UESUGI Iichiro, Faculty Fellow at the Research Institute of Economy, Trade and Industry and Professor, Institute of Economic Research, Hitotsubashi University outlines the reform measures from Japan's credit guarantee program reform bill. dHe also discusses the challenges going forward.

The first set of measures proposed by Iichiro are to make a clear distinction between credit guarantees available in normal times and those applicable only in emergencies. Second, he believes more funds should be channeled to companies about which private-sector banks are not producing sufficient information. Lastly, an attempt to see public intervention in SME lending from a broader perspective should be implemented.