Today's start of the new fiscal year also ushers in a new era for the nation's financial sector as some key measures that form the backbone of the "Big Bang" financial system deregulation take effect.
Beginning April 1, restrictions on foreign exchange transactions will be eased, a system of prompt corrective action will be introduced for banks with low capital adequacy and the Bank of Japan will gain some autonomy.
The new BOJ Law, which takes effect April 1, includes its first changes in 56 years and clarifies the role of the bank's Policy Board as its highest decision-making body. In addition, brokerage commissions on securities transactions exceeding 50 million yen will be liberalized.