Change And Continuity In Japanese Regulation

Japan is currently undergoing many interesting changes, which the Japanese government trumpets as fundamental reform, but which some observers suspect will turn out to be superficial, part of a long sequence of changes which have been much less far-reaching than at first anticipated. This book provides a survey of the many changes currently in progress in Japan, including political reform, economic deregulation and liberalisation, and reforms to environmental policy, science and technology, education, and immigration policy. The essays in this volume explore the reform process in Japan overall, and provides a thorough overview of major current developments in Japan.

Henry Laurence traces financial market reform in Britain and Japan over the last two decades, charting the movement of the Anglo-Saxon and Japanese styles of capitalism toward a new, hybrid form of economic organization. He explains what these two stories reveal about changes in the nature of business-government relations in an age of convergence.The package of reforms known in Britain as the "Big Bang" and in Japan as "Biggu Bangu" decontrolled prices, liberalized the number and nature of financial instruments that could be traded, opened both countries' markets to foreigners, and introduced a much greater degree of competition than would have been believed possible twenty years earlier. At the same time, Britain and Japan have undertaken stringent measures to improve the transparency and fairness of their markets.Why did two countries with traditionally very different regulatory styles adopt such strikingly similar reforms, and why did these reforms result in a mixture of deregulation in some areas and tighter control in others? In explaining these apparent contradictions, Laurence invokes the powerful domestic political impact of international capital mobility.Money Rules challenges the view that bureaucracy is the most powerful actor in the policymaking process. Using extensive interviews with more than one hundred policymakers and financial professionals in both countries, the author rebuts conventional wisdom. He argues that the events in Britain and Japan demonstrate striking crossnational convergence of political and economic institutions.

This long-awaited new book from Cynthia Day Wallace picks up the thread of her best-selling Legal Control of the Multinational Enterprise: National Regulatory Techniques and the Prospects for International Controls. In the present work she applies herself to legal and pragmatic aspects of control surrounding MNE operations. The primary focus is on legal and administrative techniques and measures practised by host states to control – transparently or less so – foreign MNE activity within their territories, or even extraterritorially when effects are felt within national boundaries. The primary geographic focus is the six most investment-intensive industrialized states (namely,Canada, France, Germany, Japan, the United States and the United Kingdom). At the same time an important message of the present study is precisely the implication for the developing countries as well as for the emerging market economies of central and eastern Europe - and even Asian nations besides Japan, because it is the sharing of this very ‘experience of years’ that can best serve to facilitate a fuller participation on the part of the up-and-coming economies in the same global market place.

Financial regulation can fail when it is needed the most. The dynamics of asset price bubbles weaken financial regulation just as financial markets begin to overheat and the risk of crisis spikes. At the same time, the failure of financial regulations adds further fuel to a bubble. This book examines the interaction of bubbles and financial regulation. It explores the ways in which bubbles lead to the failure of financial regulation by outlining five dynamics, which it collectively labels the "Regulatory Instability Hypothesis." . The book concludes by outlining approaches to make financial regulation more resilient to these dynamics that undermine law.

This volume provides a perceptive background to modern Japanese culture. Ishida attempts a balanced evaluation of modern Japan, seeking to explain why the basic characteristics of Japanese society permit two almost opposite assessments. He divides the development of modern Japan into two stages: first, the period starting from the Meiji Restoration (1868) up to the end of World War II; second, from the defeat of Japan in World War II up to the present. Ishida investigates the essential features of the modern Japanese value system and the social structure, which comprise both traditional and modern elements. He examines how Japanese society has adapted Western influences to suit its own needs-the real "miracle" of modern Japan. As the Japanese economy grows and Japan becomes an economic superpower, political self-confidence is also emerging. Ishida, however, remains critical of Japanese society, because he feels that Japan lacked the internal resources to change the political system from within until its defeat by the Allies forced it to introduce various reforms ordered by the occupation authorities. Despite the rapid changes taking place in Japanese society, certain attitudes, such as conformity and competition, are common to both the prewar and postwar periods. The final section is devoted to the field of peace research. Ishida presents differences of meaning in the concepts of peace in ancient Hebrew, Greek, Roman, Chinese, and Indian cultures in order to characterize the Japanese concept of peace, which, akin to the Chinese, emphasizes harmony rather than justice. He goes on to discuss Japan's images of Gandhi, which, according to the author, were projections of ultranationalist prejudice and missed the significance of his nonviolent direct action. Ishida emphasizes the importance of such nonviolent action as a means to carry out social change toward the realization of justice.

In recent years, Japan's financial market has seen dramatic changes, in particular the explosive growth of currency trading and the increasing international role of the yen. This book gives a comprehensive overview of this activity. This work is the first non-Japanese language title to examine the prolific rise of Japan's foreign currency exchange market, its idiosyncracies, and its future role in the global economy. It is vital reading for economists and students of Japan-related subjects.