There is a lack of awareness among some overseas market participants about the current business environment in Tokyo.
One of the negative but often-ill informed views is on doing financial services business out of Tokyo which is sometimes colored by past knowledge, experience or the past reputation of the investment and regulatory environment in Japan. In contrast, some foreign businesses have stated that the regulatory environment and the FSA are now a very positive feature of doing business in Japan with a business-friendly outlook.
The mismatch between these views suggests there a lack of contemporary information and positive images about doing business in Tokyo and needs focused attention.
No organization has overall responsibility to promote Tokyo as a financial center and provide up-to-date information about the positive benefits of doing business in the city. Some trade associations do international outreach and encourage new members but this is not their primary focus. And a number of the financial industry associations are conflicted because of their SRO status.
The Advisory Panel to “Global Financial City: Tokyo” suggested that in building a platform to develop Tokyo as a financial center, it should prioritize and focus on Asset Management and FinTech.
At the Governor Koike’s advisory panel, JIAM and International Bankers Association of Japan have proposed establishment of a private-public engine to continuously promote Tokyo as a global financial center.