To become an international financial city In January, an English-speaking base, accelerating the acceptance of Hong Kong –Bloomberg

The Financial Services Agency and the Ministry of Finance announced on the 6th that they will open an “office to support base opening” in January next year, which allows financial administration procedures in English, in order to strengthen the functions of the International Financial Center. We would like to accelerate the acceptance of asset management companies from abroad, such as Hong Kong, where control in China is getting stronger.

According to the statement, new asset management companies abroad will be able to carry out formalities from registration to supervision and inspection in English through the office. We will begin accepting advance inquiries on registration applications for investment management businesses from day 6.

Initially, we will start with about 10 people in the building where the Kasumigaseki Financial Agency is located and, in anticipation of an increase in registered companies in the future, we will consider moving the office to a location that is more convenient for financial companies. Based on the new coronavirus infection, the policy is to make it possible to complete the procedure online.

Taro Aso, Finance Minister and Finance Minister, explained in a post-cabinet meeting that “we will endeavor to bring to Japan what the Asian financial market was mainly concentrated in Hong Kong.” “There will be a further increase in finance capital in Japan, which is of great importance to the Japanese economy as a whole,” he said.

Regarding support in English, there were voices within the LDP that the situation in which foreign financial companies had to carry out financial administrative procedures, such as registration applications in Japanese, was seen as a “weakness of Japan”. Suga Yoshii’s administration intends to work to improve the fiscal and institutional environment, which is inferior to that of competing countries such as Singapore.

Efforts to make an international financial city a reality have been underway for the past 30 years, but have not been sufficiently successful due to the economic downturn and financial crisis. We have also lowered the corporate tax rate, but it remains high compared to Hong Kong and Singapore.

(Updated with more details)