A Bank of Japan paper, published on Monday, says regulatory reforms in Japan helped remove bureaucracy from a market-centered financial system.

Bruce Aronson, the paper's author, reassesses the results of the 'Big Bang initiative' – Japan‘s financial deregulation over the last two decades.

Aronson finds, contrary to conventional wisdom, that government-led deregulatory and administrative reform was largely successful in removing legal and administrative obstacles to the development of a market