Japan has a well-developed financial system that is similar to other major industrialized nations, consisting of commercial banks, specialized government institutions, securities companies, capital markets, and money markets. Japan's banking system was traditionally segmented into commercial banks, long-term credit banks, trust banks, mutual loan and savings banks, and specialized institutions. In the 1980s, nonbank institutions also began performing traditional banking functions like issuing loans. The five largest banks in the world in 1990 were Japanese, and they expanded internationally through foreign branches, acquisitions, and new activities.