To discharge the responsibility of conducting appropriate monetary policy and maintaining financial system stability as well as to prevent international systemic risk from emerging, mutual cooperation and coordination have become increasingly essential among central banks in the region. In this context, a forum called EMEAP, composed of central banks in the East Asia and Pacific region, was established in 1991.
In this forum, member central banks have been exchanging views and information regarding economic, financial market, and foreign exchange market developments. They have also been studying ways to make improvements in such areas as financial markets, settlement systems, and bank supervisory methods. Conclusion In closing, let me briefly touch upon Japan’s role in Asia.