· Reaffirmation and Reinforcement of Shanghai's Future as an International Financial Center Eiichi Sekine · Tightening Financial Regulation While Loosening Monetary Policy: A Risky Policy Mix Yasuyuki Fuchita · The Rapid Growth of Open Architecture in the Japanese Investment Trust Industry Takahiro Hattori · Impact of Changes in Best-Selling Investment Trusts on Sales Commission: Asset Class-Based Analysis Takahiro Hattori