. this only emphasises the critical need to conduct this enterprise survey more regularly. to this end, i wish to reiterate the bank of zambia ’ s, continued support and commitment in working in close collaboration with government and other balance of payments statistical committee member institutions in ensuring that the collection of this vital information is done on an annual basis. accordingly, it is my hope that participants at this workshop will appreciate the importance of this survey and find the results useful. distinguished guests, i am particularly happy to learn that compared to other countries in the region, the zambian team has conducted this enterprise survey in record time. it shows true commitment and dedication of the team to this project. please keep up the good work. be reminded, however, that you have established a benchmark, which can only be improved on. i have no doubt that we will sustain the record we have set within the macroeconomic and financial management institute of southern and eastern african member countries. ladies and gentlemen, i am confident that this workshop will achieve its intended objective of disseminating the findings of the survey and stimulate active participation and comments from the various stakeholders. it is now my pleasure and honour to declare this closing and dissemination workshop on foreign private investment and investor perception survey officially opened and wish you fruitful deliberations. i thank you. bis central bankers ’ speeches

this mandate, it is of utmost importance to realize that a distinctive feature of the asian, and in particular, the japanese financial system, is that bank lending plays a dominant role in financial intermediation. the non - bank sectors, such as securitization markets, are relatively less important. this is one of the reasons why asian and japanese financial sectors were not seriously affected by the financial crisis of 2008, a crisis which was triggered by the gross under - evaluation of the risks embedded in us subprime securitized loans and related structured products. however, the flip side of this coin suggests that the real economy in japan could be gravely affected if the risk - taking capacity of the banking sector is seriously damaged. a financial crisis starts with excessive risk taking or an outbreak of euphoria, while its aftermath leaves the economy burdened with excessive risk aversion or a lack of animal spirits. consequently, the objective of macro - prudential policy is, first, to detect and rectify financial anomalies that may signal excessive risk taking, and second, if a crisis does occur, to support and ensure the risk - taking capacity of the banking sector. historically, the bank of japan has learned a lot from the experience of the burst of the bubble around 1990, and it has used this experience to prevent or at least to lessen the impact of the recent global financial crisis. so, i will begin by explaining the macro - prudential measures employed by the bank of japan in the aftermath of japan ’ s financial crisis since the 1990s, and then i will outline the measures the bank is implementing now to prevent any future crisis. after - crisis macro - prudential measures – purchase of stocks held by financial institutions since 1990, the bank of japan has introduced a number of measures to restore the risktaking capacity of japan ’ s banking sector, which had been hampered by problems relating to non - performing loans. among these measures was the stock purchasing program introduced in the autumn of 2002, which could be interpreted as a proto - typical macro - prudential policy. the program was introduced when the risk - taking capacity of japanese banks was severely eroded by non - performing loans. the bank of japan purchased stocks held by commercial banks, liberating the capital these banks held against the risks associated with their stock holdings, and thus improving their risk - taking capacity. seen in this way, the bank ’ s stock purchasing was akin to the counter - cyclical capital buffers