Tokyo, Osaka, and other cities are being considered by Japan as English-only finance zones

 Tokyo, Osaka, and other cities are being considered by Japan as English-only finance zones

TOKYO -- As potential candidates for special business zones that Prime Minister Fumio Kishida intends to utilize to entice foreign asset management businesses to open for business, Japan will consider four municipalities -- Tokyo, Osaka, Fukuoka prefecture, and Sapporo city.

In a speech to investors at the European Club of New York last week, Kishida laid out his plan to turn Japan into a global leader in asset management by establishing special economic zones.

Deregulated prefectures and cities are known as special business zones, and they are designed to make it simpler for foreign financial companies to open operations there.

Administrative processes will be conducted in English in certain areas, and local governments will work to create welcoming surroundings for visitors. For instance, medical facilities will have staff that speaks English.

By hiring individuals with experience working with foreign financial institutions as advisers, Fukuoka and the other three municipalities have taken the initiative. The four regions "desire to become special business zones and already have track records," according to a financial services official.

A call for applications from applicants will be issued after the specifics of the qualities required for special zones have been finalized.

The Financial Market Entry Office in Tokyo, which was formed by the Financial Services Agency in 2021, already has administrative procedures in English. To date, over 20 international financial institutions have chosen to enter the Japanese market, and it is anticipated that the new special zones will increase this number.