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ness and promoting entrepreneurship (Corpo-rate governance reform, etc.), and 4) Develop-ing human resources and establishing a better business (One stop service in English, English translation of regulations, etc.). Many of these recommendations have already been realized though further eorts being made. How do you assess the progress made to revitalize the Tokyo nancial market?▷Mr. Kindred：　I commend the work of the panel you managed, the Vitalizing Capital Mar-ket Panel and there were key recommenda-tions that came out of that, including the Cor-porate Governance Code, the NISA and GPIF asset reallocations. Those have been very good measures, I believe. And they provide a good foundation for thinking about how to more ef-fectively deploy the savings base that exists within Japan.As you know, the household nancial assets have not moved much out of deposits, though, so I think the NISA program is very good and it will be even increasingly utilized. But I think a key element needs to be the change in psy-chology about ination. And again, I think the monetary policy framework for the most part since 2013 has been very good and we’re at the very near-term cusp of seeing a more sus-tainable pick-up in the ination rate. And I do believe that once that gets baked into psychol-ogy of savers that they’ll be more willing to mi-grate the bank deposits into capital market products. So, that will hopefully provide some tailwind there.And the setting up of the one-stop English language service, that was good. Also I know the FSA has a good English language hotline to help with that.Now the Tokyo Global Financial City Adviso-ry Panel is looking at a whole range of addi-tional ideas about how to further stimulate the Tokyo nancial marketplace. And Tokyo has a lot of really important advantages. We talked already about the really high-quality infrastruc-ture here. We’ve talked about the sheer breadth and the depth of the capital markets here, which are huge. Japan has a large, di-verse range of globally active corporations, which are a very good thing to build upon. So, these kinds of things, if the macro picture re-mains steadily better and we’ve had four straight quarters now of GDP growth above po-tential growth, will be benecial. If macro con-tinues to get better, these things that the Advi-sory Panel is now looking at will, hopefully, to the extent some are implemented, be additive.Growth in the asset management sector is important. I think, personally, there could be some further incremental changes in certain parts of the tax policy framework. The labor rules, which I’ve already mentioned, as poten-tially something to help smaller financial ser-vices firms with flexibility in their workforce, that kind of thing is important. Financial edu-cation broadly is an initiative that will be bene-ficial. And then more active marketing of To-kyo as a wonderful city to come and do business in is also powerful. So, taking what you already started as the one-stop English Language Business Promotion Center and ex-panding it would be a good idea in terms of re-sources and capability focus. And then external marketing more actively to supplement the kinds of things that the Ministry does, or JSDA does, but to really take a very focused business approach to marketing Tokyo.I should stress that those are just my person-al thoughts. I don’t want to steal the thunder of ファイナンス　2017.741超有識者場外ヒアリング64連 載｜超有識者場外ヒアリング