Edited by Yung Chul Park, Takatoshi Ito and Yunjong Wang
Chapter 7: Tokyo Financial Market as a Financial Center in East Asia
7. Tokyo ﬁnancial market as a ﬁnancial center in East Asia Eiji Ogawa 1. INTRODUCTION Our experience of the Asian currency and ﬁnancial crises in 1997 teaches us that it is important for East Asian countries to make direct linkages between plenty of savings and prospective investment chances within the East Asian region and to pool liquidity of the ﬁnancial markets in East Asian countries. For this purpose, East Asian countries should create and develop regional bond markets in the East Asian region as well as local bond markets in each of East Asian countries. Especially for regional bond markets, current international ﬁnancial centers in East Asia are expected to activate capital and money ﬂows within the East Asian region. Moreover, cooperation among the international ﬁnancial centers in the East Asian region would help to develop the regional bond markets and, in turn, make direct linkages between savings and investments within the East Asian region. The Tokyo ﬁnancial market is expected to play a central role as a regional ﬁnancial center in developing regional bond markets. The Tokyo ﬁnancial market was said to be one of the three major international ﬁnancial centers in the world economy because it could compete with London and New York ﬁnancial centers. However, it is diﬃcult to deny that the Tokyo ﬁnancial market has seen its position decline not only in quantitative terms but also in qualitative terms in recent years. This chapter considers the current position of the Tokyo ﬁnancial market among the...
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