These practices relate to inadequate internal controls, non-transparent accounting standards, weaknesses in loan approval procedures, lax licensing provisions, insufficient capital adequacy requirements, and uncertain closure procedures, among others. Because these weaknesses are widespread, and because there was no internationally accepted standard of banking prudence, the Basle Committee on Banking Supervision promulgated last year a set of 25 “Core Principles” for banking supervision.
If you are not familiar with this notification, I strongly recommend you check this postcard. Japan has one of the most rapid rates of declining birthrate and aging population in the world.