JAPAN

Securities Watchdog Plan Passes Hurdle: The Diet approved a bill to establish a securities and exchange watchdog, with the new commission to begin work in July. The three-member commission is aimed at preventing a recurrence of stock scandals that shook financial markets a year ago. It will investigate possible violations of securities and exchange laws, bring charges against violators or recommend government administrative action. The Finance Minister will recommend commission candidates, who will be subject to parliamentary approval.