An agency apart

The Financial Services Agency has more than its share of critics, thanks to controversial regulations and its handling of the banking crisis. A senior official at the agency talks about what lies ahead. By Ellen Leander


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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here