June 3, 2005
Financial Services Agency

Presentation to

ASEAN+3 ABMI WG4 (Rating Systems)
An Ad-hoc Forum on the Recent Discussions
at BIS/IOSCO on CRAs
Auditorium, ADB Headquarters
Manila, the Philippines

Friday, June 3, 2005

The ASEAN+3 Asian Bond Markets Initiative (''ABMI''), which was endorsed at the ASEAN+3 Finance Ministers Meeting in Manila, the Philippines, on August 7, 2003, aims to develop efficient and liquid bond markets in Asia, enabling better utilization of Asian savings for Asian investments. The Working Group on Rating Systems, WG4, is one of six WGs established within the ABMI and co-chaired by the Ministry of Finance, Japan and Monetary Authority of Singapore.

An Ad-hoc Forum was held in Manila, the Philippines on June 3, 2005, and Asian local credit rating agencies along with ASEAN+3 finance and central bank officials participated in the forum.

Mr. Naohiko Matsuo, Director for International Financial Markets, was asked by the Ministry of Finance, Japan to make a presentation at this forum.

Attached are the materials of his presentation on ''Recent International Regulatory Developments on the Credit Rating Agencies'' and ''Credit Rating Systems in Japan''.

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• Credit Rating System in Japan (PDF:85K)
• Recent International Regulatory Developments in Credit Rating Agencies (PDF:113K)