· Reconstruction of Functions of Financial Intermediaries in Japan Yasuyuki Fuchita · Financial Reconstruction and Normalization Laws Shinichi Iimura · The Deregulation of Off-Exchange Trading in Japan Sadakazu Osaki · Environments for Stock Buybacks in Japan Motomi Hashimoto · Enactment of the Servicer Law Shinichi Iimura · Major Changes in the Stock Market and the Response of Asset Management Firms Yasuyuki Fuchita · Liquidity Enhancement and Securitization of Loan Assets and Disposition of Bad Loans Shinichi Iimura · Upsurge in Alliances and Mergers among the Financial Institutions Hiromi Hayashi / Yasuyuki Fuchita · Lifting of Ban on Sales of Investment Trusts by Japanese Banks Hiromi Hayashi