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Report japan growth finance forum

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Japan Growth Finance Forum was hosted by HC Asset Management to celebrate the 10th anniversary of its foundation on Tuesday, April 9 2013 at Imperial Hotel Tokyo. The theme of the forum was designing growth finance to revive the Japanese economy. Approximately 300 participants were in attendance.
http://www.investmentinjapan.com/

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Report japan growth finance forum

  1. 1. June 2013HC Asset Management Co., Ltd. 10th anniversary eventJapan Growth Finance Forum ReportApril 9, 2013 / Imperial Hotel, Tokyosupported byKinzai Institute for Financial Affairs Inc.URL:http://www.investmentinjapan.comContact:info@investmentinjapan.comFinancial Instruments Firm Kanto Local Finance Bureau #430Membership Japan Investment Advisers Association:   #011-01118
  2. 2. Agenda■Keynote Speech:“Several Considerations to Bolster Risk Capital Flows”-The challenge of INCJ-Mr.Kimikazu Noumi, CEO, Innovation Network Corporation of Japan (INCJ)■Panel discussion 1: Designing Growth Finance  Mr.Yoichiro Iwama, President, The Japan Investment Advisers AssociationMr.Hiroyuki Inohara, Senior Managing Executive Officer, Sumitomo CorporationMr.Masaaki Komiya, Director and Managing Executive Officer, Development Bank of JapanModerator: Mr.Noriyuki Morimoto, CEO, HC Asset Management Co., Ltd.■Panel discussion 2: Regional Economy and Growth FinanceMr.Kohei Okada, Director, Regional Economic policy, Ministry of Economy, Trade and Industry (METI)Mr.Tadahiro Sakamoto, Executive Officer, Agriculture, Forestry and Fisheries Fund corporation forInnovation, Value-chain and Expansion JapanMr.Shouji Masuda, Chairman Of The Board, The Obihiro Shinkin BankMr.Hidehiko Yuzaki, Governor of Hiroshima PrefectureModerator: Mr.Noriyuki Morimoto, CEO, HC Asset Management Co., Ltd.
  3. 3. Keynote Speech“Several considerations to bolster risk capitalflows” - The challenge of INCJ –Mr.Kimikazu Noumi, CEO, Innovation NetworkCorporation of Japan (INCJ)Increasing supply of risk-capital is the most importantthing to support economic growth. Such risk-capital isderived from financial institutions and invested in riskassets. Under deflationary pressure, Japanesehouseholds leave their money in bank accounts whichmake up the majority of their financial assets estimatedat 1,500 trillion. Japanese pension funds have astrong tendency to avoid high-risk investments butgenerally invest in mainly Japanese sovereign bonds,which have underperformed when compared to its Euroand American counterparts, who typically invest muchmore aggressively. That tendency comes from low risktolerance under the good excuse of safety andefficiency. Because of the two big crisis, the so-calledbubble economy and Lehman shock, domestic risk-money supply is decreasing. For example, the moneysupply towards venture capital is decreasing.The Japanese economy has human resources,extensive R&D investments, and a stable financialsystem. Although Japan is sufficiently equipped interms of manpower, goods and capital to survive inglobal competition, we have a big weak point: how toprovide and use risk-money in a strategic way. Weshould overturn the status quo in favor of economicgrowth of Japan.Therefore, financial institutions should change theirpresent behavior. Nationwide, four points must beaddressed to increase risk-money:(1) “Behavioral change” of financial institutions and thegovernment initiative to lead these financial institution’sefforts to enhance discretionary power.(2) Diversified investments in various risk assets bypublic and private pension sponsors based on nationalinterests.(3) Providing technology, intellectual property, and riskmoney by major corporations as standard businesspractice.(4) Good and effective use of government supportsrelating to entrepreneurship and venture companies.INCJ provides medium to long-term industrial capitaltoward businesses which have innovative value-creation with enterprise spirits based on feasibility,independence, and influence. To increase risk-moneysupply, INCJ strategically cultivates the advancementhuman resources by assimilating various methods andcapabilities. For further growth of Japanese economy,INCJ takes on the challenge of increasing risk-money ina complementary capacity, thereby serving as a goodrole model for Japanese financial institutions.
  4. 4. Panel discussion 1: Designing Growth FinancePanelist:Mr.Yoichiro Iwama, President, The Japan InvestmentAdvisers AssociationMr.Hiroyuki Inohara, Senior Managing Executive Officer,Sumitomo CorporationMr.Masaaki Komiya, Director and Managing ExecutiveOfficer, Development Bank of JapanModerator: Mr.Noriyuki Morimoto, CEO, HC AssetManagement Co., Ltd.( Mr.   Morimoto) In industrial finance area, may I ask you tokindly present (1)   the challenges and prospects of investmentmanagement companies which provide financing mainly throughcapital markets, (2) the role of a general trading company as oneof the largest investment funds as well as a major fund raiser andyour expectations from finance providers, and (3) the role andoutlook of banks and investment banks as a supplier of long-termcapital?  (Mr. Iwama) Doing investment management business as anagent for investors is the role of an investment company orinstitution. In order to fulfill our responsibilities, clients alwayscome first and we must have high transparency, as well asindependent and sophisticated views. Regarding theenhancement of corporate value, management companies areexpected to both communicate with businesses as a responsibleinvestor and to play a role as venture capitalists.(Mr. Inohara) Business opportunity is rich. Through jointventures with banks and other financial institutions, larger scaleprojects will be possible. The current ability of investmentmanagement companies to plan and propose new financingideas is quite weak, while banks have strong influence overenterprises as well as individual deals. We would like to fullyutilize the strengths of our trading company as an "industrialorganizer" through dialogues with institutional investors, andmake progress in the innovation of industrial finance.(Mr. Komiya) Banks are not able to do business by themselves,but are able to accumulate information and relationships throughfinancing and investments, which is crucial to us. We believethat banks’ responsibility is to “visualize" the corporate value andto give the company a supportive push. We continue to work ondiversification of funding sources, use of asset financing, andtaking advantage of external ideas and funds.(Summary) Due to the fact that Japanese investmentmanagement businesses have a relatively short history and asmall presence relative to the total financial assets or GDP,Japan must grow investment management companies into globalcompetitors. Cooperation between industries and financialinstitutional is indispensable. It is highly desirable for investmentmanagement companies to develop the abilities to discussbusinesses and to start up new investment vehicles throughproper and fruitful dialogue. If you can build an ideal partnership,more robust corporate governance will be achieved withoutrelying on banks. At the same time, diversification of fundingtechniques and investment professionals in industry finances willcertainly lead to further development of the finance industry.
  5. 5. Panel discussion 2: Regional Economy And Growth FinancePanelist:Mr.Kohei Okada, Director, Regional Economic policy,Ministry of Economy, Trade and Industry (METI)Mr.Tadahiro Sakamoto, Executive Officer, Agriculture,forestry and fisheries Fund corporation for Innovation,Value-chain and Expansion JapanMr.Shouji Masuda, Chairman Of The Board, The ObihiroShinkin BankMr.Hidehiko Yuzaki, Governor of Hiroshima PrefectureModerator: Mr.Noriyuki Morimoto, CEO, HC AssetManagement Co., Ltd( Mr. Morimoto ) In the midst of growing expectation for therevitalization of local areas in Japan, how would you introduceyour approach?( Mr. Yuzaki ) The increasing burden of maintaining thesocial infrastructure and preventing collapse of communities dueto population decrease are the issues for local areas and forJapan. Our challenge is to generate added values byknowledge-based businesses i.e. innovation. Hiroshimaprefecture has been providing middle sized local companies withthorough support for their further growth. You can find bothbusiness ideas and funds around you. It is important to havepeople who can execute and take advantage of givenopportunities.( Mr. Masuda ) For local economies in Japan, it seems thatwe have not reached the stage to utilize the capital (equity) forgrowth. As the businesses of credit unions are limited to specificlocal areas, our challenge is to strengthen the functions of thosebusinesses as well as to those of financial intermediary andclearing for our local economies.By taking full advantage of these conditions, we support abusiness, or “resuming Sake brewing in Tokachi” (A brewingcompany did not have capital to continue to brew Sake, andObihiro Shinkin provided support). We hope this will be a modelcase for the followers.( Mr. Okada ) Our task is to promote one of the Abe-nomicspolicies, “Local Areas Revitalization.” We have seen adiscussion about “Money or Business ideas?” There seems tobe many cases where there is a lack of business ideas. Becauseit is hard for financial institutions to provide equity to start-upbusinesses, introducing direct financing is necessary. Also,Japan is still in the stage that public funds injection is required asa stimulus pump.( Mr. Sakamoto ) Market size for primary industry in Japanis less than 10 trillion while it would be 100 trillion if includesrelevant secondary and tertiary industries. The purpose ofestablishment of the corporation is to change the structure fromsubsidiary dependent by investment funds. We will assistbusiness planning as well as business matching among them.The criterion of investment or support is to construct “equalfooting” relationships between them. In this sense, assistance tothe value chain (the primary through the tertiary) is important.( Summary ) At regional financial institutions, prefecturesand national government level, they have been implementingdiligent efforts to explore and develop various growthopportunities. Fund investment is also considered for theeffective use of capital structure. Broad investment opportunitiesarise from the economic growth through these efforts. We hopethis conference would be helpful to you to explore and enrich theessence of investment, and support the growth of industries fromthe financial perspective.
  6. 6. Questionnaire ResultWe have conducted a questionnaire on Economic Growth.The quantity of responses134 of 319 all participants of the forum13%3%24%6%2%19%9%21%1%1%1% a number ofrespondents① 26② 8③ 3④ 4⑤ 31⑥ 12【 Other Responses   】・ University    ・ Real EstateDeveloper・ Think-Tank          ・ ITVendor・ IR/ PR Service Company ・ DesignRelations・ Industrial/ Corporate Researcher・ Energy-related Public Benefit Corporation【 Responses to ⑦ 】  ・ Electricity     ・ AdvertizingAgency・ General Trading Company  ・ Advisory・ Corporation Reconstruction Fund  ・ Real Estate Business      ・ Consulting・ Retail Sales    ・ Heavy Industry【 Responses to ⑥   】・ Venture Capital Securities Company・ Incubation Fund・ Public-Private Fund・ Securities Company・ Insurance Company① Pension Fund② Bank③ Regional Bank④ Shinkin Bank⑤ InvestmentManagement Company⑥ Other FinancialInstitution⑦ Industrial Corporation⑧ Public Office⑨ Municipality⑩ Media⑪ Other⑦ 17⑧ 2⑨ 2⑩ 1⑪ 28in total 134
  7. 7. Q1  How do you see functions of “Public-Private Fund” in terms of economic growth strategies?Please choose the closest one.1.Have high expectations2.Have expectations3.Have no expectations4.Rather, have adverse effects5.No response                                                                                                                    26%1 3%54%3%4% a number ofrespondents1 352 723 174 65 4in total 134
  8. 8. Q2  What do you think is most important with respect to relationship between economic growthstrategies and raising of growth capital? Please choose the closest one.1. To set an environment for positive financing by way of regulatory reform on banks, etc.2. To improvement capital markets in a thorough manner3. To promote introduction of foreign capital4. To facilitate the deposit of domestic capital of wealthy class by way of tax reform5. To re-construct investment management for pension funds, etc.6. To inject government fund like a “Public-Private Fund”7. No response a number ofrespondents1 382 313 64 155 286 107 6in total 1344%1 1 %21 %24%4%29%7%

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