JAPAN

‘Independent’ Markets Overseer Proposed: The new body that would oversee Japan’s securities markets would be charged with thinking and acting independently of the Finance Ministry, despite being under the authority of the finance minister, according to a draft plan presented to the government Friday. A panel charged with proposing a way to prevent future securities markets scandals finally reached agreement on the rough form for an oversight body. The draft appears to include few substantial changes from a plan advanced earlier in the week that several members said they couldn’t support. The special advisory committee for administrative reform proposed the creation of a government office to oversee trading and investigate allegations of impropriety, now a function of the Finance Ministry. Members would be appointed by the finance minister and would be responsible to him. The office could only recommend that the Finance Ministry take action against companies found breaking rules.