Japan Biz Group, Singapore See Need to Improve Capital Market

Singapore, Dec. 2 (Jiji Press)--A Japanese business delegation
agreed with Singaporean Senior Minister Goh Chok Tong in a meeting here
Wednesday that Japan and Singapore should cooperate in improving the capital
market in Asia.

The Japan Business Federation delegation, headed by its Chairman
Fujio Mitarai, said in the meeting that it is an urgent task to improve the
primary and secondary markets for securities such as bonds, in a bid to
secure funds for social infrastructure development in the region.
The delegation also highlighted the importance of currency
stability for regional economic integration.
Goh proposed that the Monetary Authority of Singapore and the
biggest Japanese business lobby, known as Nippon Keidanren, hold meetings to
discuss how to improve the bond market and nurture credit rating agencies in
the region.
In reply, Mitarai underscored the need to utilize private funds to
improve the market in order to promote investment.
The delegation separately held talks with Singapore's former Prime
Minister Lee Kuan Yew and put forward the cooperation for social
infrastructure development. Lee, who noted that China has offered
cooperation to the Association of Southeast Asian Nations, said he
appreciates the Japanese business lobby's proposal.