Japan aims to emulate London as financial hub
Japan aims to emulate the success of London as a pre-eminent financial centre to help spur economic growth as the population shrinks, the country's minister for financial services said on Monday.
By Agencies |
TOKYO: Japan aims to emulate the success of London as a pre-eminent financial centre to help spur economic growth as the population shrinks, the country's minister for financial services said on Monday.
Japan must boost the competitiveness of Tokyo's financial services industry in the face of growing competition from other Asian cities, said Yuji Yamamoto.
"I feel that it is urgent and very necessary for Japan to learn and to implement the UK model," he said in a speech in Tokyo.
Just as London has Canary Wharf, a now thriving banking district in once derelict docklands, Japan aims to encourage foreign banks to cluster in the area in the capital around the Tokyo Stock Exchange and Bank of Japan, he said.
Britain's overhaul of its financial regulations two decades ago, known as the "Big Bang", helped to make London a global financial centre that has underpinned its economic growth as many traditional industries slowly died.
"The United States and Europe are superior in terms of success in financial businesses compared to Asia. But among the Asian countries Japan has a culture closest to the United States and Europe in this area and therefore we feel this is a great opportunity for Japan," Yamamoto said.
Japan also wants to avoid stifling investment funds with excessive regulatory restrictions, following the advice of US officials, he added.
"I recognise now that funds have multiple advantages. The key words here are enhanced liquidity and efficiency. Needless to say Japan is lagging behind in these areas," he said.
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