But we must do so in way that respects the integrity and independence of the standards setting process. •  Last but not least, we must reduce the moral hazard posed by institutions that are too large, or too complex, or too interconnected to fail. The large-scale support we provided in this crisis to stave off systemic collapse has materially worsened moral hazard risks.
*  *  *  Introduction Thank you for having me at the annual conference jointly hosted by the Securities Analysts Association of Japan (SAAJ) and Asian Securities and Investments Federation (ASIF). All the participants here have been striving for the development of securities markets, and, through such efforts, have been contributing to the sound development of Japan’s economy.