Society | Oct 22

Japan plans hub for foreign brokers to file paperwork in English

Oct 22 (Japan Times) - Japan is considering creating a hub where financial firms can file regulatory paperwork in English as Tokyo aims to recruit banks and brokerages away from Hong Kong and other parts of the world, according to people familiar with the matter.

The one-stop venue could start operating as soon as next spring, with English-language filing to begin before that in early 2021 via the Financial Services Agency (FSA), according to the people.

The creation of the center would form part of Japan’s efforts to boost Tokyo’s status as an international financial hub as China’s crackdown on Hong Kong generates concerns among some businesses.

The language barrier, high taxes, a rigid labor market and excessive bureaucracy have been cited as impediments to boosting the status of the capital compared with Hong Kong and Singapore.

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