In the wake of a series of insider trading scandals which have blighted Japanese brokerage firms in recent months, the FSA and the Tokyo Stock Exchange have imposed a series of business improvement orders and fines on implicated companies. The apparent prevalence of insider trading in Japan has prompted calls for tougher penalties, with the Japan Securities Dealers Association recently announcing that it is considering increasing its existing maximum financial penalty by ¥500 million. The Minister for Financial Affairs has also recently suggested that amendments to the law on insider trading may be necessary.