According to reports, Japan plans to establish a new department dedicated to regulating the asset management and insurance industries

According to a report by Bloomberg, Japan's financial regulatory agency plans to establish a new department dedicated to overseeing the asset management and insurance industries as an important measure to promote industry reform. The document reveals that the new department aims to advance the government's policy direction of "making Japan a global asset management center" while also addressing issues of misconduct in the insurance industry. This proposal has been included in the Financial Services Agency's organizational and human resource planning for the next fiscal year, with an expected submission by the end of August.

A Financial Services Agency official stated that the agency continues to review plans to strengthen regulatory effectiveness to ensure that financial regulations meet user needs, but did not comment on the details.

This reform stems from the government's active push to make Japan an asset management center, while the financial industry is facing multiple scandals, including price monopolies among four major non-life insurance companies. Under the current structure, banks, securities companies, and insurance companies are all supervised by a single regulatory bureau