Liberalization of Japan's Financial Markets Is the Result of Internal and Foreign Forces

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Liberalization of Japan's Financial Markets Is the Result of Internal and Foreign Forces

The direction and future of Japan's financial liberalization and further currency internationalization became clearer recently with publication of two important reports.

One, by the Working Committee of the Joint Japan-U.S. Ad Hoc Group on Yen/Dollar Exchange Rate, Financial and Capital Market Issue, was submitted to the Japanese Financial Minister and U.S. Secretary of the Treasury toward the end of May. The other, entitled "The Present Situation and the Outlook Regarding the Financial Liberalization and the Internationalization of the Yen,' was issued by the Japanese Ministry of Finance.

These provide valuable definition of these important issues for all concerned. For over six months since November 1983, U.S. and Japanese members of the Joint …