Opinion remains sharply divided over the choice between a big-bang approach or shock therapy and a cautious or gradualist strategy. On balance, it appears, the reforms need to be introduced more as a process than as a short-lived event while the process moves fast enough to produce reasonable results without running the risk of disruption in the short run.
On the basis of its December proposal and the comments and suggestions received, the Bank released on April 1, 1997 a framework for abolishing designated-time settlement and making RTGS the only settlement mode in the BOJ-NET funds transfer system. BIS Review 78/1997