authorities agreed to double the size of the cmim to usd 240 billion, and expand its scope to also cover crisis prevention. bis central bankers ’ speeches working age have to provide for one dependent person, for japan, the united states, asia, and latin america, respectively. low fertility rates and population aging have been the main cause of prolonged low economic growth in japan since 1990. this is also likely to become a big issue even for korea and china in the not - so - distant future. some latin american countries may also have similar concerns, although the degree varies across jurisdictions. having this future vision well in mind, we have to be prepared even now to implement the necessary social reforms, including the restructuring of social security systems, tax reforms, and revision of employment systems. second, let us consider the development of asset prices and credit expansion. in slides 10, 11, 12, and 13, the development of property prices and loans in real terms is added to the chart of the working - age population ratio ( inverse dependency ratio ) in the previous slides 6, 7, 8, and 9, respectively. in japan and the united states, we see a significant relationship between population dynamics and real asset prices. a similar tendency is also observed in china, as representative of asia, and brazil, as representative of latin america. whether this development leads to the generation and bursting of asset bubble depends largely on future policy implementation in the respective regions. to address these structural problems, it might be more effective for both regions to collaborate, rather than to deal with them individually and independently. the following three points are also issues to be considered cooperatively. first, as an economy develops and a middle - income class emerges, we need to implement measures to realize a more balanced growth between domestic and external demands. at the same time, the population eventually ages as the economy matures, and thus the key to success will be the promotion of domestic demand appropriately in line with the developmental stage of the economy. second, from the viewpoint of reducing asset price volatility, it is also important to further develop regional capital markets with the aim of enhancing resilience against external shocks. in this regard, we need to take into account market differences within the region. third, it is essential for each jurisdiction to harmonize its market regulations and practices with the global standards in promoting cross - border transactions. however, unilateral effort by a single jurisdiction has its limitations, and thus collective effort is desirable to improve market

banks to make cross - border collateral arrangements ( cbcas ), aimed at further enhancing financial stability in the region. cbcas are arrangements whereby a central bank provides local currency liquidity by accepting foreign currency assets, such as sovereign bonds in foreign countries, as eligible collateral. such arrangements already exist in some advanced countries. cbcas are thought to be an effective framework particularly in times of short - term money market stress. foreign financial institutions ’ branches and subsidiaries often lack stable local funding sources, such as retail deposits. however, under a cbca, they can still continue to provide credit to their customers, who are in most cases branches and subsidiaries of non - financial corporations domiciled in their home countries. in fact, a cbca was established in november last year between the bank of japan and the bank of thailand, as there are many japanese non - financial corporations operating in thailand. at almost the same time, a cbca was announced between bank negara malaysia and the monetary authority of singapore, and early this year between bank negara malaysia and the bank of thailand. meanwhile, emeap has formed an action group and made a cbca reference template for their future expansion in the region. so far, they are bilateral negotiations between two jurisdictions, depending on their necessity. moreover, japan and china are making efforts to enhance mutual cooperation towards the development of financial markets in the two largest asian economies. owing to cooperation between the authorities and private market participants, many tangible outcomes have already been achieved, including the purchase of chinese government bonds by the japan ’ s foreign exchange fund special account and the start of direct exchange between japanese yen and chinese renminbi on the tokyo and shanghai markets. 4. towards inter - regional financial cooperation as economic and financial linkages deepen, i believe that the above - mentioned efforts and issues addressed in asia can be shared more or less with latin america. both regions also have common structural problems. i believe that it is fruitful for regions bearing similar problems to resolve them collaboratively. first, let me raise the issue of demographic change and economic potential. slides 6, 7, 8, and 9 show the ratio of working - age population to the rest, that is, how many people of at the same time, the authorities expanded the total borrowing amount from usd 90 billion to usd 120 billion, enabling prompt and effective u. s. dollar support in times of crisis. moreover, at the above - mentioned finance ministers ’ and central bank governors ’ meeting, the