Japan does currently not expect a serious impact of the subprime crises on the Japanese financial system, said Yoshimi Watanabe, Minister for Financial Services. Although Japanese banks reported sharp declines in their profits, the total value of subprime mortgage-related products held by Japanese financial institutions are limited.
To strengthen the Competitiveness of Japan's Financial and Capital Markets the FSA put together a plan at the end of last year. “The FSA intends to implement the measures included in the plan steadily and with a sense of urgency”, Watanabe underlined.
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