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Tokyo is reviving ambitions to be Asia’s top global financial hub. Many factors, including the country’s fully diversified economy and high level of household savings, favor the effort. But will it work this time around?
March 05, 2021
Last September, Tokyo placed fourth in the Global Financial Centres Index compiled by the think tank Z/Yen and the City of London. Tokyo had slipped just one spot since 2019, to stand behind New York, London and Shanghai, respectively, but was still ahead of close competitors such as Hong Kong and Singapore.
For many countries, fourth place would be an entirely respectable showing, if not a cause to celebrate. But for Japan whose fully diversified economy ranks third in the world for GDP and whose aging citizens have stored up some $18 trillion in savings and household assets it is not quite good enough. By October, Japanese Prime Minister Yoshihide Suga was adding his support to plans to reinvent Tokyo as a global financial hub.