News Brief: IMF Managing Director Endorses Japan's Financial Market Reform Plans
November 14, 1996
"Japan's new government has unveiled plans for far-reaching reforms of its financial markets. The reforms, which are based upon three principles--Free, Fair, and Global--will promote competition among foreign and domestic financial institutions in all sectors."
"I fully endorse this plan to undertake wide-ranging reforms in Japan's financial
markets. Injecting new vigor into this sector will play a key role in ensuring the
dynamic growth of the Japanese economy in the years ahead. The reforms will
sustain the process of making Japan's economy more open, transparent, and
dynamic, which will bring undoubted benefits to both Japan and the rest of the
world. I look forward to a successful completion of the government's program."