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Corporate Governance in ContextCorporations, States, and Markets in Europe, Japan, and the US$
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Klaus J. Hopt, Eddy Wymeersch, Hideki Kanda, and Harald Baum

Print publication date: 2005

Print ISBN-13: 9780199290703

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199290703.001.0001

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Sector-Specific Regulations and Antitrust: Corporate Governance of Public Undertakings in Japan

Sector-Specific Regulations and Antitrust: Corporate Governance of Public Undertakings in Japan

Chapter:
(p.461) Sector-Specific Regulations and Antitrust: Corporate Governance of Public Undertakings in Japan
Source:
Corporate Governance in Context
Author(s):

Fumio Sensui

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199290703.003.0024

By analysing how regulations in Japan are coping with a system that strikingly lacks general rules on regulating public sector state aid, this chapter illustrates how sector-specific regulations (SSRs) and the Antimonopoly Law are key regulatory authorities, which, alongside the Japanese Fair Trade Commission, are seen to be both cooperating and competing. However, universal service realised by cross-subsidisation induces complicated regulations and distorts competition, as outlined in some of the cases in this chapter. Unbundling and access charge regulations also create unnecessarily complex regulations, thus resulting in SSRs increasingly adopting competition law standards recently. In the medium- and long-term, the role of the Antimonopoly Law's ex post regulation will become almost the sole regulation, even in the above-mentioned areas. Meanwhile, ex ante regulations by SSRs will remain in place to cope with exceptional issues that ex post regulations from existing competition rules are unable to competently deal with.

Keywords:   Antimonopoly Law, public sector, state aid, corporate governance

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