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Is Tokyo's financial moment finally here?

Chance exists but high tax rate and lack of investors still act as key barriers

An armed riot policeman patrols a downtown area in Hong Kong.   © Reuters

TOKYO -- A long-time plan to develop Tokyo as a major international financial center is getting a new twist -- prompting skeptics to reassess their views.

The idea, led by the Tokyo Metropolitan Government, is rarely taken seriously as it has repeatedly failed to take shape since the collapse of Japan's asset-inflated bubble economy three decades ago. But prevailing winds have suddenly turned favorable because of political turmoil in Hong Kong that is threatening its position as a giant of global finance. 

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