When Shigeru Ariizumi started out in his role presiding over international affairs at Japan’s Financial Services Agency four years ago, it was expected that jurisdictions would soon get on with finishing the job of implementing the post-crisis banking capital rules known as Basel III.

Ariizumi can say that the FSA has kept up its end of the bargain. The country’s three largest banks adopted the rules last year, with securities dealers following suit earlier this year.

But the picture elsewhere is