Govt OKs Bill to Promote Int’l Arbitration for Biz Disputes
9:15 JST, March 1, 2023
TOKYO (Jiji Press) — The Japanese government adopted a bill to revise the arbitration law at a cabinet meeting Tuesday in a move to promote the use of international arbitration in Japan for resolving cross-border disputes between businesses.
The bill would give legal binding power to orders for interim measures of protection, which ban parties to arbitrations from disposing of assets at the center of their dispute until arbitration procedures are completed.
Arbitration is a dispute resolution procedure that does not involve courts. The parties involved select an independent third party with a high level of expertise, such as a lawyer, as their arbitrator to negotiate a settlement.
Although the procedure is used widely internationally, the number of arbitration cases in Japan remains low. Such a situation has led to calls for legislative change.
"BUSINESS" POPULAR ARTICLE
Exports of Nishikigoi Carp to China Halted; Permits for Japanese Aquaculture Facilities By China Have Expired
Japan’s Economy Contracts as Demand Wanes
BOJ Member Sought Tweak in Easing
Japan Railway Operators Eye Net-zero CO2 Emissions Via Hydrogen Fuel Cell Trains
3 Japan Railway Firms to Introduce System to Pay Fare by Tapping Credit Card at Ticket Gates
JN ACCESS RANKING
- Japan’s Economy Contracts as Demand Wanes
- AI-generated Child Porn Floods Japan-based Website (Update 1)
- BOJ Member Sought Tweak in Easing
- Bears Sighted in Tokyo Suburbs, Including near Mt. Takao (Update 1)