Elston, Chris, and Geoffrey Littler
Before the 1970s there seemed to be little scope for British financial services in the closed Japanese market. Japanese membership of the OECD, however, forced gradual changes, along with internal pressure from Japanese companies wanting access to foreign loans. Here Chris Elston, who joined the British Embassy as Financial Counsellor in 1979 recalls his time as Bank of England representative in Japan, and reflects on both the state of Japan's banking system and general accounting practices in the years leading up to the crisis. Meanwhile, Geoffrey Little of HM Treasury gives an account of negotiations to ensure that Britain kept pace with American financial institutions in Japan.