Japan’s Financial Services Agency (FSA) released its financial administrative policy for the fiscal year 2023 on August 29, outlining key areas of focus. The policy aims to ensure that Japan’s economic activities and public life remain stable amidst changing socio-economic conditions and are geared towards future growth.
The agency is also committed to creating a financial system that balances economic growth with the resolution of various social challenges, including climate change and digital transformation. To achieve this, the FSA will implement in-depth monitoring to ensure that financial institutions maintain their integrity while adhering to laws and regulations and focusing on customer-centric operations.
Additionally, the FSA plans to continually evolve its financial administration by enhancing data utilization, strengthening policy communication both domestically and internationally, and improving the skills and qualities of its staff. The agency emphasizes the importance of “in-depth monitoring” to ensure that financial institutions not only comply with laws and regulations but also operate in a manner that is customer-centric.
One of the standout points in the policy is the FSA’s commitment to addressing issues related to climate change and the advancement of digitalization. The FSA’s financial administrative policy for 2023 reflects a balanced approach to economic growth and social challenges, aiming to stabilize Japan’s economic activities and public life, build a problem-solving financial system, ensure the stability and trust of the financial system, and continually evolve financial administration.
The official announcement was made on the FSA’s website on August 29, 2023. This article is based on the official announcement by the Financial Services Agency (FSA) and aims to provide an unbiased, third-party perspective.
