Japan

While a series of exemptions for foreign financial institutions have been granted, the new requirements only allow 30 days for full implementation on 7 June.

The proposal includes scrapping a requirement for bank holding companies to obtain FSA approval to acquire more than 15% of nonfinancial companies.

While the Associations welcome the legal approach taken, they highlight that the draft equivalence decision excludes the widely referenced Nikkei and JPX benchmarks.

The certifications took effect from 1 May, the same day the FSA said it would start enforcing new laws on crypto assets.

The BOJ has removed its bond-buying cap, more than doubled its limit on corporate debt purchases, and expanded the collateral banks can pledge to include household debt.

The BOJ has identified three main risks to the stability of the Japanese financial system - rising credit costs, investment losses and foreign currency funding risks.

Japan's FSA has extended the submission deadline for corporate securities reports to the end of September, while companies are being encouraged postpone annual shareholder meetings or hold them virtually.

Changes to two pieces of legislation will ensure better investor protection, and bring custodians, ICOs, STOs and crypto derivatives under the FSA's remit.

The FSA will convene a joint council of key industry bodies to agree on easier write-down rules, while the government prepares an aid package for large corporates.

About 57% of Japanese banks say TIBOR should be used, while about 70% of companies prefer to use forward-looking term rates based on TONAR.