Among a number of monetary policy measures taken by the Bank of Japan, an important restrictive measure has been its direct control over the volume of lendings by a group of financial institutions centering around city banks. This is what is known as the "window guidance" [umadoguchi shido/u] or...

The capital market, the stock market in particular, not only gives investors the opportunity to distribute the burden of risk, it is also expected to add the function of control to business management. In other words, the evaluation of investors that is unveiled in the capital market regarding...