It is widely asserted, outside Japan, that the failure of foreign banks to penetrate Japanese financial markets is the direct result of stringent Japanese protectionist policies. However, although there may be some truth in this, it is a one-dimensional argument. Opening Japan's Financial Markets takes a broader view. It accepts that the Japanese bureaucracy have skillfully limited the scope of foreign banks. However, in examining the history of foreign banking activity in Japan, it becomes clear that ineptitude on the part of foreign banks and governments has also been a major factor.

Brown Jr., J. Robert

Foreword, Acknowledgments, 1. A QUESTION OF BALANCE, 2. ENTRY AND OCCUPATION, 3. BEHIND THE SHOJI CURTAIN, 4. FOREIGN PENETRATION IN THE 1970s, 5. BREAKDOWN OF CONSENSUS: REFORM OF THE JAPANESE FINANCIAL MARKETS, 6. THE YEN/DOLLAR ACCORD, 7. REFORM AND FOREIGN PRESSURE, 8. TREASURY VERSUS UNITED STATES TRADE REPRESENTATIVE, 9. BREAKING THE LOG JAM: THE REFORM PROCESS AND THE MINISTRY OF FINANCE, 10. PUSHING AGAINST THE ENVELOPE: CITIBANK IN JAPAN, 11. THE OPPORTUNITIES, 12. THE OPPORTUNITIES FORGONE, 13. SHARED RESPONSIBILITY, Notes, Interviews, Bibliography, Index