On the other hand, the direct impact on financial institutions central to Japan’s financial intermediation remained relatively small, compared with that on U.S. and European financial institutions, and the stability of the financial system as a whole was maintained. Three reasons can be pointed out.
I should note however, that the consultation process has dragged on for much longer than expected because of a certain reluctance of the industry to accept changes that have become standard in other jurisdictions. Clearly some sections of the industry have been intent on jealously protecting the status-quo, resisting change even when this has meant bringing us in line with international best practices.