§ Mr. Franksasked the Chancellor of the Exchequer what was the outcome of the recent bilateral talks between British officials and officials of the Japanese Ministry of Finance.
§ Mr. LawsonI had suggested these talks to seek to ensure that the freedom with which Japanese banks and securities houses operate in London was matched by freer access for British financial institutions wishing to operate in Japan.
I believe the talks were valuable. Following the talks practical steps were taken promptly in Tokyo to deal with certain outstanding applications by British firms for securities licences, and to liberalise restrictions on British and other foreign banks in Tokyo. I look for further progress in the next year or so by the Japanese authorities in liberalising their financial markets and opening them to overseas competition.