Tokyo's fall as financial hub tests Gov. Koike's ambitions

Japanese capital tumbles from fifth place to 21st in ranking during her tenure

Critics say Tokyo does not invest enough funds to develop into a financial capital compared to rival cities. © AP

TOMOYA USHIYAMA, Nikkei staff writer

June 11, 2023 17:30 JST

TOKYO -- When Gov. Yuriko Koike took office in 2016 under the banner of making Tokyo the premier Asian financial hub again, the city was ranked as the world's No. 5 financial center. Now the Japanese capital does not even make the top 20 anymore.

The Global Financial Centres Index, produced by British think tank Z/Yen Group, lists Tokyo as No. 21 among financial centers in a ranking released in March.