On May 20, the Education, Culture, Sports, Science and Technology Ministry and the Financial Services Agency jointly submitted a request letter asking the heads of national and private universities across Japan to improve the quality of financial education.
The FSA, as stated in a plan in revealed in December to boost Japan's financial competitiveness, wants to beef up "high-level and practical" education on financial matters and make better use of people skilled at finance.
In response, several financial industry organizations — including the Japanese Bankers Association, the Japan Securities Dealers Association, the Life Insurance Association of Japan, the General Insurance Association of Japan, the Trust Companies Association of Japan, and the International Bankers Association — set up a liaison office to stay in touch with the nation's universities and graduate schools. The May 20 request urged the schools to make efficient use of the office to improve Japan's financial IQ.