This paper analyses the application of competition policy regulation and its effect on market conduct and performance through the case study of communication satellite broadcasting in Japan. Focusing on structural regulations such as vertical separation and conduct regulations such as open access, this paper questions whether regulations have effectively led to contestable markets by examining the shareholding relationships of major player SKY PerfecTV. Findings presented here suggest that regulation designed in principle to achieve performance-oriented goals of contestability and diversity actually impaired the functioning of the market and the ability of industry players to obtain an adequate return on investment.

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