regions in Japan. 803 SMEs answered this questionnaire. We asked 53 questions, including firm’s current business condition …

than a flow of funds, public involvement in finance in the U.S. may be greater than in Japan. Concerning the privileged … government enterprise theory, it is true that Japan Post has privileges (e.g., the exemption of taxes as current expenses), but … Japan Post and the conditions of government enterprise for competition are almost equalized with the private sector, On the …

In the fall of 1998, two important financial regulatory reform acts were passed in Japan. The first of these acts, the …

markets. Also, accounting and disclosure rules have been revised to make more credible and wider information available to … the evaluation on Japanese firms' risks after the financial and accounting Big Bang. If there are still large … current Japanese economic situation and explain the accounting and disclosure reform. In Section 3, we explain data and …