Those measures include the establishment of the Financial Services Agency (FSA), the amendment of the Bank of Japan Act with a clear statement of its on-site examinations, and the formulation of a crisis management framework.
At present, on the basis of those, the FSA – which is legally authorized to conduct industry-wide supervision and inspections – and the Bank – which contributes to financial system stability, such as through the “lender of last resort” function – take the initiative in carrying out macroprudential policy.