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The Structure of Japan's Financial Regulation and Supervision and the Role Played by the Bank of Japan

  • Kazuo Ueda

    (Faculty of Economics, University of Tokyo)

In this short note, I will explain the structure of Japan's financial regulation and supervision and discuss by way of examples the structure's weaknesses and strengths. In doing so, I pay particular attention to the role played by the Bank of Japan (BOJ). The paper focuses mostly on the period since the late 1980s when Japan saw the formation of land and stock price bubbles, their burst and serious negative effects on the financial system and the economy. I argue that, despite a streamlined structure of financial regulation, monetary authorities' response was not quite optimal and discuss possible reasons for the sub-optimal behaviors. I also point out that there are significant synergies between monetary policy and prudence policy at central banks, but that such synergies are not fully exploited.

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File URL: http://www.carf.e.u-tokyo.ac.jp/pdf/workingpaper/fseries/209.pdf
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Paper provided by Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo in its series CARF F-Series with number CARF-F-200.

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Length: 18 pages
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:cfi:fseres:cf200
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  1. Carmen M. Reinhart & Kenneth S. Rogoff, 2008. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," CEMA Working Papers 595, China Economics and Management Academy, Central University of Finance and Economics.
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