This Article discusses one financial product developed in the United States and expected to develop in Japan as a result of recent legislation adopted there. The Article examines the high degree of regulation of this new financial product under that legislation and concludes that such regulation, while common in Japan, will delay the full development of the market in Japan. This Article begins with a description of an important financial tool first developed in the United States, the securitization of financial assets. The Article next examines several aspects of the new Japanese legislation and reviews the provisions of that legislation. The Article concludes with brief comments from the Author.
Michael T. Kawachi, The New Law of Asset Securitization in Japan, 17 SEATTLE U. L. REV. 587 (1994).