News Briefs

Japan and the IMF

NEWS BRIEF No. 96/13
November 14, 1996
International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA

IMF Managing Director Endorses Japan's Financial Market Reform Plans

The Managing Director of the International Monetary Fund (IMF), Michel Camdessus, issued the following statement today:

"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."


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