Analysis of the financial system of Japan
DOI:
https://doi.org/10.47451/tss2023-11-04Keywords:
Japan, Japan’s financial system, international financial relations, financial regulators, financial crisesAbstract
Japan is a unitary state with a constitutional monarchy. The emperor is a symbol of the state, but his activities are performed in coordination with the parliament. Japan is a unitary state that consists of 47 prefectures. Many researchers also highlight the democratic and national features of the Land of the Rising Sun. At the present time, Japan is a highly developed country of technological progress and innovation. Japan’s rapid growth after World War II is due not only to its technical innovations, but also to the complex interaction of technology and technology, economic, and socio-political factors. The majority of public investments were directed to the development of industrial infrastructure, and only a small part of them was directed to the social sphere. New construction and modernisation of production capacity contributed to GDP growth. The relevance and problematics of the study is due to the emerging controversial issues in legal science. The study subject was the norms governing the relations developing in financial activity, as well as the theoretical developments of scientists on this issue. The study object was legal relations arising in financial activity in Japan and in international financial relations with the participation of the named country. The study’s purpose was to identify the main components of the Japanese financial system, the relationship between them, and the legal regulation of financial activity in this country. The methodological basis is the dialectical method, as a general scientific method of cognition, and separate private scientific methods: logical, formal-legal, comparative-legal, and historical-legal. This study contains the main theoretical provisions, reasoned on the basis of Japanese legislation and scientific literature, arguments, and conclusions that can be applied in practice. The author concludes that the financial crises of 1998 and 2008 forced the Japanese government to switch to strict regulation of the country’s financial system. In Japan, the concept of an integrated approach to the regulation of the financial system was retained. In 2014, a special mechanism for managing financial crises was created in Japan. The peculiarity of Japan’s financial model is the relationship between public financing and significant private capital in the implementation of national programs. Interaction and interpenetration of state and corporate financial planning contribute to coordinated economic development and ensuring the stability of the economic system.
Downloads
References
Balashev, N. B., & Belova, N. G. (2019). On the issue of comparative analysis of financial systems and budgets of Russia and Japan. Economic Sciences, 4(2), 129-137. (In Russ.)
Deposit Insurance Act dated 1971.
Drysdale, P., & Gower, L. (1999). The Japanese economy. Part 2. Volume V. Capital markets. Routledge London and New York.
Ermakova, E. P. (2018). Legal regulation of the financial system of Japan. Gaps in Russian Legislation, 3, 172-175. (In Russ.)
Frolova, E. E. (2018). Japan’s financial system: legal regulation of disputes between suppliers and consumers of financial services. MIR (Modernization. Innovation. Research), 9(1), 67-73. (In Russ.)
Gorchakova, M. E. (2020). Monetary policy of the Bank of Japan in the context of the global crisis. Asia-Pacific Region: Economics, Politics, Law, 30-38. (In Russ.)
Karpov, K. A. (2017). Legal regulation of the Japanese banking system. Actual Problems of Russian Law, 1(74), 209-214. (In Russ.)
Karpov, K. A. (2019). Legal foundations of the financial system of Japan. Moscow. (In Russ.)
On Banks. Law No. 59 dated 1981.
On Certified Public Accountants. Law No. 99 dated 2007.
On Deposit Insurance. Law No. 34 dated 1971.
On Electronic Registration of Monetary Claims. Law No. 102 dated 2007.
On Investment Banking. Law No. 25 dated 1948.
On Insurance Activities. Law No. 105 dated June 7, 1995.
On Securities and Stock Exchanges. Law No. 25 dated April 13, 1948.
Pashikhina, E. V., & Tyurina, Yu. G. (2021). The possibility of applying Japan’s experience in organising the budget process in the practice of the Russian Federation. REiU, 1(65), 3. (In Russ.)
Rusakova, E. P. (2017). Alternative settlement of financial disputes in Japan. Comparative Legal Aspects of Legal Relations of Civil Turnover in the Modern World. Collection of Articles of the International Scientific and Practical Conference in Memory of prof. V.K. Puchinsky (2017, October 13), 69-77. Moscow. (In Russ.)
The Japanese Finance System. (2012, March 8). Embassies Asia. http://www.embjapan.org/the-japanese-finance-system/
Published
Issue
Section
License
Copyright (c) 2025 Tuculart Student Scientific
This work is licensed under a Creative Commons Attribution 4.0 International License.
The “Tuculart Student Scientific” is an open access journal. Articles are available free of charge as PDF files on the website of the European Institute for Innovation Development. PDF files can be previewed with Acrobat Reader from www.adobe.com.
All articles of the “Tuculart Student Scientific” are published under a Creative Commons Attribution 4.0 Generic (CC BY 4.0) International license.
According to the Creative Commons Attribution 4.0 Generic (CC BY 4.0) International license, the users are free to Share — copy and redistribute the material in any medium or format for any purpose, even commercially (the licensor cannot revoke these freedoms as long as you follow the license terms).
Under the following terms:
- Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
