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Politics

Japan overhauls financial watchdog for fintech age

New technologies require legislation and market discipline

Japan's financial watchdog has received its first major reshuffle since it was created in 2000.   © Reuters

TOKYO -- Japan revamped the Financial Services Agency effective Tuesday to make the watchdog more suited for responding to new challenges in the field, such as the rise of cryptocurrencies.

The newly created Strategy Development and Management Bureau replaced the Inspection Bureau, a powerful arm tasked with containing financial crises. The bureau will devise financial policy strategy and handle tasks that encompass wide-ranging fields, such as financial technology, virtual currencies and money laundering.

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