#Newspaper

Tokyo seeks to lure financial groups from crisis-hit Hong Kong

//Protests and Beijing clampdown seen as opportunity to promote Japanese capital
as alternative financial centre

//Japan is considering visa waivers, tax advice and free office space for asset managers, traders and bankers from Hong Kong in a campaign to cast Tokyo as the best exit strategy should a crisis force them out of the semi-autonomous territory.

//Japan has spent decades looking for ways to make Tokyo a valid rival to Hong Kong as the region’s premier financial centre... will now go “further than ever before” to entice financial professionals and institutions to its capital.

//Tokyo’s efforts now had the “tailwind” of Beijing’s proposed new national security law, which has triggered mass protests in Hong Kong and which many fear will fundamentally alter the legal and commercial environment of the former British colony.

//Fidelity International recently chose Tokyo as the business continuity site for part of its buyside trading operations. Longer-term goals... would involve convincing larger institutions to move entire trading desks to Tokyo.

//the government could also temporarily lift a requirement for fund managers arriving under the new scheme to have a permanent office address, allowing them to work out of shared-office facilities.

//People involved in promoting Tokyo as an alternative to Hong Kong admitted it was unlikely the campaign would be backed by any significant changes in tax policy

Full article: Financial Times, (21-Jun)

#NationalSecurityLaw #Tokyo #HongKong #CapitalOutflow #FinancialHub #Japan