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Japan vm prefers bonds local currency { August 15 2003 } Original Source Link: (May no longer be active)    http://biz.thestar.com.my/news/story.asp?file=/2003/8/15/business/6065236&sec=business http://biz.thestar.com.my/news/story.asp?file=/2003/8/15/business/6065236&sec=business Friday August 15, 2003 Asian bonds in local currency preferred, says Japan vice-minister THE issuance of Asian bonds denominated in the local currency of the respective countries in the region would be preferred upon establishment of the Asian Bond Market, Japan's Senior Vice Minister of Finance, Takayoshi Taniguchi, said. He said it was important for the countries in the Asian region to issue bonds in their own currency, event though it was a general practice to issue bonds in the US dollar. “We want to see Asean+3 countries issue bonds denominated in their own currencies. “However, we can't achieve that straight away,” said Taniguchi. For that, he said, a good and solid capital market would have to be established in the region. He said the Japanese government was willing to provide maximum intellectual and technical assistance to countries in need. The private sector must also play its part, he said. Taniguchi added that the difference in the degree of maturity in the capital market of each country in the region should also be looked into. He was speaking to reporters in Kuala Lumpur yesterday after meeting with Second Finance Minister Datuk Dr Jamaludin Mohd Jarjis, Bank Negara governor Tan Sri Zeti Akhtar Aziz and Institute of Strategic and International Studies director-general Tan Sri Dr Noordin Sopiee. Among other things, Taniguchi said the meeting yesterday was to further foster and nurture the Asian Bond Market concept. He said the Asian region was known for its high savings. Therefore there was need to introduce a mechanism through which the high savings could be channelled for long-term investment in the region. During his discussions with Zeti, Taniguchi said it was also agreed that there was a need to internationalise the Japanese yen. He said compared with the strength of the Japanese economy, the share of the yen in circulation throughout the world was rather low. “We would like to see more yen used and circulated globally and gain more share in the world. “And I think that will be in the national interest of Japan,” he said. Asked whether the implementation of the Asian Bond Market was within its time frame, by the end of this year, Taniguchi said it would depend on the findings of the reports by six working groups that had been set up under the Asean+3 process. – Bernama

Asia bankers gear up china stock deals { August 28 2003 } Asian stocks slide india halted { April 2004 } Bank of japan predicts continued deflation China gdp 20 percent bigger than expected { December 13 2005 } China losing protections for poor { January 15 2006 } China raises interest rates for first time in 9 years China replaces us { June 28 2002 } China says 2005 surplus near 102 billion China toy sweat shops China widens role in latin america { November 20 2004 } Downgrade for japanese economy Economic damage seen in asia after terror Foreign direct investment in china hits records India buys 1b in asian bonds Japan 18yr low { September 2 2002 } Japan 19yr low Japan europe concerned for dollar slide Japan markets two days plunge { January 19 2006 } Japan pursuing weak yen policy { August 27 2003 } Japan vm prefers bonds local currency { August 15 2003 } Japanese stocks plunge april 2005 { April 18 2005 } Japanese yen gains against dollar Rural healthcare dies as china wealth grows { January 14 2006 } Tokyo nikkei 20 yr low { April 11 2003 } Tokyo stocks fall 5 percent Files Listed: 25

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