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Japan immigration

Japan fires up plans to scout Hong Kong talent for financial hub

But to be international business center, Tokyo needs access to China market

Can Tokyo replace Hong Kong and Singapore as Asia's financial hub? Analysts list the many reforms the city must undertake to be able to compete.   © Kyodo

TOKYO -- Plans to boost Tokyo's status as an international financial center moved forward Friday with a draft proposal from the ruling party, but attracting Hong Kong talent looking to leave the territory may prove to be a challenge.

"It's important for us to revive Tokyo as a finance center," said Seiji Kihara, a member of the Liberal Democratic Party's economic growth strategy group that outlined the plan. The recommendations include relaxing banking regulations and encouraging greater focus on environmental, social and governance factors.

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