Overdue TSE Reform

It is not Japanese companies that we would like to protect but rather the Japanese market and growth going foward.

Very welcome words from Yuji Yamamoto, Minister for Financial Services speaking earlier this week. Let’s hope they are not just words.

Japan aims to emulate the success of London as a pre-eminent financial centre to help spur economic growth as the population shrinks. Japan must boost the competitiveness of Tokyo’s financial services industry in the face of growing competition from other Asian cities.

Bloomberg are reporting follow-up comments from Kotaro Tamura, the vice minister for financial services:

Japan has to open up its financial markets over the next three years even if that means attracting companies that put domestic banks and brokerages out of business… Nationality doesn’t matter as long as such investors can contribute to Japan’s interests…We must carry out reforms in three years, otherwise we’ll fail to compete with rivals such as Hong Kong and Singapore.

Narita / Haneda reform (currently under discussion) will be important as well if Tokyo really wants to be the hub of Asia.

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