The Financial Services Agency announced a new two-year plan Friday underlining the nation's need for a legal framework that will allow the country's banks, brokerages and insurers to form financial conglomerates capable of competing on a global level.
The main purpose of the plan is to shift the sector's focus from emergency stabilization of the financial system to the promotion of cross-sector alliances that will allow Japan to compete with powerful overseas rivals, including U.S.-based Citigroup, the world's biggest financial services conglomerate, while protecting customers.
"The level of Japan's personal assets is the highest in the world," Financial Services Minister Tatsuya Ito said. "But the quality of financial services and products still needs to be improved."