A new law in Japan that took effect yesterday—the first overhaul of its financial regulation system in 20 years—is aimed at encouraging its citizens to move some $13 trillion in savings into stocks and bonds, The Wall Street Journal reports.

The new law, the Financial Instruments and Exchange Law, is far reaching, covering everything from marketing practices for stocks, bonds and mutual funds to registration requirements for private equity funds and hedge funds to stock trading practices to corporate reporting procedures and certification of financial statements. Also, Japanese companies will be required to report earnings every quarter, not only twice a year.

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