Japan to Review Corporate Dispute Arbitration System
Tokyo, Sept. 17 (Jiji Press)--Japanese Justice Minister Yoko Kamikawa asked an advisory panel Thursday to study a law revision to change part of procedures for arbitrating international disputes between businesses in order to make the system more convenient.
The Legislative Council, which advises the minister, will consider introducing a mechanism to prevent firms involved in disputes from disposing of assets contested unilaterally.
Japan is looking to encourage firms to use the arbitration scheme by expanding its usability through the law revision.
"The usefulness of arbitration as a method of resolving international disputes is rising, but the number of cases being handled by our country remains low, so there's a need to promote the use of arbitrations," Kamikawa said at the start of the day's meeting of the panel.
According to the Justice Ministry, there are only some 10 arbitration cases involving Japanese firms annually in recent years. Arbitration is a dispute resolution method under the arbitration law that does not involve courts, in which both sides select arbiters to negotiate a settlement.
[Copyright The Jiji Press, Ltd.]