Britain may take legal action against Japan.

Trade and Industry Minister Paul Channon told reporters that his country is ready to take legal action against Japanese financial firms in London unless Japan allows British financial institutions equal access to the lucrative Tokyo market. “We need general and easier access for British institutions,” he said. Britain’s Financial Services Act, which goes into force next year and which cleared the way for the sweeping “Big Bang” reform in the London financial center, allows legal retaliation unless there is reciprocal market access. “I have powers under the new law to intervene. I very much hope I would not have to do so,” Channon said.