Japan Designates 4 Areas as Asset Management Special Zones

Economy

Tokyo, June 4 (Jiji Press)--The Japanese government on Tuesday designated four areas as special zones to promote new entry and expansion of domestic and foreign financial and asset management businesses and attract inflows of foreign investment to the country.

The government aims to develop the special zones for asset management businesses as financial hubs with deregulation measures such as allowing businesses to complete administrative procedures solely in English and introducing tax incentives, part of an effort to encourage the growth of local industries and startups.

The four areas are Hokkaido and its capital city, Sapporo, Tokyo, the prefecture and city of Osaka, and the prefecture and city of Fukuoka.

"I hope all designated areas will use their characteristics and strengths to continuously propose regulatory reforms and utilize the system," Prime Minister Fumio Kishida said at a government meeting ahead of the designations.

Establishing the special zones for financial and asset management businesses is part of the government's efforts to promote the country as a leading asset management center. The four areas submitted bids for such zones after the government began soliciting hosts in January.

[Copyright The Jiji Press, Ltd.]

Jiji Press