BMI View: Across all four sub-sectors of the financial services industry that we cover - namely banking,insurance, asset management, and stock exchanges - Japan is in a solid position, and by extension plays animportant role in Asia. More specifically, the banking sector is enjoying a solid run in deposit growth, theinsurance sector is seeing both the life and non-life sub-sectors go off in search for additional opportunitiesoverseas, the asset management industry is coming off the back of four consecutive years of growth throughto the end of 2014, and the Tokyo Stock exchange remains the world's fourth most popular by total marketcapitalisation. Ending the focus on deregulation, the post global financial crisis era has seen regulatorsapply more stringent oversight of the financial services sector in Japan, a trend we expect to see continuingto tighten going forwards, as Japan looks to appeal to overseas investors. After all, while the Japanesefinancial sector is well placed to weather market shocks and continue growing, it remains very much a localaffair. For example, just four of the 2,019 stocks listed on the Tokyo Stock Exchange as of April 28 2017were marked as originating from overseas.