1. Financial Markets Panel

Founded in March 2009, the Financial Markets Panel (FMP) has developed into a broader, three-headed organization that includes the Japan-China Financial Roundtable (since 2012) and the Research Forum for Revitalization of Financial Intermediation in Domestic Economy (since 2015), and it continues to disseminate the results of its discussions to a broader audience.

The FMP seeks to facilitate a process whereby scholars, practitioners, and policymakers can share information and opinions while continuing to pursue their distinct roles in identifying policy needs, studying related theory, and designing and implementing actual policies. By doing so, it hopes to ensure that financial and economic policies in the major economies have the intended results and do not lead to undesirable side effects, at a time when these countries have undergone major changes in their economic structures, financial markets, and financial systems since the financial crisis.

Japan traditionally suffered from a shortage of venues suited to exchanges of information and discussions of opinion that bridged the gap between theory and practice. In the process of trying to understand and address the global financial crisis and the structural economic and financial changes it triggered, a variety of shortcomings have been exposed in terms of our knowledge of the theoretical framework, our analysis of developments in the financial markets and financial system, and experience in the design and implementation of policy.

The FMP’s goal is to overcome these limitations and constraints by allowing experts in both theory and practice to discuss the forms that policy should take while sharing information about theoretical innovations and the latest developments in the economy and financial system.

The FMP, the Japan-China Financial Roundtable, and the Research Forum for Revitalization of Financial Intermediation in Domestic Economy (“the Research Forum”) discuss issues in distinct realms—central bank policy, issues affecting the Japanese and Chinese economies and financial sectors, and issues affecting commercial banking functions—and each group consists of experts from different fields. Nevertheless, their discussions are often closely linked, and the Secretariat’s role is to share the results of these discussions and to manage topics and discussion points from an integrated standpoint (see figure below). At the same time, the original FMP will continue, within the context of this expanded organization, to pursue its initial objectives of 1) discussing issues from a neutral and objective standpoint, 2) sharing the results of its wide-ranging discussions with experts around the world, and 3) helping to form a community of experts.

The broader organization needs the guidance of financial market practitioners, financial and economic analysts, and financial and economic policymakers if it is to engage in useful discussion. We look forward to your continued support.



Financial Market Panels

The Financial Markets Panel (FMP) is a research forum sponsored by Nomura Research Institute with the aim of identifying and seeking solutions to the policy issues confronting developed economy central banks amid the economic and financial changes that have unfolded since the GFC. Its standing members include experienced policymakers, scholars engaged in macro-level research on the economy and financial system, and practitioners from financial institutions and the financial markets. It currently meets on a quarterly basis.

Research Forum for Revitalization of Financial Intermediation in Domestic Economy

The Research Forum for Revitalization of Financial Intermediation in Domestic Economy (“the Research Forum”) is sponsored by Nomura Research Institute, and its standing members include experienced policymakers and practitioners from financial institutions and the financial markets. Its objective is to identify problems with financial intermediation by Japanese commercial banks and to investigate favorable avenues for change in an evolving financial and technological environment. Its first phase of activity lasted from the summer of 2015 until the spring of 2017, and it is now preparing for a second phase.

Japan-China Financial Roundtable

The Japan-China Financial Roundtable is a research forum sponsored jointly by Nomura Research Institute and the China Finance 40 Forum (CF40), a Chinese think tank, with the goal of developing a shared understanding of the issues confronting the Japanese and Chinese economies and financial systems and drawing on the knowledge and experience of both sides to find appropriate solutions. Since its first gathering in Beijing in June 2012, the Roundtable has met on an annual basis.