01/08/1998

Revision of the Foreign Exchange Law and the Possibility of Capital Outflow

Fumio Nakakubo 

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Introduction

Amid growing concern over the hollowing out of Japan's financial markets， the revised Foreign Exchange and Foreign Trade Law came into effect this April as the first major step of the Japanese "Big Bang." The revised law， which drops the word "control" from the name of the previous law， deregulates domestic and foreign capital transactions and foreign exchange operations， making them free in principle.

In this paper， we examine the revisions in the new law， their impact on individuals and corpora-tions， and the possibility of capital outflow.

Fumio Nakakubo

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