Home / Research Programs / Overview / PIFS / Symposia / Japan
Since 1998, PIFS has hosted the annual Symposium on Building the Financial System of the 21st Century: An Agenda for Japan and the United States. The Symposium offers participants the opportunity to exchange views on issues facing the markets and network with a wide range of leaders in their fields. PIFS and The International House of Japan will co-host the twelfth annual Japan-U.S. Symposium in the fall of 2009 at The Sanford I. Weill Center for Strategy and Executive Development in Armonk, New York.
The participant list, agenda, summary of discussions, and list of sponsors are available by clicking on the links below.
October 23-25, 2009, The Sanford I. Weill Center for Strategy and Executive Development, Armonk, NY
Topics
The Future of Banking and Securities Regulation
Crisis Management and Resolution: What is the Role of the Central Bank?
How Should the U.S. Respond to the Financial Crisis - Lessons from Japan
Keynote Speakers
Shigesuke Kashiwagi, President and Chief Executive Officer, Nomura Holding America, Inc.
Bill Rhodes, Senior Vice Chairman, Citi; Senior Vice Chairman, Citibank
Takafumi Sato, Former Commissioner, Financial Services Agency, Japan
Rintaro Tamaki, Vice Finance Minister for International Affairs, Ministry of Finance
Neal S. Wolin, Deputy Secretary of the United States Department of the Treasury
Symposium Materials
Final Report
Agenda
Participants
Final Presentation
Briefing Materials
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.
Since Citibank opened its first Japanese branch in Yokohama in 1902, Citi companies in Japan have grown to become some of the country's most recognized financial services companies. Citi entities in Japan provide services in corporate, consumer and investment banking as well as brokerage operations and credit cards businesses.
With $16.4 trillion in assets under custody and $1.5 trillion under management (as of June 30, 2009), State Street Corporation (NYSE: STT) is a world-leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. State Street operates in 27 countries and more than 100 geographic markets worldwide. We combine an unwavering customer focus with in-depth experience and leading-edge technology to offer an unrivaled breadth of products and services to the global investment community.
State Street's customers are among the most sophisticated investors in the world: investment managers, pension plan sponsors, collective investment fund managers, banks, multinational corporations and non-profit organizations. As a specialist provider, we work closely with our customers to develop a thorough understanding of their needs. This consultative approach enables us to deliver a comprehensive array of customized solutions that help global investors achieve their business objectives, across all phases of the investment process.
Advantage Partners, LLP is a leading provider of services to private equity and similar funds focused on the Japanese and Asian markets. Advantage Partners was founded in 1992 by Taisuke Sasanuma and Richard Folsom and has been providing services to funds since 1997, when the firm established the first buyout fund in Japan. Funds served by Advantage Partners have invested in 29 separate companies representing total enterprise value of approximately US$5 billion across a wide range of industries and sectors. Advantage Partners has achieved top-tier returns by executing at a high level across the investment cycle including sourcing proprietary deals through a deep network of contacts and relationships, enhancing value through hands-on consulting and a focus on operations, and achieving successful exits through tailored and creative solutions. Advantage Partners is based in Tokyo and has an office in Hong Kong.
For more than 50 years, Aflac products have given policyholders the opportunity to direct cash where it is needed most when a life-interrupting medical event causes financial challenges. As the number one provider of guaranteed-renewable insurance in the United States and the number one insurance company in terms of individual insurance policies in force in Japan, Aflac insurance products provide protection to more than 40 million people worldwide. In 2009 Fortune magazine recognized Aflac as one of the 100 Best Companies to Work For in America for the eleventh consecutive year. Fortune magazine also ranked Aflac No. 1 on its global list of America's Most Admired Companies in the Life and Health Insurance category.
Aflac was also named by Forbes magazine as America's Best-Managed Company in the Insurance category. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange.
The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) was formed in January 2006 through the merger of The Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank Limited. BTMU offers an extensive scope of commercial and investment banking products and services to its domestic and overseas customers. It also provides trust banking, securities, credit card, consumer finance and many more fields of financial services in close cooperation with group companies. The bank has the largest overseas network of any Japanese bank, comprising office and subsidiaries, including Union Bank, in more than 40 countries.
Bingham McCutchen Murase is a U.S. firm with global capabilities, focused on serving clients in complex financial transactions, financial regulatory, high-stakes litigation and a full range of corporate matters. In addition, the firm has over 50 years of experience in Japanese cross-border matters and provides strategic legal, business and governmental advice crucial for business success.
The nearly 1,100 attorneys in our U.S., London, Hong Kong and Tokyo (Tokyo with over 70 lawyers) offices advise and represent major corporations in numerous deals and disputes involving Japan and Asia affiliated companies. The firm provides clients with the strategic insight crucial for navigating the unique cultural framework of the region. Our firm offers teams of professionals with broad experience in cross-border matters, including M&A, project finance, financial transactions, joint ventures, complex litigation, intellectual property, governmental relations and regulatory matters with special strength in major cross-border insolvency and corporate restructuring matters.
Daido Life is a leading provider of life insurance in the SME (small to medium sized enterprises) market and is the market leader with 21.0% share in terms of individual term life insurance based on policy amount in force in Japan.
Daido Life's basic policy on investment is to sustain a healthy asset portfolio and liability-driven ALM in accordance with the characteristics of the products it offers. Based on this policy, the Company carries out strict risk management for each asset category.
Since fiscal year 1999, Daido Life has invested positively in alternative investments within the scope of appropriate risk control with the objective of improving the investment performance over the medium term. Among these investments are private equity funds, hedge funds (mostly fund of funds) and other alternative products. The Company plans to increase alternative investments in the portfolio with the goal of building a well diversified portfolio capable of generating stable returns.
![]()
Daiwa Securities Group Inc. and its predecessors have more than a century of experience in the securities industry. Today, Daiwa Securities Group is a comprehensive financial services company with a global network that offers a variety of products and services to clients in Japan, North America, Europe, Asia and Oceania.
Daiwa Securities Group commenced operations in 1999 as the first listed company in Japan to adopt a holding company structure. Its subsidiaries comprise three core business segments - retail securities, wholesale securities and investment banking, and asset management - providing a diversity of services that help customers in Japan and overseas to address their investment and capital formation needs.
The Group's commitment to client service and management excellence is reflected in its management plan, "Passion for the Best 2011," under which the Group is securing its position as one of Japan's top companies by bringing the combined resources of all Group companies together for the benefit of its clients and earning the trust of all its stakeholders every day.
For nearly 160 years, Davis Polk has advised industry-leading companies and global financial institutions on their most challenging legal and business matters. The firm ranks among the world's preeminent law firms across the entire range of its practice. Based in New York City, Davis Polk has approximately 700 lawyers in nine offices, including Tokyo, Hong Kong and Beijing.
Davis Polk has a long history as one of the leading international firms in Japan. We opened a Tokyo office in 1987 and since then have played a leading role in the development of cross-border capital markets, M&A, private equity, credit, dispute resolution and other matters involving Japanese companies. Our Tokyo office is also closely integrated into our growing and diverse Asia practice, with Tokyo-based Davis Polk lawyers regularly engaged in matters involving Korea, China, Hong Kong, the Philippines, Indonesia and India.
For more information visit our website at davispolk.com
Development Bank of Japan Inc. (DBJ) was established as a joint-stock company on 1 October 2008 as the successor to the Development Bank of Japan, which had been a governmental financial institution for nearly a half-century. DBJ is currently wholly owned by the Japanese government and in the process of being privatized in line with the Development Bank of Japan Inc. Law (“DBJ Law”). The DBJ Law contemplates full privatization of DBJ over a period of five to seven years from its establishment.
However, DBJ has recently engaged in crisis response business as a part of the response to economic and financial crises. In consideration of this important DBJ role, the Japanese Diet approved the Law for Partial Amendment of the Development Bank of Japan Inc. Law (the “Amendment Law”) in June 2009, which enables the Japanese government to strengthen DBJ’s financial base through capital injections up to the end of March 2012. In addition, under the Amendment Law, the targeted timing for the full privatization has been extended to approximately five to seven years from April 1, 2012. Further, the Amendment Law provides that the Japanese government is to review the organization of DBJ, including the Japanese government’s holding of DBJ shares, by the end of fiscal year 2011, and until such time, the Japanese government will not be disposing of the DBJ shares it is holding.
Elliott Management Corporation oversees two funds, Elliott Associates, L.P. and Elliott International, L.P., who together have more than $14 billion of capital under management. Founded in 1977, Elliott is one of the oldest firms of its kind under continuous management, and its investors include large institutions, college endowments, charitable trusts, family offices, and friends and employees of the firm.
Elliott has major investment interests around the world, and pursues a diversified investment and trading program, emphasizing a culture of thoroughness, hard work, creativity, and tenacity. The firm seeks to generate a moderate return with a high degree of consistency, regardless of fluctuations in the stock and bond markets. From inception through July 1, 2009, Elliott has generated for its investors a 14.4% net compound annual return, compared to 10.3% for the S&P 500 stock index. The annual standard deviation of returns over this period was only 5.8%, compared with 16.2% for the S&P 500. Elliott’s returns have been highly consistent throughout many market cycles, and have resulted in only nine losing quarters during its more than 32-year history.
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 130,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.
Ernst & Young ShinNihon LLC is a member firm of Ernst & Young. We are the leading audit firm in Japan, with the largest number of people, and with offices throughout the country. We are committed to providing the highest quality audit and assurance services, and to offering a range of other financial advisory services.
Together with the Ernst & Young global network, we strive to ensure trust in our capital markets and improve their functioning to achieve the potential of the global economy and our wider communities, which surround Japan.
For more information, please visit www.shinnihon.or.jp.
JSDA is a hybrid association functioning both as a self-regulatory organization (SRO) and as a trade association in the Japanese securities market. JSDA’s more than 500 members consist of securities firms and other financial institutions operating securities businesses in Japan.
As a full-fledged SRO, JSDA extensively regulates market intermediaries. Its self-regulatory functions encompass rule-making, enforcement, inspection, disciplinary actions, accreditation of sales representatives, and dispute mediation.
As a trade association, JSDA relays the voice of the industry to the government and other related parties, conducts and promotes investor education to expand the base of knowledgeable investors, and implements various research and studies to generate policy recommendations for further activating the market.

J.P. Morgan is a leader in financial services, offering innovative and intelligent solutions to clients in more than 100 countries with one of the most comprehensive global product platforms available. We have been helping our clients to do business and manage their wealth for more than 200 years and we keep their interests foremost in our minds at all times. This combination of product strength, intellectual capital and character sets us apart as an industry leader.
J.P. Morgan is part of JPMorgan Chase & Co. (NYSE: JPM), a global financial services firm with assets of $2.0 trillion.
In Japan, J.P. Morgan offers investment banking, treasury services, asset management and global custody, to meet a variety of needs of our clients.
KPMG AZSA & Co. is one of Japan’s leading audit corporations with approximately 5,300 people in major cities across the country, providing audit, attestation, and advisory services such as preparation for initial public offerings and financial advisory services. KPMG AZSA & Co. also offers professional services in specialized fields including financials, manufacturing, retail, IT, media, government, and healthcare.
As a member firm of KPMG International, KPMG AZSA & Co. provides clients with a consistent set of professional services globally through a network in 144 countries.
Linklaters is a law firm which advises the world's leading organisations on their most challenging transactions and assignments. With over 2,000 lawyers in 26 offices in the world’s major business and financial centres, the Linklaters network delivers an outstanding service to our clients anywhere in the world. Our lawyers work closely with leading corporates, investment banks and other major institutions, offering the highest quality advice to meet our clients’ global and local requirements. We offer our clients an unrivalled range of leading practices, making us the obvious choice for legal advice in the areas of banking, capital markets, competition, corporate/M&A, employment & incentives, environment & climate change, financial regulation group, insurance, intellectual property, investment management, litigation & arbitration, pensions, private equity, projects, public & administrative law, real estate & construction, regulatory, restructuring & insolvency, tax, and technology, media & telecommunications.
Linklaters is widely recognised as the leading global law firm in Japan. Our fully integrated Japanese and international law capability provides a truly ‘one-stop-shop’ for clients seeking value-added advice on their most complex and challenging transactions. With 9 partners and over 50 Japanese and international lawyers, we are able to field integrated teams on transactions seamlessly crossing product, practice and jurisdictional lines. Underpinning our leading position is the strength and depth of our offering across all the major practice areas - we are the only international law firm in Japan to rank in the top tier across all of our practice areas, a position Linklaters has held for the past four years.
Additional information can be found at www.linklaters.com.
Mitsubishi Corporation (MC) is Japan's largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, MC employs a multinational workforce of approximately 60,000 people. MC has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise.
MC seeks to contribute to the enrichment of society through business firmly rooted in principles of fairness and integrity.
Although our activities encompass everything from trading to business investment, the essence of what we do at MC can best be described as focusing on the needs and seeds of customers and society, conceiving business models, and reliably providing functions and services to propel these businesses forward.
Through consistent and dedicated efforts, MC is committed to further strengthening the high level of trust earned from our customers over the years.
MHCB provides optimal solutions to meet the increasingly diverse and sophisticated needs of customers in the areas of both finance and business strategies, focusing its efforts on serving major corporations (such as those listed on the first section of domestic stock exchanges), financial institutions and their group companies, public sector entities, and Japanese and foreign companies overseas.
In addition to taking full advantage of the functions of other group companies such as MHBK, MHSC and MHTB, MHCB is utilizing its alliances with financial institutions around the world to offer a comprehensive range of groundbreaking financial service solutions on an ongoing, multifaceted basis as it aspires to become a top corporate finance provider that understands the broad-ranging needs of its customers.
Monex Group, Inc. was established in 2004 as a holding company of Monex, Inc. and Nikko Beans, Inc., both established in 1999 as online brokerage firms. In 2005, Monex, Inc. and Nikko Beans, Inc. merged and became Monex, Inc., a core subsidiary of its group. The group also contains the companies in charge of asset management business, investor education business, M&A business, FX business, etc. and has overseas offices in New York and Beijing. Monex Group, Inc. is listed in the first section of TSE and is continuing to grow its businesses, aspiring to become a technology-based global online retail financial service provider.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 37 countries.
Our leading position in Japan's financial markets reflects more than 35 years of client focus, innovation and the continuous pursuit of excellence. With more than 1,500 people in Japan, Morgan Stanley is one of the largest and most active foreign financial firms in the Japanese market. We are a preeminent provider of investment banking, sales & trading and real estate products and services.
For further information about Morgan Stanley, please visit www.morganstanley.com.
Nagashima Ohno & Tsunematsu, established in 2000, is widely known as a leading law firm in Japan and a foremost provider of international and commercial legal services. We represent domestic and foreign companies and organizations involved in every major industry sector and legal service area in Japan. We have successfully structured and negotiated many of Japan’s largest and most significant corporate and finance transactions, and have deep litigation strength spanning key commercial areas, including intellectual property and taxation. As of October 1, 2009, we have 328 lawyers (inclusive of 12 foreign-licensed lawyers) capable of providing our clients with practical solutions to meet their business needs.
For more information, please visit: http://www.noandt.com/.

Nikko Asset Management Co., Ltd.1 has almost 50 years of history and received the Reuters’ Lipper Award for Best Fund Group in Japan in 2005.2 Since the new management embarked on major corporate reform in 2003, the firm has gained world-class financial investors like Warburg Pincus and the Government of Singapore Investment Corporation (GIC), and a mostly new and highly motivated workforce. Under its new leadership, Nikko AM has created a new culture and now offers customers a diverse range of asset classes, including traditional and alternative investments, while enjoying its fastest growth ever.
Nikko AM provides in-house funds, investing mainly in Japanese equities, fixed income, and REITs, as well as China A-shares and Indian equities, Through its sub-advisory platform, “World Series,” Nikko AM gains access to top-performing global asset managers.
Nikko AM has assets under management totaling 12 trillion yen3 and employs over 550 people in Tokyo, New York, London and Singapore.4
1 “Nikko AM” stands for Nikko Asset Management Co., Ltd. and its overseas subsidiaries.
2 This rating is not indicative of the investment adviser's future performance
3 Nikko AM’s assets under management as of June 30, 2008 (includes advised assets).
4 As of June 30, 2008
Nomura Holdings, Inc. is a leading global financial services organization. Through its subsidiaries and affiliates, Nomura provides financial services for individual, corporate and government clients. Founded in 1925, by Tokushichi Nomura, the Nomura Group presently employs more than 26,000 people worldwide.
Nomura offers financial and advisory solutions through its global headquarters in Tokyo, more than 150 branch offices in Japan, and an international network, doing business in more than 30 countries with regional headquarters in New York, London and Hong Kong. In the U.S., Nomura offers equity, fixed income, investment banking , research and asset management services.
The Group’s business activities include investment consultation and brokerage services for retail investors in Japan and, on a global basis, brokerage, trading, underwriting, investment banking, merchant banking and asset management services.
For additional information concerning Nomura, please visit our web site at www.nomura.com.
The Norinchukin Bank (the "Bank") was established in 1923 as a quasi-governmental financial institution and became a private bank in 1959. The Bank is one of Japan's largest and most distinguished banks.
The Bank is the central bank for Japan's agricultural, forestry and fishery cooperative systems. Based on constant funds procurement from member cooperatives, the Bank carries out efficient and flexible asset management by investing in various financial products. This is carried out on a global scale. The profits from these activities are then continuously passed on to its members.
The Bank has branches in the world's major financial centers, including New York, London and Singapore. Coupled with its head office in Tokyo, this network enables 24-hour coverage of the global financial markets.
Pacific Alliance Group, the Asian alternative asset investment manager, was founded in 2002. Pacific Alliance Group and its affiliates manage assets in excess of US$4 billion across three strategies covering Private Equity; Absolute Return and Distressed; and Real Estate. Pacific Alliance’s investors include leading institutions, as well as high net worth investors from Europe, US and Asia. The Group has over 120 staff across offices including Hong Kong, Beijing, Shanghai and Tokyo.
Prudential Financial, Inc. companies include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S.
Leveraging our heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. Prudential’s businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management and real estate services. Coupled with its head office life insurance operations, The Prudential Life Insurance Company, Ltd (POJ) and The Gibraltar Life Insurance Company, Ltd (Gibraltar Life). POJ focuses on need-based selling services by Life Planners, who are insurance professionals. POJ has achieved 20 years of consecutive growth in policies in force. Gibraltar Life serves the broad middle-income market through Life Plan Advisors. Gibraltar Life's strength is in its close long time relationships with associations such as Kyoko (Teachers' Association) and Shoko (Small Business Owner's Association).
Strong domestic business base, speed in implementing strategies, and sector-leading group companies are Sumitomo Mitsui Banking Corporation's strengths. We leverage these strengths to provide comprehensive financial services to our customers. Operating under the umbrella of Sumitomo Mitsui Financial Group, a holding company, SMBC and other member companies, such as Sumitomo Mitsui Card Company, Ltd., work as one to create new value for our customers.
We provide global services not just to our domestic customers but also to overseas Japanese and non-Japanese companies, sovereigns, and government agencies. Building on our strong business platform in Japan, we are proactively developing business in Europe, the Americas, and East Asia, tailoring our products and services to meet local needs.
We will continue to develop and provide leading-edge products and services that answer our customers' increasingly diversified and sophisticated needs, wherever they may be, in order to remain their bank of choice.
The Sumitomo Trust & Banking Co., Ltd. (Sumitomo Trust) is a trust bank established in 1925. We currently have approximately 5,800 employees working in 62 domestic branches and 8 overseas offices. Sumitomo Trust’s management model is an indispensable financial institution providing real estate related services, asset management and custody services based on commercial banking. This model guides the operations of Sumitomo Trust’s five business groups and divisions, and enables the company to actively carry out our unique strategies.
We will keep our focus firmly on our characteristics as a trustee("Trustee-ness") and the specific merits of Sumitomo Trust("STB-ness"). We aim to become an "essential partner"with our customers and society, as an independent and unique "asset management-oriented financial intermediary services group.
Tokyo Stock Exchange Group, Inc. is the holding company of Tokyo Stock Exchange, Inc. (TSE), one of the leading global exchanges and the largest securities market in the Asia-Pacific region. The TSE is best known for its equities market, valued at US$3.5 trillion and the number of listed companies exceeds 2,300 as of the end of September 2009.
In addition to its core Japanese equities market, the TSE provides markets for derivatives products such as Japanese government bond futures, TOPIX futures, ETFs, and REITs. Not only market operation, the TSE group also offers clearing and settlement, market information distribution and other related services.
The TSE group makes every effort to maintain abundant liquidity and a high level of integrity as well as provide market participants from Japan and overseas with attractive investment opportunities.
For further information about Tokyo Stock Exchange Group, Inc., please visit our web site at www.tse.or.jp/english.
Unio Holdings is New York City based owner-oriented investment and operating company. It believes in the principle that companies will be more effective when they combine the know-how and execution of the businessperson with the perspective and long-term vision of the business-minded investor. Unio’s principal business is acquiring operating companies that must be closely connected to their customers and compatible with Unio’s credo and culture. Based on the same investment approach it uses for acquiring operating companies, Unio’s second, complementary business is investing in publicly traded securities as a minority shareholder. Unio’s organizational purpose is to build an “enterprise of autonomous enterprises” whose productive power is enhanced by their exposure to Unio’s credo, culture & investment and management practices. Its financial purpose is to produce for Unio’s shareholder-owners enduring cash flows, an acceptable return on capital, and rising enterprise value.
Unison Capital is a pioneer of private equity investment in Japan, operated by a handful of seasoned Japanese professionals with no ties to large corporate groups. We help portfolio companies devise strategies to enhance their value from a long-term perspective without any conflicts of interest.
Unison Capital has invested more than ¥700 billion in corporate value, accumulating in-depth experience and expertise in business management. This strength is reinforced by a global network of financial institutions, non-financial firms, corporate managers and a variety of professional service firms. We invest only in promising companies - those operated by enthusiastic managers and employees with potential to keep increasing corporate value. By working in unison with management teams and employees, we help companies realize new levels of growth.
Operating 35 offices in 23 countries, White & Case is distinguished by the depth and scope of our global legal services. Wherever our clients do business, our entire global resources are available to help solve the most challenging business and legal issues promptly and efficiently. We move quickly, effectively and with expert knowledge of global and local legal environments to mitigate problems, resolve complexities and close deals simultaneously across multiple borders.
Our Tokyo office has been a leading law firm in Japan for over 20 years. Our foreign and Japan-qualified lawyers work seamlessly together to deliver integrated foreign and Japanese legal and tax advice to domestic and international clients. White & Case has consistently been rated as a leading firm in Japan in Capital Markets, Banking, Corporate, Asset and Project Finance, Mergers and Acquisitions, Tax, Dispute Resolution, Regulatory and Intellectual Property. We have advised clients on some of the most innovative and challenging transactions in the Japanese market during the past twenty years. Robert Grondine and Chris Wells have been leading figures in the international legal and business community in Japan through their leadership in the American Chamber of Commerce in Japan, Bob as President and Chairman and Chris Wells as Co-Chairman of the Financial Services Committee, which has brought major positive changes to the Japanese financial system for the benefit of all players in the past decade. Following the end of his term as General Counsel to the Asian Development Bank in September 2007, Arthur Mitchell has brought his well known breadth of experience in Japan and Asia to the White & Case team.