Background note for the 22nd Roundtable on Capital Market and Financial Reform in Asia 1-2 February 2023, Tokyo.  The background note assesses potential vulnerabilities to financial sector resilience in Asia. It focuses on non-financial private sector debt accumulation in the aftermath of the global financial crisis of 2008, combined with the rising importance of non-bank financial intermediaries for credit intermediation, and in the context of tighter monetary conditions, elevated inflation, slowing global growth and persisting geopolitical risks. It also suggests policy considerations to address debt sustainability challenges of distressed non-financial issuers and to mitigate procyclicality and excessive liquidity transformation in open-ended investment funds, with the goal of enhancing financial sector resilience and promoting inclusive and sustainable economic growth. […]