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Tokyo plots course to become global financial hub

Tax cuts, special incentives to lure 40 foreign fintech and asset management firms

Tokyo Gov. Yuriko Koike, right, spoke with advisers on how to make the city a global financial capital.

TOKYO -- Tokyo Gov. Yuriko Koike is determined to make the Japanese capital a "global financial city." According to a blueprint obtained by the Nikkei, the plan is to slash taxes and dismantle regulatory hurdles, aiming to draw in 40 foreign fintech or asset management companies by fiscal 2020.

Koike will present the preliminary plan on Friday. Lowering corporate taxes will be key, according to an outline of the draft. The metropolitan government will weigh cutting twin taxes on business activity and corporate residency, and will urge the national government to lower the nationwide corporate tax. The city could also allow financial firms in specially designated zones to exempt 20% of their income from taxation.

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