Abstract
Summary：United States, which was the epicenter of the recent financial crisis, enacted legislation in July 2010 to revamp financial regulatory reform, most drastic since the Great Depression era. In an interconnected financial system beyond jurisdiction, US is encouraging its counterparts to take similar measures to prevent regulatory arbitrage and European regulators are following the US in several respects. Concurrently, new banking regulations on capital and liquidity are proposed under Basel Ⅲ regime. In this paper, impacts of such reform on Japanese real estate market and their possible path are discussed.
