May 02 (NHKn) - Japan's Financial Services Agency has revised its regulations in a bid to attract more foreign securities firms to the country. They can now complete all procedures for establishing a presence in Japan in English.
Previously, only foreign asset management firms were allowed to use English for the procedures, and securities firms had to use Japanese.
The revision comes after the agency opened a special office with an English-speaking team to help foreign funds and other businesses start operations.
The agency hopes more small- and medium-sized brokerages will set up shop in Japan.
The FSA's director for Asset Management Business, Nakagawa Saiko says "We want to invite more foreign financial institutions and high-level financial human resources to Japan. We hope the results of these actions will be improved asset management, diversification of financial products and financial innovation in Japan."
The government is aiming to secure Japan's position as a global financial hub amid increasing competition from other cities in Asia.
