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Japan scorns the rich but wants to be global financial hub

Coronavirus amplifies pushback against proposals favoring banking sector

Tokyo faces many obstacles as it seeks to remake itself as a global financial hub.   © Reuters

TOKYO -- "Never die in Japan" is a common warning given by financial professionals unhappy about the country's onerous tax code. 

As Japan seeks to attract financial talent to become an Asian financial hub, easing its tax burden is considered imperative. Yet efforts to lighten the income and inheritance taxes have already run into resistance from those who view such moves as favoring the rich. 

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