The Diet enacted a law May 16 that ends the monopoly of banks in the foreign exchange business, allowing other companies and individuals to freely sell and buy foreign currencies and initiating the first of the "Big Bang" reforms.
The measure, to take effect next April, is intended to allow anyone to engage in the foreign exchange business. It all but completely liberalizes foreign currency settlements in place of yen settlements.
For example, convenience stores will be able to act as money changers, in effect allowing consumers to pay for goods with dollars or other foreign currencies.
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