Tokyo used to be one of the biggest global financial centers, rivaling New York and London. Now, it is viewed by many as having fallen far behind Hong Kong and Singapore as an Asian financial center. However, the Tokyo Metropolitan Government (TMG) now aims to return the city to its status as a top global financial center. In its attempt to once again become a global financial city, TMG appears to be willing to solicit and accommodate demands from foreign financial players.
In June 2017, TMG released the interim report on the “Global Financial City Tokyo” Initiatives (the Initiatives). TMG is widely soliciting ideas on how to revitalize Tokyo’s financial city function and restore its shine as a global financial center. While discussions are currently ongoing to determine specific policies or measures to be included in the Initiatives, there are key items that are proposed in the interim report. For a more detailed summary of the concepts that have been proposed for discussion, please see GT Alert “The ‘Global Financial City Tokyo’ Initiatives.”