English services to be offered to foreign financial institutions entering Japan
13:40 JST, August 8, 2021
The Financial Services Agency will begin offering English-language services to foreign banks and securities companies newly entering the Japanese market by the end of the fiscal year, The Yomiuri Shimbun has learned.
The services are expected to include pre-application consultations and registration and examination procedures for business operations that are currently conducted in Japanese, in principal, according to sources.
The administrative burdens of dealing in Japanese have been one of the reasons why foreign financial institutions remain hesitant to enter the Japanese market.
In November last year, the FSA launched an English-language financial administration system for asset management companies that manage funds and other assets, in order to provide pre-application consultations and registration procedures for new entrants.
By expanding the scope to include banks and securities companies, the FSA hopes the services will encourage them to expand or relocate their businesses in Japan.
The services are expected to meet a wide range of needs, such as fundraising for Japanese companies doing business internationally and financial services for the wealthy.
In January, the FSA opened the Financial Market Entry Office in Tokyo to attract overseas financial institutions and financial experts as single point of contact with all the communications available in English. The office handles all the regulatory process from pre-application consultations to registration. The FSA will further expand its staff to strengthen its English-language support.
The office also handles supervision by the authorities in English, in principle — which has been said to be a heavy burden for newly entering firms after setting up business in Japan.
The administration of Prime Minister Yoshihide Suga aims to increase the number of overseas financial institutions, aiming to improve Japan’s competitiveness as an international financial center in Asia. Suga hopes Western financial institutions can be enticed to operate their Asian bases in Japan instead of Hong Kong, where the political situation is confusing as Beijing is strengthening control against democratic groups.
"Society" POPULAR ARTICLE
-
Typhoon Kong-rey to Reach South of Japan’s Okinawa on Thursday; JWA Urges High Alert for Strong Winds, Heavy Rain
-
Typhoon Trami Forms East of Philippines, Moving Westward
-
‘Women Over 30 Would Have Uteruses Removed’; Remarks of CPJ Leader, Novelist Naoki Hyakuta Get Wide Attention
-
Typhoon Kong-rey Expected to Turn into Tropical Storm after Possible Pass Over Taiwan
-
Sapporo Sees Season’s 1st Snowfall; Snow Comes 8 Days Earlier Than Average
JN ACCESS RANKING
- Streaming Services Boost Anime Popularity Overseas; Former ‘Geeky’ Interest More Beloved Among Gen Z than 3 Major U.S. Sports
- G20 Sees Soft Landing for Global Economy; Leaders Pledge to Resist Protectionism as Trump Calls for Imported Goods Flat Tariff
- 2024 POLLS: Ruling Camp Likely to Win Lower House Majority
- Chinese Rights Lawyer’s Wife Seeks Support in Japan; Sophie Luo Calls for Beijing to Free Ding Jiaxi, Xu Zhiyong
- Chinese Social Media Still Full of Anti-Japanese Posts 1 Month After Boy’s Fatal Stabbing; Malicious Videos Gain Large Number of Views