The Japanese version of the Big Bang announced in November 1996 was a major plan to drastically reform the financial … and capital markets in Japan through significant revisions to laws such as the Securities and Exchange Law. The Japanese … of securities. Reform of the financial structure -- the goal of Big Bang -- has not made notable progress, an example …

important industry groups who revised their positions, and new NGOs that promoted reform. The preferences of actors and their … changing interests are important factors in the reform process. Perceived benefits from the new regime partly explain the rise … of a pro-reform constituency among industry and NGOs. Yet preference formation is complex and depends on interpretation …