Japan's modernization included its financial institutions. The claim that Western banks no longer had a Japanese market within about a decade needs qualification because many continued through local subsidiaries and partnerships. Direct foreign operation and foreign participation were therefore different measures of how quickly the market changed. Partnership was presented as a more practical arrangement than relying on stand-alone foreign banks.
Notable Point · 1:24:29-1:24:48
Japanese financial modernization and bank partnerships
Western banks remained involved in Japan through local subsidiaries and partnerships even as the country's financial institutions modernized.