This book, first published in 1994, takes a broad look at the reasons behind the failure of foreign banks to penetrate Japanese financial markets. It accepts the common argument that the Japanese bureaucracy has skilfully limited the scope of foreign banks and discusses at length the methods used to do so. However, in examining the history of foreign banking activity in Japan, it becomes clear that ineptitude on the part of the foreign banks and governments has also been a major factor.
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 Foregone 13. Shared Responsibility