In 2007, a Study Group on the Internationalization of Japanese Financial and Capital Markets found that the presence of Japan’s financial and capital markets was diminishing in the international arena. So, in December 2007 the FSA Japan issued its plan “Strengthening the Competitiveness of Japan's Financial and Capital Markets”, noting that strengthening the competitiveness of the country's financial and capital markets has become a pressing policy issue. The financial crisis has re-inforced the need for Japan to play its full part in the G20 process as it will also be expected to implement the conclusions. The approach by the new government will be especially interesting.