· Improving the Quality of Securities Markets Yasuyuki Fuchita · The Murakami Fund Incident and Future Fund Regulation Sadakazu Osaki · The Regulatory Reform Law and Reform of Government-Affiliated Financial Institutions in Japan Hiromi Hayashi · The Outlook for the Defined Contribution Pension Market in Japan Akiko Nomura · China's Unfinished Yuan Reform -- Further Appreciation Needed to Redress External Imbalances C. H. Kwan