· Some Reflections on Proposals for Reinvigorating Japan's Securities Markets Yasuyuki Fuchita · Japan's New Regulations Governing Proprietary Trading Systems Sadakazu Osaki · The Composition of Personal Financial Assets in the Wake of Japan's "Big Bang" Masanobu Iwatani · Japanese Life Insurers' Results for the First Half of Fiscal 2000 Haruhiko Urushibata