Takafumi Sato, Commissioner of Japans FSA underlined that one of the top policy priorities for the current government is to strengthen the competitiveness of Japan’s financial and capital markets.
Pointing on the shortcomings of Japan’s financial markets Sato said that Japan’s market remains ‘relatively underdeveloped and lack depth’. However, “now is an excellent time for the nation to close the gap with the global frontrunners”, Sato said with a view to the policy package the Japan FSA announced in December last year.
Sato outlined in detail the Plan’s four pillar approach which includes creating a reliable marketplace where vibrant transactions take place; putting in place a business environment that vitalises the financial services industry and promotes competition; improving the regulatory environment; and improving the broader environment surrounding our markets.
Turning to the recent financial market turmoil, Sato noted that this at present has not had a serious impact on the Japanese financial system itself. “The exposures and losses of Japanese banks are very limited in comparison with global figures”, he said and underlined that Japan’s credit market has remained relatively stable.
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© Graham Bishop
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