Banking Policy in Japan by Tsutsui William M.;

Author:Tsutsui, William M.;
Language: eng
Format: epub
Tags: Economics, Finance, Business & Industry
Publisher: Taylor & Francis Group
Published: 2010-09-07T00:00:00+00:00

Edwards and his associates, however, viewed the zaibatsu organisations, and not the militarist administration, as being fundamentally responsible for Japan’s ‘undemocratic’ economic development. Thus, evidence of government favouritism toward the combine banks was used by Edwards to show that the Ministry of Finance was a tool of zaibatsu interests. Legal reform of banking was therefore considered far less important than breaking the zaibatsu organisations and purging their supporters from positions of responsibility. Indeed, in its final recommendations, the Edwards Mission did not call for major reforms of banking laws or government regulation, only offering the suggestions that

The discretion which the laws now entrust to the Minister of Finance should be greatly reduced. Bank examinations should take place at least every two years… All vestiges of private ownership of the Bank of Japan should be eliminated.10

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