[2024 Financial Forum] CEO Woo Byung-hyun: "We Must Seek Co-Growth with the Changing Japanese Economy"

The 13th Asia Financial Forum Held

"The Japanese economy is changing, overcoming the 'lost 20 years, 30 years.'"

Wo Byeong-hyun, CEO of Asia Economy, stated this during his opening remarks at the '13th Asia Financial Forum' held on the morning of the 9th at the Westin Chosun Hotel in Jung-gu, Seoul. The forum, hosted by Asia Economy under the theme "The Secret to the Revival of the Japanese Stock Market, Awakening Japanese Economy," was attended by Kim Ju-hyun, Chairman of the Financial Services Commission, as well as Cho Yong-byeong, Chairman of the Korea Federation of Banks; Kang Seok-hoon, Chairman of the Korea Development Bank; Kim Seong-tae, CEO of Industrial Bank of Korea; Jeong Sang-hyeok, CEO of Shinhan Bank; Lee Seung-yeol, CEO of Hana Bank; Jo Byung-gyu, CEO of Woori Bank; Lee Seok-yong, CEO of NongHyup Bank; Kim Cheol-ju, Chairman of the Life Insurance Association; and Lee Byeong-rae, Chairman of the General Insurance Association.

Woo Byung-hyun, CEO of Asia Economy, is delivering the opening speech at the '2024 Asia Financial Forum' held on the 9th at the Chosun Hotel in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

CEO Wo said, "Whenever the Japanese economy is mentioned, it is always accompanied by the phrase 'lost 20 years, 30 years.' This is because of the recession that began after the Japanese bubble burst in the 1990s," adding, "However, the Japanese economy is changing, and vitality is returning to its industries and capital markets." He particularly emphasized, "We have confirmed the possibility of escaping the deflation that suppressed the Japanese economy for a long time, which has also reduced the fears surrounding the real economy."

He pointed to the "Japanese stock market" as the most notable economic indicator. The Nikkei 225, Japan's representative index, continued its upward trend even during the global COVID-19 pandemic and surpassed 40,000 points (P) this year, setting an all-time high.

CEO Wo explained, "Through the introduction of various policies and institutional improvements, the investment market has become so vibrant that it is attracting global attention," adding, "After ending the negative interest rate policy, which was widely regarded as a risky gamble, for the first time in eight years, preparations for normal monetary policy have also been completed."

He stressed the need for both countries to share knowledge and perspectives, given the challenging economic situation in Korea. CEO Wo said, "I hope that this forum, organized by Asia Economy, will be a place to share knowledge and insights that can invigorate the Korean economy," and added, "I wish for this to become a networking platform where the Korean and Japanese economies can pursue mutual growth by sharing knowledge and experience."