Newly appointed Prime Minister Yoshihide Suga is making good on his commitment to improving Japan’s attractiveness as a global financial hub with the addition of new English language services.
The language barrier has long been one of the most commonly cited obstacles to Japan’s success as a global financial hub and its regulator will attempt to close the gap further with the launch of a one-stop venue to file regulatory paperwork in English.
The service aims to launch in early 2021 through the nation's watchdog, Financial Services Agency (FSA), according to a «Bloomberg» report citing unnamed sources, in a location near the Tokyo Stock Exchange. Discussions are underway on headcount, operational details, simplification of regulatory processes and greater English usage in areas such as registration and other administrative processes for foreign financial firms.
Humble Pragmatism
Senior officials in Japan are taking a pragmatic but humble tone in public with regards to its ambition to regaining its former glory as a major financial hub in the region.
«If Japan had a lot of advantages, [overseas talent inflow] would already be happening,» said Satsuki Katayama, a foreign labor panel head for the nation’s ruling party.
«In the end, what matters is whether Japan can smell of money,» said vice finance minister Kenji Nakanishi.
