[talk] How to Reconstruct the Big Bang

Atsushi Saito: chairman of Sumitomo Life Investment

Atsushi Saito is chairman of Sumitomo Life Investment. His published works include Kabuto-cho kara Wall Gai e ' Ase to Namida no Globalization (From Kabuto-cho to Wall Street ' Painful Globalization Efforts) and Yume wo Takusu (Have Dreams). Saito graduated from the Commercial Science Department of Keio University in 1963.

Sumio Sano: Advisor and Supervising Officer for Corporate Environmental Affairs at Sony Corp.

Sumio Sano became advisor and supervising officer for corporate environmental affairs at Sony Corp. in 2002, after serving as managing director at Sony and chief executive officer of Sony Precision Technology. He is also a member of the committee for assessment of independent administrative agencies and the policy assessment committee at the Ministry of Environment. He graduated from the Law Department of Waseda University in 1961.

Kiyoshi Tsugawa: Chairman of Lehman Brothers Japan

Kiyoshi Tsugawa is currently the chairman of Lehman Brothers Japan. He started his business career with Bank of Tokyo. After serving as director and general manager of the Capital Market Division No.1 at the Bank of Tokyo and then president and chairman of S.G. Warburg(Japan)(1987-1995), he assumed the present position In 1995. He Is a graduate of the Law Department of University of Tokyo.

Michio Matsui: President, Chief Executive Officer, Matsui Securities Co.

Michio Matsui has been since 1995. He has authored O Yannasaiyo demo Tsumannnaiyo (Do It, but It Won't Be Interesting). Mr. Matsui graduated from the Economics Department of Hitotsubashi University in 1976.

Japan's Big Bang financial deregulation ended without sufficient achievements in fiscal 2001. Why have expectations changed into disappointments? Four securities market stakeholders-Matsui Securities President Michio Matsui, Sumitomo Life Investment Chairman Atsushi Saito, Lehman Brothers Japan Chairman Kiyoshi Tsugawa and Sony Advisor Sumio Sano have discussed what are required to reconstruct the Big Bang. Their common view is that "the Big Bang has failed to achieve most of its initial goals and the securities market is still illiquid and inactive " One said, "Japan's capital market is truly going to die."
On reasons for the failure, Matsui and Tsugawa say, "Japan had neither ideas on free, fair and global trading nor visions or policy guidance to implement a fundamental shift from indirect finance to direct finance." Saito says, "While fundamental reforms have made progress on the securities market, the private sector has failed to take action." Sano says, "The Big Bang has emerged from ideas of the financial industry and failed to give considerations to customers."

In order to make a breakthrough in the current situation, the four say, "Japan should return to the starting point of the Big Bang, confirm its goals and implement it again." They also say: "It is important for the industry to develop customer-oriented rules and monitoring systems in order to restore customers' confidence. Unless private sector players take decisive actions as the responsible participants of the capital market, however, the situation will never change.