TOKYO – Japanese Finance Minister Shunichi Suzuki said Tuesday he sees no problem with a warning by the ministry’s top bureaucrat against a “lavish spending” policy proposed by lawmakers, saying it only reflects his view on fiscal consolidation.   Suzuki defended Vice Finance Minister Koji Yano, who recently contributed an opinion piece to a monthly magazine in apparent criticism of new Prime….Read more

Cooperation between industries is deepening to strengthen money-laundering countermeasures. Financial institutions will utilize data obtained by power companies to track movements of bank account holders, and they will work together to develop a system that detects illegal transactions. The precious metals industry has implemented anti-fraud measures such as stricter processes for identifying sellers, with one major dealer halting purchases of….Read more

A far-reaching system to measure greenhouse gas emissions, one which will include small and mid-sized companies, will be launched in Japan. The Japanese government will create a model that enables financial institutions to easily measure emissions of their investment targets. This project is in line with those of other countries that enable financial institutions to know the gas emissions of….Read more

TOKYO — Banks around the world have significantly scaled back their bricks-and-mortar infrastructure, as the growing popularity of low-cost online banking forces a rethink of their business model.

The Financial Services Agency (FSA) announced on July 19 that it will launch a new group to discuss the status and risks of new financial services that use digital technologies, such as cryptoassets (cryptocurrency) and digital currency.   FSA established the “group on responses to digital and decentralized finance.” The first meeting of the group will be held on July….Read more

MITSURU OBE, Nikkei Asia chief business news correspondent   TOKYO — The Bank of Japan decided on Friday to extend its emergency programs to funnel funds to businesses by six months, through the end of March, as the central bank remains on alert for a possible COVID resurgence that could throw the nation’s economic recovery off track.   At issue….Read more

Tokyo, June 10 (Jiji Press)–A Japanese government panel will propose allowing banks and securities companies within the same group to share client information only when the clients are listed companies, Jiji Press learned Thursday.   The easing of the so-called firewall rules was included in a draft report drawn up by a working group of the Financial System Council, which….Read more

The Financial Services Agency (FSA) will formulate guidelines to encourage financial institutions to adopt climate change countermeasures. The sustainable finance expert panel met on May 28 and included the policy in its draft report. By encouraging financial institutions to make efforts to achieve a carbon-free economy, the FSA hopes to spread the CO2 reduction trend to corporations that receive loans.

Tokyo, April 22 (Jiji Press)–More and more online securities companies in Japan are scrapping commission fees on stock trading for young customers as part of efforts to encourage people in their 20s to start investing.   On Tuesday, industry leader SBI Securities Co. effectively abolished its commission fees on cash trading of domestic stocks for people aged between 20 and….Read more

Tokyo, April 14 (Jiji Press)–The Japanese Bankers Association is considering naming Sumitomo Mitsui Banking Corp. President Makoto Takashima as its next chairman, dropping its earlier plan to pass the post to Mizuho Financial Group Inc. <8411> President Tatsufumi Sakai, it has been learned.     Takashima is expected to assume the position in July, informed sources said. At its board meeting Thursday, the….Read more