As you know, on December 10, 2013, the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission (collectively, the agencies) approved a common final rule that was developed jointly to implement section 619 of the DoddFrank Act.1 This final rule applies the statutory provisions to insured depository institutions; companies that control an insured depository institution; and foreign banks with a branch, agency, or subsidiary bank in the United States, as well as to affiliates of these entities, such as broker-dealers and commodity pool operators.
That said, given the significant economic downturn, Japan’s economy is likely to remain in a severe situation for the time being. Thereafter, as the impact of COVID-19 wanes globally in the second half of the year, Japan’s economy is likely to improve, mainly on the back of pent-up demand and the effects of macroeconomic measures.