BOJ to play an active role in enhancing the financial infrastructure in Asia – BOJ’s Nakaso

FXStreet (Mumbai) - In a keynote address called "Asian Economy: Past, Present, and Future" at the Securities Analysts Association of Japan International Seminar, Deputy Governor of the Bank of Japan (BOJ) Hiroshi Nakaso said that one of the biggest challenges is making the Asian economy more resilient to global shocks, further adding that that capital flows have become more volatile and more prone to global financial shocks.

Key Quotes:

"I believe that Asia has high potential to overcome these challenges, and, we should be able to celebrate the 21st century as the 'Asian Century.' Another important question is how Japan can contribute to sustainable growth in the region, as well as enjoying the benefits of this growth."

"There are still some Asian economies where insufficient infrastructure is bottlenecking industrial advancement,"

"We should also recognize the fact that capital flows to and from Asia will inevitably become more volatile, as the Asian financial markets become more integrated into global financial markets with the irreversible progress of globalization,"

"The Bank of Japan is determined to play an active role in enhancing the financial infrastructure in Asia, through such means as refining payment and settlement systems and strengthening safety nets."