Abstract
From the standpoint of internationalization and liberalization, the financial system in Japan, together with the food control system and the farm and livestock price stabilization program, is an area where the systemic reform is least achieved. Judging from the strict regulation that has gone on for a long period of time, the financial industry is clearly regarded as a governmentally regulated industry. This is due to the fact that, to plan and realize economic reconstruction and development in the postwar period subject to scarce foreign exchange and capital, it was necessary for the government to intervene in the market and regulate financial and capital transactions and financial institutions that handle them, instead of leaving the fund allocation to the free market mechanism.
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