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Japan to take steps to attract foreign financial talent to set up international hub

  • December 4, 2020
  • , Nikkei
  • JMH Summary

Nikkei wrote that the GOJ is planning to set up in Tokyo in the spring of 2021 a dedicated office that will accept English-language applications from foreign companies setting up operations in Japan and give tax breaks and other preferential treatment to foreigners with financial expertise in a bid to create a global financial hub. Prime Minister Suga said in a speech in November that Japan will aim to bring in financial talent from overseas so it can become an international financial center for Asia and the world. Tokyo, Osaka, and Fukuoka have expressed interest in the plan. Speculating that the move is intended to attract financial institutions and skilled workers from Hong Kong, where China has imposed new security legislation, the paper wrote that competition to attract them is becoming increasingly fierce in Asia. The paper added that Japan’s slow adoption of English in business and other fields has prevented the nation from becoming an international financial center like Hong Kong or Singapore. Suga expressed plans to make moves to resolve the matter by fiscal 2021 after he took office in September.

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