The financial crisis of July 1997 in Asia was the cause of the fall of several large Japanese banks and securities in November 1997. Stabilizing policies for the financial sector introduced by Prime Minister Hashimoto were insufficient. Under the Obuchi administration two new monetary policies were introduced and a new committee was established to implement these policies instead of the Ministry of Finance. In October of 1998, Hakuo Yanagisawa became responsible for financial reform and was named the head of the committee for financial restructuring in December, 1998. Hakuo Yanagisawa made world headlines as a bold architect of financial reform in Japan by forcing mergers, closing banks, and pushing for strict new regulations during his tenure as Financial Reconstruction Minister in Prime Minister Obuchi's cabinet. Determined to make Japan's financial system more dynamic and efficient, his sweeping actions took many by surprise. But what are the results of his efforts? In his address, Yanagisawa will discuss the prospects for further economic and financial change in Japan and its impact internationally. Yanagisawa was Chairman of the Financial Reconstruction Commission of the Japanese Diet from December 1998 through October 1999. Prior to that he held several key policy-related posts including Director General of the National Land Agency since his election to the House of Representatives in 1980. He has also served with the Ministry of Finance and holds a law degree from the University of Tokyo.