Haruhiko Kuroda: Asian financial markets - 20 y since the Asian Financial Crisis, and prospects for the next 20 years

Keynote speech by Mr Haruhiko Kuroda, Governor of the Bank of Japan, at the 2017 Annual General Meeting of the Asia Securities Forum, Tokyo, 28 November 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction: The Past 20 Years

Good morning ladies and gentlemen. It is my great pleasure to join you this morning at the Annual General Meeting of Asia Securities Forum.

The year 2017 marks twenty years since the Asian Financial Crisis. Before the crisis, the region was highly praised for its strong economic growth. But at the same time, weaknesses had been accumulating, such as large current account deficits, high external debt, and massive non-performing loans. When a combination of economic, financial, and corporate problems triggered a sharp loss of confidence and capital outflows from the region, the crisis erupted and countries faced extreme recessions.