This is largely thanks to the invaluable efforts of market participants like the audience today to make the market environment more conducive, including making improvements in soft infrastructure such as enhanced disclosure by Asian firms and standardization of accounting systems. Looking at data by currency, the share of foreign currency-denominated bonds has declined overall.
A look at the most recent data, however, paints a somewhat contradictory picture of this trend, with a small increase in foreign currency-denominated bonds as funding costs have declined against the background of unconventional easing policies in advanced economies.