Japan

Financial Services Agency (FSA): responsible for economic policy planning and supervision and inspection of financial institutions. The FSA, previously named Financial Supervisory Agency was established on July 1, 2000 as a result of the integration of the Financial Supervisory Agency and the Financial System Planning Bureau of MOF.

Securities and Exchange Surveillance Commission (SESC): supervises exchange activities. The exchanges are governed by the Securities and Exchange Law, although there is a strong reliance on self-regulation. Functions include compliance inspections on securities houses, stock exchanges or financial futures brokers to observe codes of conduct for fair trading; daily market surveillance; and the investigation of securities crimes including insider trading, market manipulation and falsified financial statements.

Bank of Japan (BOJ): pursues price stability to maintain an economic environment in which there is neither inflation nor deflation. Other operations include the issuance of banknotes; the conduct of monetary policy; providing settlement services and ensuring the stability of the financial system.

Ministry of Finance (MOF): the central government arm responsible for the provision of the budget bill, the issuance of financial policies, the management of tax income and the management of governed property