LEGAL/REGULATORY INFORMATION FORUM LUNCHEON MEETING

JAPANESE FINANCIAL REGULATORY CHANGES DISCUSSION LUNCHEON

Moderator:  Mr. Harry Saito, Managing Director, Kfi K.K.

 (The discussion was conducted in English.)

Over the past few years, Japan has undertaken regulatory and structural reform changes to liberalize its financial services market. Stating that most Japanese banks have substantially resolved their non-performing loans, the FSA has moved from emergency measures aimed at financial system stability to promoting financial system vitality. With its “Program for Further Financial Reform”, the regulators are embarking on making Japan a more attractive place to conduct business by becoming a “financial services nation”.

Using these themes as the backdrop for discussion, Mr. Saito discussed recent legal and regulatory changes that are altering the economic landscape of the country and possible future developments. As the format of the presentation was a discussion rather than a lecture, attendees were requested to come prepared to discuss these themes in order to make the meeting more meaningful and productive.