The UK is a role model for the rest of the world for its success in opening and regulating financial markets, importing talent, granting work visas and adopting a favorable tax regime.
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University of Tokyo Prof Takatoshi Ito, who was recently vetoed as a candidate for deputy governor of the Bank of Japan, saying that Japan should take lessons from London if it wishes to become the financial hub of Asia. (Bloomberg News)
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capone
it won't matter...japan has fallen too far behind HK, Singapore, and Shanghai...even Kuala Lumpur is picking up multinational companies quicker than japan is...unfavorable tax codes, business climate, living conditions all guarantee that japan never comes close
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Ah_so
Capone is right. Japanese financial services remain just that - financial services for the Japanese market. Just as Japan does not consider itself part of "Asia", increasingly neither does the rest of the world, to Japan's detriment.
Japan can still claim to be the world's second largest economy, which will keep at the centre of things for years to come, but the country is in economic long-term decline and it is likely to lose its "2nd largest" status to China in 10-15 years.
London has become a success through deregulation and allowing foreign institutions to properly establish themselves in the markets, something that it is hard to do in Tokyo. And then there is the matter of being able to speak English...
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