Banking News

Japan To Open English-speaking Support Office To Lure Foreign Fund Managers

Japan To Open English-speaking Support Office To Lure Foreign Fund Managers

(16 November 2020 – Japan) Japan will open an English-speaking support office for foreign asset management firms seeking to do business in the country in January as it plans to boost the country's standing as a global financial centre.

The Financial Market Entry Office, which will be set up by the Financial Services Agency (FSA) and the Local Finance Bureau, will be a single point of contact for asset management firms and investment funds looking to set up operations in Japan.

The new office will be able to start receiving applications in English and will handle pre-application consultation, registration and supervision. Separately, the FSA said in August it was considering tax reform.

“The Office is expected to accelerate the registration process for newly entering asset management firms by helping them overcome language barriers,” the FSA said. “At the same time, (Local Finance Bureaus) that are in charge of the registration process will improve their capacities to review registration applications.”

“Although Asian financial markets concentrate in Hong Kong, we will make an effort to bring them to Japan,” said Japan Finance Minister Taro Aso. “That would lead to an increase of financial capital here, which has a big meaning for the Japanese economy.”

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