Date: 6 March 2024
Overview
The International Capital Market Association (ICMA), Japan Securities Dealers Association (JSDA) and Japan Exchange Group, Inc. (JPX) co-hosted the Japan Securities Summit on 6 March 2024 at Mansion House in London, by kind permission of the Rt Hon the Lord Mayor.
The summit, featuring high profile speakers from the Japanese market and government, provided European investors and financial market professionals with the outlook for Japanese economy and the latest developments in Japanese securities market focusing on the challenges and possibilities of realizing a leading asset management centre and doubling asset-based income plan under the “New Form of Capitalism” set out by the Prime Minister Fumio Kishida's cabinet.
Co-hosted by
Media Partners
Supporting Partners
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13:00 | Registration | |
13:30 | Opening remarks Mr. Bryan Pascoe, Chief Executive, ICMA Mr. Toshio Morita, Chairman and CEO, Japan Securities Dealers Association (JSDA) |
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13:40 | Welcome remarks Alderman Professor Michael Mainelli, The Rt Hon the Lord Mayor |
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13:45 | Guest remarks Video message by Mr. Fumio Kishida, Prime Minister of Japan Recording |
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13:50 | Keynote speech Mr. Seiji Kihara, Acting Secretary-General, Liberal Democratic Party, Member, House of Representatives |
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14:05 | Lead speech 1 Mr. Hiromi Yamaji, Director & Representative Executive Officer, Group CEO, Japan Exchange Group, Inc. Slides |
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14:20 | Panel discussion 1: Stimulating the Japanese economy and increasing corporate value Moderator: Mr. Gary Stanton, Secretary General, International Bankers Association of Japan
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15:35 | Coffee break | |
16:05 | Lead speech 2 Mr. Shigeru Ariizumi, Vice Minister for International Affairs, Financial Services Agency, Government of Japan Slides |
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16:20 | Panel discussion 2: Measures to revitalise the Japanese market Moderator: Ms. Ana Nicholls, Director of Industry Analysis, The Economist Group
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17:35 | Guest Speech His Excellency Mr. Hajime Hayashi, Ambassador Extraordinary and Plenipotentiary of Japan to the United Kingdom |
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17:35 | Networking reception |
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19:00 | Event close |
Mr. Shigeru Ariizumi, Vice Minister for International Affairs, Financial Services Agency, Government of Japan | |
ARIIZUMI Shigeru is Vice Minister for International Affairs of the Japan Financial Services Agency (JFSA). He has extensive experience working on financial sector issues. He is a member of the Financial Supervisory Board (FSB) and regularly represents the JFSA in its meetings. On insurance-related issues, he serves as Chair of the Executive Committee of the IAIS. Turning to securities-related issues, he is the Vice Chair of the Board of IOSCO as well as the Chair of the Asia-Pacific Regional Committee. Before assuming his current position in July 2023, Shigeru held various key positions at the JFSA. During Japan’s G20 Presidency in 2019, he served as Deputy Commissioner for International Affairs and led the JFSA team on formulating the agenda and delivering tangible results on financial sector issues. On the supervisory front, he worked as Director of Banks Division I and Director of Securities Division during 2011-2013. Entering the Japanese Ministry of Finance (JMOF) in 1988, he also worked on a wide range of policy related issues at JMOF. During 2020-2021, he was Senior Deputy Director General of the International Bureau and was Japan’s G7 and G20 Finance Deputy’s Deputy. He holds a Bachelor degree in law from the University of Tokyo and a Master degree from Harvard Law School. He has passed the Bar examination in Japan as well as in the State of New York. |
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Ms. Stefanie Drews, President, Nikko Asset Management Co., Ltd. | |
Stefanie Drews was promoted to President in April 2022. She cooperates with the Executive Chairman in the oversight and execution of the entire company. Drews joined the firm in August 2014 as Global Head of Institutional Marketing and Proposition. She was appointed Joint Global Head of Product & Marketing in 2016, and in 2018 took on additional responsibility as Global Head of Marketing and Head of Corporate Sustainability. In May 2019, she was named Senior Corporate Managing Director*, as well as Global Head of Products & Solutions, Global Head of International Sales & Strategy and Global Head of Sales Support. As a result, she was simultaneously responsible for all domestic and international product development and management, marketing, communications, and sales support, as well as leading the international business and all corporate sustainability efforts. Drews was previously the Global Head of Key Clients and Family Offices at Barclays Wealth and Investment Management in London. Prior to Barclays, she was a Managing Director at Morgan Stanley Private Wealth Management in London, where she spent 13 years. Drews graduated from Oxford University with a Bachelor of Arts in Politics, Philosophy & Economics, and earned her MBA at Harvard University Graduate School of Business Administration. | |
Mr. Donald Farquharson, Partner, Head of Japanese Equities, Baillie Gifford & Co | |
Donald Farquharson has over 35 years of investment experience, almost entirely in Japanese equities. He is a Partner and Head of the Japanese Equities Team at Baillie Gifford in Edinburgh, managing the Japan Growth strategy since its inception in 2009. He has been at Baillie Gifford for over 15 years, having previously worked on the Japan and Developed Asia investment teams at Schroders in London and Tokyo. He graduated with MA (Hons) in Arabic Studies from the University of St Andrews in 1987 and is a CFA Charterholder. | |
Mr. James Gautrey, Portfolio Manager, Global and International Equities, Schroders plc. | |
James joined Schroders in 2001 and worked as a European Equity analyst before joining the Global Equities team in 2006 as a Global Sector Specialist for Technology, Telecoms, Autos. James was appointed a Portfolio Manager for International Equities in 2014 and Lead Portfolio Manager for Schroders’ International Alpha funds (c. ¥1.6 trillion, $11 billion) in 2017. James is a frequent traveller to Japan since 2006 having spent cumulatively over 6 months in the country, mostly visiting companies in Tokyo, Osaka and Kyoto. He holds a first class honours degree in Economics from University College London and is a CFA Charterholder. | |
His Excellency Mr. Hajime Hayashi, Ambassador Extraordinary and Plenipotentiary of Japan to the United Kingdom | |
Ambassador Hayashi joined the Ministry of Foreign Affairs of Japan in 1982. His career includes positions such as Executive Assistant to the Prime Minister, Minister at the Embassy of Japan in the US, Deputy Chief of Mission at the Embassy of Japan in India, Director-General for European Affairs Bureau, Ambassador of Japan to Belgium and Chief of Mission to NATO. He has also served as Assistant Chief Cabinet Secretary and Deputy Secretary-General of National Security Secretariat. Since December 2020, he has been serving in his current post. Ambassador Hayashi’s academic achievements include an LLB degree by the Faculty of Law, University of Tokyo, a lecturer on Japan’s foreign policy at Chuo University in Tokyo, and a fellow at the Weatherhead Center for International Affairs at Harvard University. | |
Mr. Yunosuke Ikeda, Chief Equity Strategist, Head of Macro Strategy, Nomura Securities Co., Ltd. | |
Yunosuke Ikeda is Nomura’s chief equity strategist and heads up the Macro Strategy Group of Nomura’s Market Strategy Department in Japan. He has specialized in research from a macroeconomic perspective on Japan's economy, global FX markets, and equity markets since 1995, when he joined Nomura Research Institute. In his prior role as chief FX strategist, Yunosuke enhanced quantitative FX analyses, by developing the Nomura Yen Supply-Demand Index, a comprehensive metric to assess Japan-oriented money flows. He strives to predict the next market themes that are hard to forecast from data alone, by leveraging ties with global investors cultivated during his five years working in London. Yunosuke graduated from the University of Tokyo with a bachelor's degree in Economics in 1995. He gained an MBA from the University of Rochester’s Simon Business School in 2003. | |
Mr. Mushtaq Kapasi, Managing Director, Chief Representative Asia-Pacific, ICMA | |
Mushtaq Kapasi leads ICMA’s work in the Asia-Pacific region. He has been based in Hong Kong since 2002, engaged in senior strategy, capital market and legal roles covering the region at international banks active in Asia. He has worked as a lawyer in debt capital markets and derivatives, a structurer in equities and fixed income, a manager of complex trades with regulatory and accounting considerations, and an adviser to top executives on emerging market strategy. He has also designed financial structures of renewable energy projects in frontier markets. He studied mathematics at the University of Texas and law at Yale University. | |
Mr. Seiji Kihara, Acting Secretary-General, Liberal Democratic Party, Member, House of Representatives | |
Mr. Seiji Kihara is serving his fifth term as a member of the House of Representatives and is currently the Acting Secretary-General of the Liberal Democratic Party (LDP) (as well as the Special Advisor to the Chairperson of the Policy Research Council). Mr. Kihara was born in 1970 and began his career at the Ministry of Finance in 1993 after graduating from the University of Tokyo with a B.A. in Law. He held numerous positions in the Ministry and also studied at the London School of Economics and Political Science (LSE), receiving his M.A. Mr. Kihara became the first Japanese official to be seconded to Her Majesty’s Treasury in the United Kingdom. He then left the Ministry in 2005 and ran successfully for a seat in the House of Representatives. In 2013-14, Mr. Kihara served as the Parliamentary Vice-Minister for Foreign Affairs. He later served as the State Minister for Foreign Affairs (2015-16), Deputy Chairperson and Chief Secretary of the LDP Policy Research Council (2017-20), Chair of the House of Representatives Committee on Cabinet (2020), Deputy Chief Cabinet Secretary (2021-23), and Special Advisor to the Prime Minister on national security affairs and nuclear disarmament / non-proliferation issues (2021-23 (except Aug 2022-Nov 2022)). In September 2023, he left the Cabinet Office and was appointed as the Acing Secretary-General of the LDP (as well as the Special Advisor to the Chairperson of the Policy Research Council). | |
Mr. Fumio Kishida, Prime Minister of Japan | |
Fumio Kishida is the 101st Prime Minister of Japan. Career:
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Mr. Mitsumaru Kumagai, Deputy Chairman, Daiwa Institute of Research Ltd., Special Advisor to the Cabinet | |
Mitsumaru Kumagai was born in 1966, graduated from Tokyo University Law Department in 1989, and began working for the Industrial Bank of Japan (currently Mizuho Bank). He became Senior Economist at the Daiwa Institute of Research in 2007. In 2014 he was named Operating Officer and Chief Economist, and in 2015 he was named Executive Officer Deputy General Manager of Research. In 2017 he was appointed Managing Executive Officer Deputy General Manager of the Research Division and Chief Economist, and in 2018 he was named Managing Director and Deputy General Manager of the Research Division. He was named Senior Executive Managing Director, Head of Research Division in 2020. He has been in his current position since 2021. In 1993 Mr. Kumagai received a master’s degree in law from Tokyo University. In 2016 he completed the Harvard Business School Advanced Management Program. He is a chartered member of the Securities Analysts Association of Japan. Since 2020 he has served as Special Advisor to the Cabinet in charge of economics and finance. In 2015 he was appointed a committee member on the Ministry of Internal Affairs and Communications’ Information and Communications Council. In 2013 he was member of the expert committee for the Cabinet Secretariat’s Blue Ribbon Panel on Improvement of Investment and Risk Management of Public & Quasi-Public Funds. He was also a member of the Cabinet Office’s Intensive Inspection Meeting on Economic and Fiscal Policy Trends in 2013. He was a member of the Customs Tariff and Foreign Exchange Council, Ministry of Finance from 2002-2011, and a visiting researcher for the Budget Committee Research Bureau at the House of Councilors in 2010 and 2012. Mr. Kumagai has sat on the nominating committee for the Zaikai Co. Financial World Executive Prize since 2011. He was a visiting professor at Osaka University of Economics (2013-16). He is author of Post-Corona Economics – How the Japanese Should Live with Eight Structural Changes on Nikkei Business Publications, and What a Trump Presidency Means for Japan’s Economy published by Nikkei Publishing. He is also author of How the Consumption Tax Will Save Japan’s Economy (also on Nikkei Business Publications), and The Coming of World Inflation on Toyo Keizai. He placed first seven times as economist and forex analyst in various surveys, and was a regular commentator on TV Tokyo’s World Business Satellite, Japan’s leading business news program. | |
Mr. Toshio Morita, Chairman and CEO, Japan Securities Dealers Association (JSDA) | |
Toshio Morita is Chairman and Chief Executive Officer of the Japan Securities Dealers Association (JSDA). Before assuming the current position in July 2021, Mr. Morita was Representative Director and President of Nomura Securities Co., Ltd. and Director and Representative Executive Officer of Nomura Holdings, Inc., after serving various leadership roles in the largest securities firm in Japan. Mr. Morita joined Nomura in April 1985. After working with individual investors at domestic branches, he took leadership roles such as Senior Managing Director for retail business in 2008, Executive Vice President (Head of Retail Business) in 2012, Deputy President for investment banking and President in 2017. He concurrently served as Group Co-COO in 2018, and Representative Executive Officer in 2020 at Nomura Holdings, Inc. | |
Alderman Professor Michael Mainelli, The Rt Hon the Lord Mayor | |
Originally a research scientist in aerospace and computing, he became a senior partner with accountants BDO Binder Hamlyn and later Corporate Development Director for Europe’s largest R&D firm, the Defence Evaluation & Research Agency. During a mergers & acquisitions spell in merchant banking with Deutsche Morgan Grenfell, he co-founded Z/Yen in 1994, the City’s leading think-tank, promoting societal advance through better finance and technology, renowned for its Global Financial, Green Finance, and Smart Centres indices. Michael chairs Z/Yen Group, FS Club, and Esop (employee share ownership) Centre. He is non-executive director of an AIMlisted mining firm and the United Kingdom Accreditation Service overseeing UK laboratories and quality standards. He has served as Alderman for Broad Street since 2013 and as Sheriff of the City of London 2019-2021. Significant past posts have included Almoner of Christ’s Hospital, International Financial Advisor to the Taoiseach, London Waterways Commissioner, Trustee of the International Fund for Animal Welfare, and Trustee of Ocean Alliance. He has strong connections to the Livery having been a Past Master of the World Traders, Craft-Owning Freeman of the Watermen & Lightermen, Honorary Liveryman of multiple Livery Companies as well as Honorary Freeman of the Educators, and member of the City Livery Club. | |
Ms. Ana Nicholls, Director of Industry Analysis, The Economist Group | |
Ana oversees the EIU’s industry intelligence and forecasting from The Economist Group’s London office. She manages a global team delivering reports, data and forecasts across six industry sectors: automotive, consumer goods, energy, finance, healthcare and technology. An experienced analyst specialising in global economic development, Ana is an expert on government industrial and business policy. Ana has worked closely with clients in the healthcare and automotive sector, particularly on projects relating to trade and industrial strategy. In the past year alone, Ana has delivered client presentations on the global economy, healthcare policies in Europe, the Middle East and Africa, and the outlook for Asia. She has also delivered projects on incentives for energy investment, and webinars on subjects from sustainability to digitalisation. As well as her work with EIU, Ana is also a regular contributor to The Economist’s annual World Ahead reports, giving industry forecasts for the year ahead. She is a Cambridge University graduate and has previously worked for the United Nations. | |
Mr. Bryan Pascoe, Chief Executive, ICMA | |
Bryan Pascoe took over the role of Chief Executive of the International Capital Market Association in September 2021, assuming responsibility for leading ICMA’s work with its global membership in the international debt capital markets. He has over 28 years of international experience spanning investment and corporate banking in London, Hong Kong and Dubai. He was most recently Global Head of Client Coverage in HSBC’s Commercial Banking Division, having previously held the role of Group Treasurer and Head of Asset, Liability and Capital Management through 2015 and 2016. From 2011 to 2015, Bryan’s career focused on capital markets as HSBC’s Global Head of Debt Capital Markets and Global Head of Debt Syndicate prior to that. | |
Mr. Gary Stanton, Secretary General, International Bankers Association of Japan | |
Gary Stanton became Secretary General of IBA Japan in January 2019. Prior to that, he had a long career holding senior roles in International Banking, Securities, and Wealth Management as a practitioner and later, as a Consultant and Senior Advisor. He has worked with both Japanese and Non-Japanese Firms advising on Regulation, Business Operations, and Technology. He was an early practitioner involved in developing the market in Japan for Foreign Fixed Income and Equity Securities in the 1980s and early 1990s. From 1993, for 21-years, Gary lived and worked outside Japan, working predominantly on Cross Border Japanese Business. He returned to work in Japan in August 2014. During his career, he has worked in the UK, France, Switzerland, India, and several Asia Pacific countries. From 2010 to 2020 he was a Chartered Fellow of the Chartered Institute of Securities and Investment (UK). | |
Mr. Hiromi Yamaji, Director & Representative Executive Officer, Group CEO, Japan Exchange Group, Inc. | |
Hiromi Yamaji is the Group CEO of the Japan Exchange Group, Inc. Since joining the group in June 2013, he has been leading several developments in Japanese financial market as CEO of Osaka Exchange, Inc. (2013-2021) and CEO of Tokyo Stock Exchange, Inc. (2021-2022). He now keeps leading this active role as Group CEO of the Japan Exchange Group, Inc. Before joining the group, Mr YAMAJI had 36 years experience specialising in the investment banking area and served as Executive Vice President, and Head of Global Investment Banking at Nomura Securities Co., Ltd. During his professional career, he worked in Europe and the US for 18 years and served as President and CEO of Nomura Europe Holdin gs plc in London, and Chairman of Nomura Holding America Inc. in New York. He graduated from the Law Faculty at Kyoto University, and holds an MBA from the Wharton School at the University of Pennsylvania. |