Correspondence: Shinichi Yoshikuni, 3-20-11, Izumi Suginami-ku Tokyo 168-0063, Japan. Tel: +813 3325 4711; Fax: +813 3325 4712; E-mail: s-yoshikuni@shinko-sec.co.jp

¹has been the senior adviser of Shinko Securities Co., Tokyo, Japan since 2006. He worked for the Bank of Japan, the BIS in Hong Kong as Chief Representative in Asia and the Pacific as well as in Basel as Senior Adviser until 2006. As a regular member he attended various international fora on international finance such as the BIS Euro Currency Standing Committee, EMEAP Working Group on Central Banking Operation, and G10 Deputies Working Group. He has an MBA in Finance (1978), University of Pennsylvania, Wharton School.

Received 25 February 2008; Revised 25 February 2008.

Abstract

While Asia now serves as a provider of savings to the global economy, such savings are managed by US and European financial institutions through their financial markets. Asia should thus become a financial centre by developing its own markets and financial institutions.