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The Center for

Japanese Global

Investment and

Finance

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Current Business and Legal Issues in Japanfs Banking and Finance Industry

 

 

 

 

               By Mitsuru Misawa

 

The Preface

       As a finance professor of a US university, I have noticed not many books on Japan, especially books written by Japanese authors. I have 30 years of experience as an investment banker of Japan in Tokyo and New York. Over these years I have gained tremendous insight into both sides of Japan and the US issues of finance, law and business. My expertise in these three areas contributes to a very unique perspective as is shown in my book. Because I am from Japan, this book was written from an insiderfs perspective.

       Japanese corporate behavior and practice raise a number of issues for international businessmen, accountants and lawyers. In todayfs globally developed economy, it is important that Japanfs current law, system and way of thinking are easily and accurately comprehended by those in any foreign country whose structures differ from those in Japan.

       Japanfs economy is the second largest in the world but there are many things that they find difficult to understand. Their interest in the current Japanese law, market and economy is significant and increasingly prominent. My book on Japan is sure to spark their interest.

This book includes a number of citations as footnotes that show the readers how they may begin to collect vital information from Japan. The data here are pertinent to understand the Tokyo markets but are difficult for people outside the Tokyo markets to obtain.

       The book is based on ten articles on Japanese finance and law that have already been published in respected journals. For each chapter, I have included additional and introductory comments regarding Japanfs banking and finance industry. I would like to thank the journals for permitting me to use my articles, copy rights of which are held by them.

       Financial support from the Center for Japanese Global Investment and Finance at the University of Hawaii, is gratefully acknowledged. To know more about the Center, please see the Appendix of the book. I also greatly acknowledge the support and understanding of my family, which has helped me complete the book.

 

Contents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Published by

World Scientific Publishing Co. Pte. Ltd.

5 Toh Tuck Link, Singapore 596224

USA Office: 27 Warren Street, Suite 401-402, Hackensack, NJ 07601

UK Office: 57 Shelton Street, Covent Garden, London WC2H 9HE

 

ISBN  981-256-859-X

 

Bookfs Website: http://www.worldscibooks.com/eastasianstudies/6154.html

 

 

 

 

 

 

 

 

 

Preface

 

       vii

About the author

 

       xi

Chapter 1

Introduction

       1

Chapter 2

The Tokyo International Capital Market for Foreign Issuers and Required Disclosure

       19

Chapter 3

Japanfs Big Bank Reform

       65

Chapter 4

Banks and Bad Loans in Japan

       95

             Part One

Bad Loans: A Comparative Study of US and Japanese Regulations Concerning Loan Loss Reserves 

       95

             Part Two

Bank Directorfs Decisions on Bad Loans: A Comparative Study of US and Japanese Standards of Required Care  

      123

             Part Three

Case Study of the Long Term Credit Bank of Japan   

      153

Chapter 5

Disclosure Principle in Japan

      179

             Part One

A Comparative Study of US and Japanese Bank Directorsf Duty of Disclosure 

      179

             Part Two

Case of Seibu Group — Recent Problems on Japanese Corporate Disclosure System 

      205

Chapter 6

Sales Recognition in Japan and the US — Possibility of Adopting International Accounting Standards in Japan

      227

Chapter 7

The Japanese Issues and Perspective on the Convergence of International Accounting Standards 

      253

Chapter 8

Shareholdersf Action and Directorfs Responsibility in Japan 

      299

Chapter 9

A New Trend in Japanfs Security Regulations — Efficiency Test of US Laws in the Different Markets

      373

Chapter 10

M&A for Foreign Investments in Japan

      405

Appendix

The Center for Japanese Global Investment and Finance

      445

Index

 

      451