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the panel, which will be making recommenda-tions in due course, and I shouldn’t prejudge what the panel or TMG may decide is appro-priate or not.▶Mr. Kanda：　As you suggested, Tokyo is of-ten praised for its public security, quality of food and leisure, historical heritage and effi-cient transportation, while said to be handi-capped in the areas of geographical positon, in-convenience in English in business, education and medical services, international human net-works if compared to Singapore at the center of Asia, and convenience of English and common low, for instance. What do you think of the pros and cons of Tokyo as a nancial center city?▷Mr. Kindred：　My view is that Tokyo is such a large economy with such a deep capital market and huge wealth of savings that right now is under-optimized, and also has a large number of very important global, leading cor-porations. That, in itself, is a magnet for nan-cial services activity. And, frankly, neither Hong Kong nor Singapore have that. So, that’s important to think about in terms of defining how Tokyo should build itself because those el-ements of this economy want high-quality fi-nancial services delivery.Hong Kong and Singapore have English as a primary language. I do think it’s very important to contemplate this because English is the lan-guage of global commerce. For Tokyo to be-come even more important, English needs to be more utilized in ocial disclosures, licens-ing, registration, etc. because it’s the language of global commerce.Obviously, the tax rates in Hong Kong or Singapore are signicantly dierent but I don’t think that Japan should aspire to move to that level, per se. Having a competitive tax regime is important, but those are city-states that don’t have a large social democracy spread through-out the nation to support. I think also that Hong Kong has grown, to some extent, because it’s a gateway into China.Should China stumble, though, geo-political-ly, then that’s a development that could benet Tokyo. And I’m not suggesting that that can or will happen, but it’s not a zero probability. And so, that’s something as well to consider be-cause the rule of law, the safety, and the resil-ience of the Japanese society is something that is very highly regarded. And so, as policies get built, those things should be considered and focused on. And I don’t think that we should be seeking to do things that are out of touch or out of connectivity with the core elements of what makes Japan an attractive marketplace.▶Mr. Kanda：　The FSA is adapting to this dramatic change in the environment surround-ing the nancial sector and implementing sub-stantial reforms including 1) the reforms of the agency and its approaches, 2) the transforma-tion of the ow of funds and the support to the accumulation of household assets, and 3) the support to nancial institutions to change their business models and create shared value with their customers. We’re exploring, in particular, new supervisory approaches with radical changes of 1) from form to substance, 2) from backward- to forward-looking, and 3) from in-dividual elements to holistic views. As the nal question, how do you nd the ongoing reform eorts of the nancial authorities in Japan?▷Mr. Kindred：　I think it’s a very positive development. I think that it’s quite refreshing to see the self-assessment process that’s been go-ing on under Commissioner Mori and his team’s leadership in the organization. The fo-cus, as I said earlier, on nancial system stabili-ty versus growth, balancing that and effective financial intermediation to encourage growth, consumer protection, consumer benet, market integrity, and market vigor. Those are very good goals to be thinking about, I believe. Ap-propriate principles and having market partici-pants think about dening best practices in the 42ファイナンス　2017.7連 載｜超有識者場外ヒアリング