ABSTRACT
Powerful ministry The MOF is one of the most powerful departments of the Japanese government and is central to the functioning of Japan's financial system and the establishment of financial policy. The MOF also monitors and controls activities of all financial institutions in the private and public sectors. Actually, regular audits on all banks, securities firms, and insurance companies, both domestic and foreign, are carried out in conformity with statutory laws. The MOF also exerts considerable unofficial guidance' in directing the activities of all participants in the financial system in Japan.
