The Finance Ministry expressed willingness Aug. 21 to review various administrative orders at present given to the financial industry with an eye to eventually scrapping them.
Vice Finance Minister Takeshi Komura told a news conference that more transparency is needed in public administration and that the bureaucracy should become more rule-oriented.
"I think all government ministries share the belief that regulations stemming from administrative orders need to be done away with so that (the nation's) structure can be reformed," he said.
Komura said his ministry believes that necessary restrictions or orders should be written into law rather than carried out through administrative guidance, which has been criticized for being arbitrary.
He also called on the need for the public to become more familiar with the principle of self-responsibility as administrative regulations are phased out.