Tokyo, Aug. 25 (Jiji Press)–Japan’s Financial Services Agency will set up a division dedicated to economic security, in order to beef up the country’s economic security system in the financial field, Jiji Press learned Wednesday.
Reflecting the globalization of financial markets, the agency hopes to prepare a framework to oversee transactions and establishment of systems by Japanese financial institutions from the viewpoint of economic security, informed sources said.
The FSA plans to include related expenses in its fiscal 2022 budget request.
It will also create an international securities inspection office to handle the globalization and digitalization of financial services, according to the sources.
Moreover, the FSA will establish a post in charge of promoting investments and loans to help resolve issues such as climate change, and strengthen its department tackling money laundering, following criticism that it is inadequate.
As part of its measures to handle the fallout from the novel coronavirus epidemic, the FSA will improve its program to send people from the private sector to help smaller companies in provincial areas.
The agency will set up a new office to back talent-matching efforts, to make it easier for experts from large companies and financial institutions to take part in regional economies’ revitalization efforts.