Takeo Kosugi & Steven M. Dickinson (of Harris & Moure)

Table of Contents

1. Introduction
2. Factors Encouraging the Introduction of Commercial Paper in Japan
   1. Internationalization
   2. The Expansion of the Short-Term Financial Market
   3. The Needs of Japanese Business
   4. The Trend Toward the Issuance of Unsecured Bonds
3. The Struggle Between Banks and Securities Firms over the Introduction of Commercial Paper
4. The Introduction of Foreign Commercial Paper in Japan
   1. The Designation of Commercial Paper as a Security Under the Foreign Exchange and Foreign Trade Control Law
   2. The Dispute Between Securities Companies and Banks over the Opportunity to Deal in Foreign Commercial Paper
   3. The Rules of the Ministry of Finance for Dealing in Foreign Commercial Paper
   4. Resolution of the Dispute Between Banks and Securities Companies Concerning Yen-Based Foreign Commercial Paper
   5. The Foreign Commercial Paper Market in Japan: Results
5. The Creation of the Domestic Commercial Paper Market in Japan
   1. The Creation of the Domestic Commercial Paper Market for Japanese Residents
      1. The Legal Characteristics of Domestic Commercial Paper
      2. The Regulatory Scheme for Domestic Commercial Paper
      3. The Terms of Offering for Domestic Commercial Paper
         1. Basic Terms of Offering
         2. Backup Lines of Credit
   2. The Domestic Commercial Paper Market in Japan: Results
   3. The Extension of the Domestic Commercial Paper Market to Non-Residents in Japan
      1. Non-Resident Issuance of Euroyen Commercial Paper
      2. The Issuance of Domestic Commercial Paper by Non-Residents: Samurai Commercial Paper
6. Assessment: Concerns About the Commercial Paper Market in Japan
   1. Legal Concerns
   2. Practical Concerns

Appendix A

Appendix B

Appendix C

Appendix D

Appendix E

Appendix F

Appendix G

Footnotes

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