Yamaichi Collapse Marks 'Cultural Change' In Japan

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THE failure of Japanese regulatory authorities to bail out Yamaichi Securities signals a new tougher attitude towards bank regulation in Japan, according to risk management experts contacted by RMO.

"This marks a major cultural change," says Maarten Nederlof, a senior vice president of New York-based Capital Markets Risk Advisors. This view is echoed by sources in the Japanese financial markets -- one source says the decision to let Yamaichi go under "marks a milestone" in Japan's regulatory

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