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The fifth annual Japan-U.S. Symposium was held at Airlie Center in Warrenton, Virginia, following a tumultuous summer for both the U.S. and Japanese financial systems. The Japanese financial system remained mired in economic stagnation, goods and asset price deflation, increasing non-performing loans (NPLs), and high bankruptcies. The U.S. financial system, meanwhile, was experiencing economic slowdown, falling equity prices, and the fallout from a series of high-profile accounting scandals that reduced global confidence in the quality of U.S. financial disclosure and corporate governance. On the policy side as well, both financial systems had seen well-publicized initiatives, including the passage of Sarbanes-Oxley in the United States and a Bank of Japan proposal to purchase excess equities from Japanese banks. The specific problems in both economies were potentially exacerbated by slower growth, and possible prospects of deflation, worldwide. As in previous Symposia, questions of Japanese banking reform and corporate restructuring dominated much of the discussion. Participants raised a number of questions about ...more...
• Accounting Reforms and Auditor Independence
• Information Flow to Capital Markets
• Regulatory Reform in Japan
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