Press Conference by ASO Taro, Deputy Prime Minister, Minister of Finance, and Minister of State for Financial Services

(Excerpt)

(Friday, March 5, 2021, 8:42 am to 8:48 am)

[Opening remarks:]

The “Bill to Partially Amend the Banking Act, etc.” was approved by the Cabinet today. Aimed at strengthening financial functions and ensuring stabilization, this bill first makes it possible to add operations that contribute to digitalization and regional revitalization, which will be important in a post-coronavirus era, to the operations of financial institutions. Second, it creates a notification system for the foreign asset management firms or investment trusts that will be, or that are considering, setting up business locations in Japan. Third, the bill sets out measures that, for example, create a system allowing the Deposit Insurance Corporation of Japan to provide funding to regional banks and other institutions undertaking mergers or management consolidation. We hope the Diet will begin deliberations on this bill as soon as possible.