Tokyo, Aug. 31 (Jiji Press)–Japan’s Financial Services Agency said Monday that globalization will be a financial administration policy priority in fiscal 2020 to make the country an international financial center.
Specifically, the FSA will allow applications for regulatory approval to be submitted in English. It will also start financial inspection and supervisory activities conducted in English.
The FSA will also ease bank regulations for regional economic revitalization at the time of social changes due to the spread of the novel coronavirus, urging regional banks to review their business strategies.
The agency will consider tax measures to make it easier to attract more workers from overseas so that more foreign financial institutions will do business in Japan, thus boosting the international presence of the country’s financial and capital markets.
In its paper on policy priorities, the FSA expressed its desire to make Japan an international financial center capable of dealing with diversified financial transactions.