A group of ruling coalition politicians is coming under fire from investors and accounting specialists for trying to suspend globally recognized corporate accounting rules as stock prices continue to tumble.
Experts have described the lawmakers' recent proposal as "a Band-Aid policy" for the sagging economy. Any backpedaling, they say, would further erode the credibility of Japanese corporations and trigger further stock market declines.
The Accounting Standards Board of Japan (ASBJ), an independent body that decides national corporate accounting rules, on Thursday will begin discussing whether its rules should be rewritten.