The United States and Japan have reached an agreement on increasing foreign access to Japan’s financial services market.
Finance Minister Masayoshi Takemura said Tuesday that the agreement would be a boon to Japan-U.S. relations and help liberalize the international financial market.
The agreement will greatly expand access to Japan’s pension fund market for both domestic and foreign investment advisory companies, officials said.
The agreement will allow both domestic and foreign investment advisers to compete for the first time for more than $250 billion in public pension funds.
It also expands their access to $350 billion in private employee pension funds.