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Japan reappoints Mori as top financial services regulator
July 4, 2017 / 5:33 AM / 5 months ago

Japan reappoints Mori as top financial services regulator

TOKYO, July 4 (Reuters) - Japan reappointed Nobuchika Mori, known for his sharp criticism of the financial services industry, as the country’s top financial regulator for a third consecutive term.

The government said on Tuesday it appointed Mori, a 60-year-old career bureaucrat, as commissioner for Financial Services Agency (FSA) for his third one-year term, which starts this month.

His re-appointment, which was widely expected, will likely mean a continuation of his reform agenda in the sector, which has sought to make financial services more customer-oriented and help improve the distribution of funds throughout the economy.

A rarity among Japanese bureaucrats, Mori has become a very visible face of the relatively low-profile agency after he pushed through a raft of changes to the financial industry.

In contrast to regulators in the U.S. and Europe, which have predominantly focused on managing and preventing financial crises, Japan’s regulator has sought to change the financial system to improve the flow of money from households and businesses into economy.

Under Mori, the FSA introduced a set of corporate governance measures to make the stock market more attractive to investors, such as boosting the number of external board directors to make Japanese corporate management more responsive to shareholders.

Mori has held the financial industry partly responsible for the vast amount of household money sitting idle in bank deposits and criticised investment professionals for not working in the best interest of their clients. (Additional reporting by Takahiko Wada; Editing by Sam Holmes)

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