The American Chamber of Commerce in Japan has urged Japanese political leaders to implement market-oriented solutions to resolve bad-loan problems and maintain momentum for economic reforms, ACCJ President Robert Grondine said Thursday.
The proposals were presented during the ACCJ's seventh annual Diet Doorknock earlier this week, when chamber members exchanged opinions with some 60 Diet members, including Cabinet ministers, he said.
The discussions covered such issues as nonperforming loans held by financial institutions and a financing scheme for small and midsize companies, reflecting a keener sense among political leaders of the economic crisis, he said.
The ACCJ called for greater transparency in administrative procedures by seeking public comment on proposed policies and by introducing a "no action" letter system.
Under this system, the government clarifies in written form its interpretation -- and therefore what action it will take -- of the law.
The ACCJ also called for rapid reform of the judicial system and the Commercial Code to promote investment and innovative business activities by both Japanese and foreign players.