The Dynamics of Financial Market Reform in Japan, 1975–95

  • Jennifer Holt Dwyer
Part of the International Political Economy Series book series (IPES)


The seeds of financial market reform in Japan were sown in the 1970s. At that time virtually all interest rates were regulated or managed. Numerous measures restricted capital flows both into and out of Japan, as well as the domestic activities of foreign financial institutions. Myriad laws and regulatory practices defining the allowable business activities of specialised financial institutions produced an extremely compartmentalised financial market. Taken as a whole, the regulatory structure supported a domestic financial market with very limited price-based, cross-sectoral or international competition.


Financial Market Financial Institution Market Actor Liberal Democratic Party Interbank Market 
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  1. 20.
    T. Cargill and S. Royama (1988), The Transition of Finance in Japan and the United States (Stanford, CA: Stanford University Press), pp. 152–3.Google Scholar
  2. 22.
    F. Rosenbluth (1989) provides a detailed account of these negotiations in chapter 4 of Financial Politics in Contemporary Japan (Ithaca, NY: Cornell University Press).Google Scholar

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© Palgrave Macmillan, a division of Macmillan Publishers Limited 1997

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  • Jennifer Holt Dwyer

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