8  Asian Financial Markets － 20 Years since the Asian Financial Crisis, and Prospects for the Next 20 Years －  November 28, 2017 Haruhiko Kuroda Governor of the Bank of Japan  Chart 1  Increased Resilience Less reliance on foreign-currencydenominated short-term funding %  70  Growth of Asian local currency bond markets $ trillion  12  Indonesia  Malaysia  Philippines  Thailand  60  10  Corporate  50  8  Government  40 6 30 4  20 2  10  0  0 CY  95  98  01  04  07  10  13  16  Notes : 1.
In order to address these issues, a BPLR system was introduced in April 2003. 5. However, the BPLR system evolved in a manner that did not meet the objectives. Competition in an environment of excess liquidity had forced the pricing of a significant proportion of loans far out of alignment with BPLRs undermining its role as a reference rate.