ファイナンス 2017年7月号 Vol.53 No.4

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in the guest worker population have been quite good.I think that the electoral reform is an area that hasn’t been that good. We’re still living in a state of unconstitutionality in the Diet struc-ture and it would be important to see progress in addressing that. I get that that’s a tricky one to deal with, though.And then labor reforms in terms of creating more exibility. There has been consideration of monetary or pecuniary compensation for dismissal - I would call it a legalized framework for severance. I think such a measure would be a positive development for economic growth in Japan because it would encourage more exibility in the labor force. It would be a real positive in terms of hiring but I know the way that it often gets spun is, “Well, people say that because they want to re workers.” But, in fact, if you’re running a company in a cyclical kind of industry or environment, you need to be able to manage the scale of your workforce as you go through dierent cycles in the envi-ronment. And if you think you can have more flexibility on the downsizing, you’re much more likely to have more aggressiveness on upsizing. So, I believe that this policy measure, if it were enacted, would push up the demand for labor curve. And that in turn would result in, over time, more aggregate hiring in the country and higher total growth because you would have more flexibility of labor to move around and take some ineciency out of strati-ed labor forces.Future of nancial industry▶Mr. Kanda：　The financial sector faces emerging problems including the shrinking of the market due to demographic change, low protability resulting from protracted low inter-est rates and at yield curves, harsher competi-tion under the development of ntech, and the higher costs of regulation including AML/CFT which I’m dealing with at FATF. Traditional -nancial rms, without innovation in their busi-ness model, might face the risk of extinction as Mr. Bill Gates predicted. Not only FSA, but G20, FSB, as I participate and witness, all closely monitor and seriously discuss on this development. I myself witnessed the difficulty of traditional legacy firms which were chal-lenged by new entrants while being required to maintain trunk lines when I was responsible for the budget for telecommunications and elec-tricity. Hundreds of millions of people in poor countries already enjoy high speed and cheap settlement services through mobile phones without bank branches. How do you find the future of nancial industry which is heavily in-uenced by technological innovation?▷Mr. Kindred：　I think the future is incredi-bly exciting. Technology advancement is a good thing and we should never seek to hold it back because technology advancement ex-pands the quality of our lives. It enables us to provide our services in more eective, more ef-cient ways. One of the drawbacks is that en-trepreneurs and innovators, in designing new technology, they get rewarded well, but some of those rewards again need to come back to the whole society through an appropriate rec-ognition of the framework that society provides for this kind of innovation and advancement.But the core essence of the nancial services sector is intermediating nancial ows between providers and users of capital. And, as technol-ogy advances, we can do that in much more ef-fective and efficient ways and you’ve given some examples. But I know, for instance, as a user of banking services, I love to do my bank-ing on my mobile phone. It’s so much easier. It’s so simple. In the old days, when you got a check, you had to go to the bank branch and give it to somebody. Now you can just take a photo and it’s done, it’s in your account. So, just as an example, it’s fantastic.But I don’t think that technology is a dis-placement of human expertise in delivering -38ファイナンス　2017.7連 載｜超有識者場外ヒアリング