Japan, to Revitalize Economy, Prepares to Reshape Its Markets
Japanese Government, in one of its most ambitious undertakings, will institute far-reaching program to transform country's financial landscape with prowess of its manufacturing industries; first phase of three-year process called Big Bang will begin on April 1, and will seek to transform Tokyo into financial center as vibrant as New York or London; changes are aimed at shattering rigidities of Japanese economy, which has been strained by weaknesses in banking system; amount to grand bid to create more efficient markets, and could end up changing Japanese investing habits similar to way those of Americans have been transformed over past 25 years; Government hopes that by year 2001 it will have started to coax many of nation's savers into investing chunk of savings in new ways; country's financial industry has been until recently strait-jacketed society, governed less by shareholders than by Government officials, who stifled competition with stiff regulations and by sharing new ideas among banks; chart (M)
