Foreign Currency deregulation

A store of imported clothes, inNagoya, prepares for foreign currency exchange transaction. On April 1, 1998, a law liberalizing foreign exchange transaction took effect, allowing open participation in the business and taking the nation a step toward pushing for the ""Big Bang"" deregulation of financial markets. The revised Foreign Exchange and Foreign Trade Control Law ended the monopoly of banks in foreign exchange, allowing other companies and individuals to buy and sell foreign currency freely.