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Banking & Finance

Tokyo and City of London agree to enhance financial partnership

Deal key to plan to re-establish Tokyo as Asia's financial hub

Buildings in the City of London are seen behind Waterloo Bridge in London.   © Reuters

TOKYO -- Gov. Yuriko Koike advanced her plan to restore Tokyo as Asia's top financial hub with a preliminary four-year agreement inked Monday by her metropolitan government and the City of London, the British capital's financial district.

The memorandum of understanding signed at the British Embassy in Tokyo urges closer collaboration to stimulate financial activity in both cities. A joint program geared toward financial training would be created, and both sides would work together to further environmentally friendly investment and international promotion.

The Tokyo governor, who last month unfurled plans to revamp Japan's capital as a financial center, hailed the deal as marking a "new day" that will change history.

"Our actions going forward are key," Koike said during the signing ceremony. "London has been an international financial center for many years. There are several points we can learn from that experience."

Charles Bowman, lord mayor of the City of London, expressed a desire to enhance the exchange between the cities, saying lessons from the past provide the right solutions for the future. Bowman is slated to visit Japan in May to strengthen the partnership.

The governor aims to attract 40 financial institutions to Tokyo by fiscal 2020, including those in asset management and financial technology. The strategy involves tax breaks and the creation of a public-private promotional organization. More details will be offered in the budget for fiscal 2018.

(Nikkei)

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