Tuesday, February 7, 2012
The Sun Also Sets: Trending Away from Japanese Exceptionalism in Merger Control and Closer to Global Standards
Posted by D. Daniel Sokol
Etsuko Kameoka (Van Bael & Bellis) & Mel Marquis (European University Institute and University of Verona) have written on The Sun Also Sets: Trending Away from Japanese Exceptionalism in Merger Control and Closer to Global Standards.
ABSTRACT: Having endured two lost decades, Japan has little appetite for a third. But as an export-driven country, there are limits to Japan's ability to will itself back to economic health, given limp global demand and bleak forecasts. The implicit medium-term strategy-just staying afloat-seems evident in the Cabinet's decision of June 18, 2010 to pursue a "New Growth Strategy." One interesting offshoot of the Strategy is a package of merger control reforms, effective July 1, 2011. These took the form of an amendment to the Japan Fair Trade Commission's ("JFTC") notification rules and a revised set of guidelines. The developments highlighted here are: the abolition of the prior consultation system; enhanced procedural transparency; confirmation of greater openness to wider geographic markets, and; early signs of how the reforms seem to be influencing the JFTC's merger practice.