December 11, 2007
Financial Services Agency

Publication of the first report of the Financial Markets Strategy Team

On November 30, 2007, the Financial Markets Strategy Team published its first report.

The Financial Markets Strategy Team is an advisory group to discuss Japan's financial strategy, which was established on September 19, 2007, by Mr. Yoshimi Watanabe, Minister for Financial Services. Most of its members are practitioners in Japan's financial industry. The team held ten sessions since its establishment to discuss issues related to the market turmoil triggered by the problem of subprime mortgages in the United States.

In this report, the team analizes the background of the subprime mortgage problem, its developments and associated policy issues. It also puts forth suggestions on the way forward to normalize market situation from a global perspective and on the measures that need to be taken in Japan.

Attachment 1	:	Presentation material summarizing the first report of the Financial Markets Strategy Team (PDF:59KB)
Attachment 2	:	Financial Markets Strategy Team First Report (PDF:185KB)
Reference	:	Exposures of Japanese deposit-taking institutions to subprime-related products