The country's reforms in the financial sector have had mixed results so far, with progress on the domestic front lagging behind Japan's growing contribution to Asian financial stability, according to Charles Calomiris, a Columbia Business School professor.
Speaking at the June 3 Keizai Koho Center symposium, Calomiris said Japan has resolved the challenges of its "lost decade" and is embarking on a path of positive growth, rising employment, stabilized prices and improved bank conditions.
But, he asked, "Will it become a global leader in financial affairs, as it must become in order to maintain productivity growth and to establish its rightful position in world affairs?"