On September 25, the First Subgroup (Subgroup leader: Professor Yoshinori Shimizu, Graduate School of Commerce and Management, Hitotsubashi University) of the Study Group on the Financial System (established by JBA and headed by Professor Keimei Kaizuka, Professor Emeritus at the University of Tokyo and Director of the Center for Advanced Research in Finance) compiled a report regarding universal financial services for invigorating the financial markets.
On March 31, 2009, the Subgroup released its recommendations, “Universal Financial Services for Invigorating the Financial Markets,” that resulted from the discussion in fiscal 2008. In addition to these recommendations, the report includes research papers written by members of the Study Group and theoretically discusses the ideal ways that financial institutions may provide universal financial services hereafter, as well as issues surrounding the topic.