In particular, each economy should continue to focus on promoting the development of its local currency bond market, so as to ensure a more diverse range of investment choices into which Asian domestic savings can flow. In this regard, bond markets in Asia have grown significantly since the mid-2000s (Chart 9).
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.