Professional Luncheon,
Takafumi Sato,
Commissioner, Financial Services Agency

The speech and Q & A will be in English

Until a few years ago, Japan's financial system was relatively stable as Japanese banks were busy resolving their bad-loan problem while their U.S. and European peers were taking risks with complex financial instruments amid globally high economic growth and low interest rates.

But Japanese financial institutions are not immune to the global credit crisis and recession. As Financial Services Agency Commissioner Takafumi Sato said in a recent speech, banks are faced with rising credit costs and insurers have seen their premium revenues decline. And investment losses are hurting financial institutions.

The FSA, Japan's financial watchdog, is seeking to strike a good balance between short-term crisis management and longer-term regulatory reform so that it can avoid exacerbating the financial crisis while preventing moral hazard.

Sato, who has been the FSA commissioner since July 2007, will discuss a wide range of issues facing Japan's financial industry. A former Ministry of Finance official, he taught at Nagoya University from 1999 to 2001. Sato received a B.A. from Hitotsubashi University, a Master of Philosophy in Economics from the University of Oxford and a Ph.D. in Economics from Nagoya University.

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Sandwich Plate: Fried swordfish with tartar sauce on ciabatta, tomato and pickles.
Hot Plate: Chicken braised with spice & coconut milk, sauteed potatoes, green peas and green salad.

Takafumi Sato, Commissioner, Financial Services Agency