Press Conference by Taro Aso, Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services

(Excerpt)

(Friday, June 19, 2015, 9:12 am to 9:29 am)

[Questions and answers]

Q.

Yesterday Bank of Tokyo-Mitsubishi UFJ announced that on the 24th of this month it would issue 7–billion-Japanese-yen worth of Chinese-yuan-denominated bonds, the first such issuance in Japan. For some time, we have also heard that the Chinese side would also be cooperating in the issuance of yuan-denominated bonds, and I think that the aim of, or the benefit to the Chinese side is the internationalization of the yuan. Minister, what is your take on this development?

A.

I would like to refrain from commenting on a business that is being conducted by an individual financial institution, Bank of Tokyo-Mitsubishi UFJ. Having said that, I think that this first issuance of yuan-denominated bonds in the Tokyo market will, from the perspective of the internationalization of the Tokyo financial and capital markets, mark an expansion in the functions of these markets, so may serve to invigorate them. During the meeting between the Japanese and Chinese finance ministers that took place on June 6, in China, the matter of financial cooperation was also discussed, and agreement was reached with the goal of fostering a strategic, mutually-beneficial relationship. So in that sense, I believe that Japan and China will continue working together to step up efforts to develop financial markets.