Evolving supervisory and regulatory approaches of Japan in the post-crisis era

The appropriate institutional structure of financial supervision has been the subject of debate with many countries taking action to establish the appropriate structure in the past two decades. This has been accompanied by greater harmonization of financial supervision since the Basel Committee of Banking Supervision first agreed the ‘Concordat’ in 1975. Common understanding of how to best carry out supervision and greater recognition of the benefits of harmonized rules for the financial system have also led to discussions on the appropriate institutional structure for financial supervision taking into consideration their increasingly similar objectives and functions.