This Comment analyzes Japan's effort to create a competitive securities market that is free, transparent, and reliable. Part I describes Japan's regulatory environment, emphasizing the power and authority of the Ministry and its influence within the Japanese government and over the securities industry. Part II details elements of the Big Bang reforms and describes the current political situation that will influence the effectiveness of the reforms. Part III addresses the probable effectiveness of the reforms in the context of Japan's regulatory structure, past scandals and reforms, and current political environment. Finally, this Comment argues that the Ministry has the ability to control the reformation of the securities industry because of the Ministry's extensive influence within the government and over the securities industry. In addition, this Comment argues that the reforms initiated by the Japanese government will be ineffective in changing the regulation of the securities industry because the reforms threaten to reduce the Ministry's authority over the securities industry.
Gregory D. Ruback,
Master of Puppets: How Japan's Ministry of Finance Orchestrates Its Own Reformation,
22 Fordham Int'l L.J. 185
Available at: http://ir.lawnet.fordham.edu/ilj/vol22/iss1/5