven the growth of the capital markets in the region. At the same time, the collective efforts of market participants, policy makers, and regulators both at national and regional levels have contributed to market liberalization and enhancement of market infrastructures in Asia.