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  • Press Conference By Aso Taro, Japan's Deputy Prime Minister, Minister Of Finance, And Minister Of State For Financial Services - September 18, 2020

    Date 13/10/2020

    [Questions and answers:]

    Q.

    I would like to ask about the management of regional banks. At the press conference held at the Prime Minister's Office on the 16th, you stated that environmental improvement would be made for the sake of strengthening the operating foundations of regional banks including the enhancement of restructuring. The government already passed a special law back in May exempting the integration of regional banks from application of the Anti-Monopoly Act, but what other steps is the government considering to further improve the environment? Please let us know your thoughts at the moment.

    A.

    Speaking on the basis of the prime minister’s directive to cabinet members, we at the Financial Services Agency are committed to continued efforts to restore the business condition of regional banks. More specifically, we will first be revising the Cabinet Office ordinances in accordance with the special provisions in the Anti-Monopoly Act scheduled to go into effect in November. With population on the decline and various changes taking place locally, banks can no longer sit around and simply expect deposits to be made and people to come in to borrow money. The approaches adopted for regional revitalization will differ just as circumstances differ by region, so there is no guarantee that regional banks can stay in business by sticking with the same management practices they have employed thus far. This is something I have been saying from the outset. With regional banks needing each in their own way to make unprecedented management efforts, I have said that mergers are one option and mergers have in fact been taking place in Nagasaki and elsewhere. As for whether there are too many or too few mergers, there are some extremely dynamic regional banks in certain regions, so we think that this is best left to the management discretion of individual banks. We are not running a controlled economy, and we cannot have people mistakenly thinking that we are. At the same time, I have said from the start that circumstances will not permit companies to carry on with their current business models unchanged.

    Q.

    I would like to ask about your expectations of the State Minister of Finance. Diet member Kenji Nakanishi was recently appointed State Minister of Finance. At the press conference following your reappointment, you mentioned creating an environment conducive to foreign personnel with the aim of establishing an international financial city as one of the instructions you received from Prime Minister Suga. In view of developments since then, are there any particular roles you are expecting of Mr. Nakanishi, who has served as vice president at JP Morgan Securities?

  • “Harnessing The Power Of Finance For A Sustainable Future”- Keynote Speech By Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, At The Financial Times Investing For Good Asia Digital Conference On 13 October 2020

    Date 13/10/2020

    I thank the Financial Times for the opportunity to speak on this important topic and to reach out to an audience across the globe.

    WHAT HAS COVID-19 TO DO WITH SUSTAINABILITY?

  • Press Conference By Aso Taro, Japan's Deputy Prime Minister, Minister Of Finance, And Minister Of State For Financial Services - September 25, 2020

    Date 13/10/2020

    [Questions and answers:]

    Q.

    I would like to ask about Japan Post Bank. Japan Post Bank announced yesterday that the illegal withdrawals of savings made through the fraudulent use of Docomo accounts and other e-money settlement services had grown to about 60 million yen in total. It also made clear on the 23rd that there had been fraudulent use of mijica debit/prepaid cards. These circumstances call into question the trustworthiness of the bank as a financial institution. What is your view as Minister for Financial Services and what responses will you be requiring of the Japan Post Bank?

    A.

    The mijica debit card is a service only offered by Japan Post Bank, and I am aware that losses incurred through unauthorized remittances using this type of card have been publicly disclosed. I also understand that the Japan Post Bank has been suspending charges and remittances to prevent further losses, while at the same time contacting customers individually with the intent of fully compensating customers who suffered losses connected with the payment services of fund transfer service providers at the end of October, and other customers who suffered losses relating to mijica around the end of September. The Financial Services Agency insists that Japan Post Bank deal seriously with completing full compensation and preventing further losses and recurrences, so we will closely monitor Japan Post Bank’s user protection efforts. We cannot help but feel the bank was a bit slow to notice this issue, so we at the Financial Services Agency are now demanding that the bank be more prompt in ascertaining the status of user protection.


  • HKEX: Securities And Derivatives Markets Delay Open Due To Issuance Of Typhoon Signal No. 8

    Date 12/10/2020

    Hong Kong Exchanges and Clearing Limited (HKEX) announced that the morning trading in its securities market, including Stock Connect Northbound trading, and derivatives market has been delayed due to the issuance of Typhoon Signal No. 8.


  • Paper: As “Gender Lens Investing” Marks 10th Anniversary, Focus Is On Widening Range Of Issues That Yield Strong Returns For Investors - Once Viewed In Terms Of Number Of Women In Leadership Roles, Focus Now Looking At Pay Equity, Anti-Harassment Policies, Benefits, Supply Chain, Access To Mentorship, And Other Issues

    Date 12/10/2020

    When what is now known as “gender lens investing” started a decade ago, the focus was largely on the number of women in management/CEO roles, but a more nuanced and far-reaching approach is now emerging and it is likely to find increasingly wide acceptance among investors, according to a new report published by the wealth management firm Glenmede alongside an advisory board of gender lens investing experts.

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