HomeNewsCBDCUK-Japan Financial Dialogue and Regulatory Forum: A Shared Vision for Global Stability"

UK-Japan Financial Dialogue and Regulatory Forum: A Shared Vision for Global Stability”

 

Date: 27 November, 2023

The 5th Financial Dialogue (FD) and the 2nd Financial Regulatory Forum (FRF) between Japan and the United Kingdom recently concluded, marking a significant milestone in bilateral cooperation. Held in Tokyo, this joint event was convened by key financial authorities from both nations to foster robust discussions on economic, fiscal, and regulatory fronts.

Distinguished delegations from the Ministry of Finance (MOF), Financial Services Agency (FSA) of Japan, His Majesty’s Treasury (HMT), Bank of England (BOE), and Financial Conduct Authority (FCA) of the UK, led by prominent figures such as Kanda Masato, Lindsey Whyte, Zertasha Malik, and Richard Waite, convened to reaffirm their commitment to shared values of democracy, human rights, rule of law, and multilateralism.

The deliberations covered an array of pivotal global issues, emphasizing solidarity with Ukraine in the face of Russia’s unwarranted aggression. The joint statement underscored condemnation of Russia’s actions, recognizing the tragic humanitarian and economic toll while expressing a resolute commitment to support Ukraine’s recovery and reconstruction efforts.

The discussions delved into multifaceted dimensions, encompassing macroeconomic challenges, the digital economy, and the transformation of the global landscape. Both nations highlighted their dedication to maximizing the potential of digital transformation while addressing associated risks. Central Bank Digital Currencies (CBDC), crypto assets, and stablecoins were focal points, emphasizing coordinated regulatory frameworks and prudent design principles.

In navigating the evolving global financial landscape, the dialogue affirmed commitments to supply chain resilience, bolstering the international financial architecture, and ensuring swift implementation of the two-pillar international tax package. Collaborative efforts were also pledged towards achieving climate goals outlined in the Paris Agreement and strengthening global health infrastructure to bolster pandemic preparedness and response mechanisms.

Furthermore, financial regulatory issues took center stage, with discussions revolving around FinTech innovation, sustainable finance, asset management reforms, and non-bank financial intermediation. Both sides underscored the significance of international coordination and adherence to agreed-upon standards to mitigate financial stability risks effectively.

As the dialogue concluded, a forward-looking commitment to continued collaboration and future engagements was echoed, with anticipation for the next UK-Japan FD and FRF in London.

The joint statement from the UK-Japan Financial Dialogue and Regulatory Forum reflects a shared commitment to navigating complex global challenges through cooperation, regulation, and a united vision for stability and resilience in the international financial ecosystem.

References:

https://www.gov.uk/government/publications/uk-japan-financial-dialogue-and-financial-regulatory-forum-joint-statement/uk-japan-financial-dialogue-and-financial-regulatory-forum-joint-statement

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