Today, I would like to say a few words on the Bank of Japan’s views on policies related to financial market infrastructures (FMIs), including payment and settlement systems, in light of innovations in information technology that have brought about various innovations in payments. For every central bank, payment and settlement are its primary functions.
However, the issues involved are often complex and highly BIS Review 34/1998  ˝  -5-  political, and so far efforts to achieve “financial modernization” have been more piecemeal than I would desire. Nevertheless, deregulation has been a major force for change in the banking and financial services industries.