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Japan’s so-called Big Bang financial reform is a long time in coming, but foreign financial institutions are well prepared to meet the challenge, according to the head of the Tokyo office of ING Barings Securities Japan.

Branch manager Rike Wootten said in a recent interview that he expects the Big Bang — a sweeping effort to bring Tokyo’s financial and capital markets closer to global standards — to create a more competitive market for deposits in the years ahead. Wootten, who assumed his post in September, noted that while some additional reform measures could be taken, such as those that would enhance faster approval for new financial products, on the whole the Big Bang is “a very welcome event.”

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