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TOKYO -- The U.S. and Japan have reached an agreement on increasing foreign access to Japan's financial services market.
Finance Minister Masayoshi Takemura said Tuesday that the agreement would have great significance for Japan-U.S. relations as well as international financial market liberalization.
The statement did not contain further details, but a source at the American Chamber of Commerce in Japan said the accord would open half of Japan's pension fund market to both domestic and foreign investment advisory companies. Investment advisory companies currently have access to roughly 6 percent of the Japanese pension fund market and the share of foreign-run investment advisers is only 1 percent.
An official announcement is expected when Prime Minister Murayama meets President Clinton this week.
Japan Agrees U.S. Access
11 January 1995
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