NIRA Working Paper Series March 2004 National Institute for Research Advancement Yebisu Garden Place Tower, 4-20-3, Ebisu, Shibuya-ku, Tokyo 150-6034, Japan Asian Bond Markets Research Mission — Research Report — Proposals towards the Reform of Systems and Infrastructure for the Further Development of Bond and Capital Markets in Japan Shigehito Inukai + 3 NIRA Working Paper Series No. 2004-4