Japanese Law

Abstract

Abstract This text contains the latest edition of this book. It covers the basis of the Japanese legal system, the civil code, business related laws, and other laws including criminal law and procedure, and foreign relations law. Since the last edition, Japanese law has undergone major reform all of which is reflected in the new text. In particular, the new edition covers the new company law and the Financial Products Trading Law, both of which have been completely overhauled. After the ‘lost decade’ following the collapse of the ‘bubble economy’ in 1990, Japan has gone through a major reform — deregulation or ‘regulatory reform’. Accordingly, major changes took place in almost every area of law. There was a large-scale ‘Justice System Reform’ which encompassed various changes in the court system, the introduction of lay assessors in the criminal procedure, a new law school system, etc. Company law, which was embodied in the Commercial Code, was completely overhauled under a different concept and became a separate law — the Company Law of 2005. Securities and Exchange Law was replaced by the Financial Instruments and Exchange Law in 2006. Even the Civil Code, which had remained more or less unchanged (except for family and succession) since the late 19th century, has gone through significant changes. Certainly there are many positive results coming out of these reforms, but also there have been some doubtful changes. Thee outcome of the reforms of the past decade is yet to be assessed. These changes and their impact are covered in this book.