Appendix A : Chronology of financial deregulation in Japan
(from Tatewaki, Banking and Finance in Japan, pp. 204-205)
Date Event
Dec, 1970 First samurai bond issued by Asian Development Bank.
Mar, 1979 Sears Roebuck issued unsecured straight bonds in Tokyo.
May, 1979 Negotiable CDs are introduced.
Dec, 1980 Revised Foreign Exchange and Foreign Trade Control Law enforced.
Apr, 1982 New Banking Law enforced.
Apr, 1983 Banks begin to distribute public bonds.
Jun, 1983 Short-term Euroyen loans to non-residents permitted.
Aug, 1983 Banks begin to close business on second Saturday every month.
Apr, 1984 Purchase of foreign CDs and CPs permitted for residents.
Apr, 1984 Foreign exchange forward contracts without actual demand are allowed.
Apr, 1984 Medium-term loans to non-residents are deregulated.
Apr, 1984 Foreign banks are allowed to join the Government Bond Underwriting Syndicate.
May, 1984 Report of Japan-US Yen-Dollar Committee released.
Jun, 1984 Regulation of conversion of foreign currency into yen is liberalized.
Jun, 1984 Short-term Euroyen loans to residents are deregulated.
Jun, 1984 Banks start dealing in public bonds.
Dec, 1984 Overseas branches of Japanese banks and foreign banks are allowed to issue six-month Euroyen CDs.
Dec, 1984 Non-residents are allowed to float Euroyen bonds.
Feb, 1985 Foreign exchange brokers are allowed to engage in international broking.
Mar, 1985 MMCs are introduced.
Mar, 1985 Medium-term and long-term Euroyen loans to non-residents are deregulated.
Apr, 1985 Residents are allowed to float Euroyen convertible bonds.
Jun, 1985 Yen-denominated BA market is established.
Jul, 1985 Banks are allowed to issue foreign currency denominated bonds in overseas markets.
Jul, 1985 Uncollateralized call transactions are introduced.
Aug, 1985 First shogun bond issued by World Bank.
Oct, 1985 Bond futures market established.
Oct, 1985 Interest rates on non-negotiable large-sum time deposits are deregulated.
Oct, 1985 Foreign banks are allowed to establish trust subsidiaries in Japan.
Nov, 1985 Residents are allowed to float Euroyen straight bonds.
Dec, 1985 Less than 50 percent affiliates of foreign banks establish Tokyo branches for securities business.
Feb, 1986 Government issues TBs in discount form.
Feb, 1986 Six foreign securities firms obtain regular membership at Tokyo Stock Exchange.
Jun, 1986 Foreign banks are allowed to issue Euroyen bonds.
Aug, 1986 Banks close business on third Saturday every month.
Oct, 1986 Government begins to offer super long-term (20 year) government bonds.
Nov, 1986 Investment Advisory Law is enforced.
Dec, 1986 Japan Offshore Market is established.
Feb, 1987 Overseas branches of Japanese banks are allowed to underwrite foreign CPs.
Apr, 1987 Banks are allowed to issue convertible bonds in the domestic market.
May, 1987 Banks, securities firms, and insurance companies are allowed to trade in overseas financial futures.
Jun, 1987 Osaka Stock Exchange begins to trade "Osaka Stock Futures 50"
Sep, 1987 Auction for super long-term government bonds is implemented.
Nov, 1987 Auction for long-term government bonds is partially implemented.
Nov, 1987 Domestic CP market is established.
Nov, 1987 Foreign firms are allowed to issue Euroyen CPs.
Jan, 1988 Foreign firms are allowed to issue domestic CPs (samurai CPs).
Apr, 1988 Maximum term of Euroyen CDs is extended to two years.
Sep, 1988 Stock index futures is started (TOPIX and NIKKEI-225).
Dec, 1988 MoF sets new capital to assets ratio in response to BIS accord.
Jan, 1989 City banks introduce new formula for prime lending rate.
Feb, 1989 Fifty-two mutual banks are converted into commercial banks.
Feb, 1989 Banks close business every Saturday.
Apr, 1989 Bond option trading is started.
May, 1989 Medium- and long-term Euroyen loans to residents allowed.
Jun, 1989 Super MMCs are introduced.
Jun, 1989 Tokyo Financial Future Exchange is established.
Jul, 1989 Overseas deposits by residents are deregulated.
Dec, 1989 US Treasury bond market is established.