June 6, 2019 / 8:47 AM / a month ago

BOJ's Kuroda warns financial innovation could magnify market failures

TOKYO, June 6 (Reuters) - Bank of Japan Governor Haruhiko Kuroda said on Thursday the rapid evolution of information technology could magnify market failures by concentrating data and resources to a small number of financial institutions.

“Although the key role of financial regulation and supervision remains unchanged, we should leverage innovative technology in financial supervision,” Kuroda said in a speech to a symposium hosted by the Institute of International Finance.

“And we should continue to monitor and assess the impact of evolving market structures and the evolution in information and communications technology on the nature of the market failures, which need to be addressed by financial regulation and supervision,” he said. (Reporting by Leika Kihara Editing by Jacqueline Wong)

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