Perhaps no regulatory organisation has courted more controversy than Japan’s Financial Services Agency (FSA). Formed initially in June 1998, the FSA has earned a fearsome reputation among Tokyo’s international investment banks, which are often publicly humiliated by the agency for a range of violations. In contrast, the agency has been less than ferocious over the past 12 months when it came to reforming Japan’s own banks. Indeed, the head of the FSA, Hakuo Yanagisawa, was sacked in early Oc
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