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Opalesque Exclusive: Japanese Parliament passes bill to create `reliable and vibrant markets`, Japan FSA reports 1,453 billion Yen subprime related losses at Japanese deposit-taking institutions As a follow up to the December 21, 2007 Plan for Strengthening the Competitiveness of Japan’s Financial and Capital Markets, the Japanese Parliament has passed the Bill for Amendment of the Financial Instruments and Exchange Act. The legislation aims to provide further opportunities for investment and fund-raising, diversify and ensure quality financial services, and create an environment of fair, transparent and reliable markets.

Approval of commodity ETFs and eased regulations As part of the strategy to increase opportunities for professional investors the bill includes legislation which will allow for the diversification of exchange-traded funds (ETFs) by introducing commodities futures ETFs. Additionally, firms with approval for managing trusts investing in commodity futures will have exclusion from the regulations concerning the commodities investment advisory business.

This focus on creating new, enticing investment opportunities is a reflection of the intense push being felt across Asia to entice global investors to various financial centers. Yoshimi Watanabe, Minister for Financial Services said that the country hopes to send “a clear message that strengthening the competitiveness of the financial and capital markets is regarded as one of ......................

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