Japanese Banks are riding a wave of consolidation in the international financial industry as they strive to regain a competitive edge and overcome billions of dollars in bad loans made in the 1980s. Unfolding bank reforms and increasing foreign competition are shifting the rules of the games for Japanese banks, which must also deal with new Internet-led technological advances. On May 2, 2000, the Center on Japanese Economy and Business, Columbia University, and the Japan Society of New York, together with the support of the G7 Group, Inc., held a half-day international conference featuring leaders from both the private and public banking sectors in Japan and the United States. Drawing on the U.S. as well as the Japanese experience, discussions focused on business and policy aspects of bank consolidation, as well as the changing regulatory environment. The impact of the Big Bang, the rapid consolidation within the industry, the Internet, and the emergence of new competitors, including increased foreign competition, were explored by distinguished American and Japanese speakers. Excerpts of their presentations are presented below along with highlights of the intra-panel and audience discussions.
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