The Japan Financial Services Agency has published an English summary of Japan’s remarks at the ASEAN+3 Finance Ministers and Central Bank Governors Meeting, where members agreed a medium to long term strategic document for the region’s financial cooperation agenda. The meeting also reviewed the economic effects of the Middle East conflict, with members noting ASEAN+3’s dependence on Middle Eastern crude oil and liquefied natural gas and the need to monitor impacts on the real economy and financial markets while diversifying suppliers, routes and energy sources. The strategic document is built around four pillars: the Chiang Mai Initiative Multilateralisation, the ASEAN+3 Macroeconomic Research Office, the Asian Bond Market Development Initiative, and disaster risk financing. Members agreed that the Chiang Mai Initiative should be made more effective and flexible when external funding needs arise, and confirmed the importance of bringing into force the Emergency Loan Facility agreed in 2024. They also agreed to broaden the Asian Bond Market Development Initiative into the Asian Bond Financial Market Development Initiative, welcomed a stronger role for AMRO in surveillance, CMIM implementation support and technical support, and adopted a three year roadmap on disaster risk financing, with the Asian Development Bank becoming the initiative’s permanent secretariat. On payments, the meeting discussed stronger regional cross-border digital payment links using an AMRO report that assessed tools including stablecoins and digital currencies and the practical issues around them. Further work is planned on connecting retail and wholesale payments and on regulatory approaches to stablecoins. The Japanese side also noted that a Central Bank Policy Dialogue was held for the first time and focused on cross-border payments rather than monetary policy.
Japan Financial Services Agency 2026-05-13
Japan Financial Services Agency publishes ASEAN+3 agreement on regional financial cooperation strategy and cross-border payments work
The Japan Financial Services Agency published an English summary of Japan’s remarks at the ASEAN+3 Finance Ministers and Central Bank Governors Meeting, where members agreed a medium- to long-term strategy for regional financial cooperation and reviewed the economic effects of the Middle East conflict on energy-dependent economies. The strategy centers on the Chiang Mai Initiative Multilateralisation, the ASEAN+3 Macroeconomic Research Office, the Asian Financial Market Development Initiative and disaster risk financing, with members endorsing enhancements to the Chiang Mai Initiative, a stronger role for AMRO, a three-year disaster risk financing roadmap and an expanded bond market initiative. The meeting also discussed strengthening regional cross-border digital payment links, including the use of stablecoins and digital currencies, and noted that a new Central Bank Policy Dialogue focused on cross-border payments.