Japan to open English-speaking support office to lure foreign professionals: Minister

Japan’s Finance Minister Taro Aso, on vember 6, said that nation will open an English-speaking support office for foreign asset manment firms seeking to do business in country in January. Japan is aiming to boost its standing as a global financial centre and recent move comes in a bid to lure foreign professionals. move also comes after experts have said that Tokyo needed to tackle issues such as a relatively high tax rate and a lack of English langu fluency in workplace. 

After a cabinet meeting, Aso told international media reporters, that although Asian financial markets concentrate in Hong Kong, country officials will make an effort to bring m to Japan. He ded that that would le to an increase of financial capital, which has a big meaning for Japanese ecomy. 

Japanese government said that that Financial Market Entry, which will be set up by Financial Services ncy and Local Finance Bureau, will provide assistance in English to foreign asset manrs who plan to work in Japan while foreign businesses can apply to register ir operations in country in English. In a separate statement, FSA, back in August, said that it was considering tax reform. 

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Japan can expect market revitalisation 

According to reports, Japan’s 29.74 per cent corporate tax rate is far higher than Hong Kong’s 16.5 per cent rate, which is among lowest in region. Tokyo is also ranked fourth in Z/Yen Group and China Development Institute’s rankings of global financial centres published in September, down from third place in March, while Hong Kong rose from sixth to fifth place. Japanese PM Yoshihide Suga h said in his first policy speech to parliament in October that government would pursue a range of initiatives to make Japan a major global financial centre in Asia and in world. 

Suga h said that his government will consider lowering tax rates and promote diversity in boardrooms to draw foreign talent. Japan can expect a market revitalisation by attracting financial personnel from oversea, Suga said in an interview with Nikkei. Furr, PM also pledged to quickly dress matters including taxation, residency requirements and ministrative support in English to create an environment attractive to top financial talent. 

(Im: AP) 

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