The main steps taken leading up to the Big Bang

o November 11, 1996
The Minister of Finance, Mr. Mitsuzuka and the Minister of Justice, Mr. Matsuura are issued directions by Prime Minister, Hashimoto to engage, with all available power, the "financial system reform" as one of the most important cabinet reform issues.

o November 15, 1996
The Minister of Finance, Mitsuzuka requests the chairmen of five councils; the Securities and Exchange Council, the Business Accounting Council, the Committee on Financial Systems Research, the Insurance Council and the Foreign Exchange Council, to, as rapidly as possible, implement and complete the financial system reform, by the year 2001. Based on the request by the Minister of Finance, examination of the proposal is begun by all councils.

o November 29, 1996
The General Committee of the Securities Exchange Council acknowledges and presents 'Summary of Discussions' which summarizes the preceding discussions.

o December 19, 1996
The Special Subcommittee for Legislative Study, rounds up the discussions concerning the amendment of the Foreign Exchange and Foreign Trade Control Law, and reports this to the Committee on Foreign Exchange and Other transactions.

o December 26, 1996
The Committee on Financial Systems Research presents "an arranged compilation of the preceding discussions of the Financial Faculties Vitalization Committee and items that deem investigation in the future" at the Financial Faculties Vitalization Committee.

o January 16, 1997
As a front runner of the reformation, the Committee on Foreign Exchange and Other transactions submits "the amendment of the Foreign Exchange and Foreign Trade Control Law".

o January 30, 1997
The "financial systems reformation affiliation conference" is established, and the first meeting is held.

o February 7, 1997
The Business Accounting Council presents "review of the consolidated accounting system" (open draft).

o March 4, 1997
A cabinet decided amendment proposal, the "Foreign Exchange and Foreign Trade Control Law" is submitted to the Diet.

o March 21, 1997
The second meeting of the "Financial Systems Reformation Affiliation Conference" is held.

o March 28, 1997
A cabinet decided "Further Revisions to the Deregulation Action Program" that incorporates the deregulation measures in a wide range of fields which includes financial services, securities and insurance.

o March 28, 1997
It is announced that the "law, which can also be known as the market vitalization special law" with raising of the infrastructure to the global norms and vitalizing the market as its goal, will be enacted.

o March 31, 1997
Due to the advancement of bad debt management, the "overall policy on the fluidization of secured real estates, etc." is settled upon.

[About the financial system reformation (The Japanese version of the Big Bang)]