A group of experts called on financial firms Wednesday to disclose their self-imposed business rules, saying they may serve as barriers to prospective financial-sector entrants.
The Council for Financial Innovation said it will submit the proposal to the Financial Services Agency.
According to the council, domestic banks, insurance firms and brokerages conduct their business in accordance with rules drawn up by their respective industry bodies.
For example, the holidays and business hours pursued by brokerages are regulated by the Japan Securities Dealers Association.
According to the council, these rules should be made public as there are an increasing number of firms in other sectors, along with foreign companies, expected to launch financial services in Japan.
The council was set up in 2000 by former financial regulators and financial experts in an effort to improve the financial system and enhance the transparency of the nation's financial markets.
Its members include economists and university professors.