THIS survey has argued that, for a variety of reasons, Japan's
financial system is hopeless at allocating money. The root of
the problem is the dominance of the country's banks. Investors
have few other sensible investment options, so they keep their
money on deposit. But if offered the right incentives, they are
quite prepared to shoulder more risk. And because of Japan's
mature economy and an ageing population, it is imperative that
their savings do generate decent returns. Increased competition
will give them far more opportunities to get them. That is the
point of Big Bang. But what will happen when savers start to put
their money where the risk-adjusted returns are greatest?  Make
an assumption, not too heroic, that investors will move their
money more quickly than firms can alter their behaviour. From
next April the Foreign Exchange and Foreign Trade Control Act
will be largely consigned to history. One of its effects has
been to make it difficult for Japanese investors to transact
business overseas bec