The Japanese government has finalized its plan to designate four cities?Tokyo, Osaka, Fukuoka, and Sapporo?as "Financial and Asset Management Special Zones," according to a report by Nihon Keizai Shimbun (Nikkei) on the 24th.
According to the report, the Japanese government plans to hold a meeting on the 31st between Prime Minister Kishida Fumio and the mayors of the four major cities, and then designate these cities as Financial and Asset Management Special Zones in early next month, along with deciding detailed support measures.
In these special zones, administrative procedures can be conducted in English, and the application process for residency status for overseas investors will be partially simplified. The Japanese government expects to expand the entry of foreign financial firms and startups based on these support measures.
Regarding this, Prime Minister Kishida stated in New York, USA, last September, "We will create asset management special zones to promote overseas (company) participation," and added, "We will reform regulations to enable administrative responses solely in English and focus on improving business and living environments."
Ahead of the designation of the special zones, Tokyo proposed support measures focusing on being "Asia's hub," Osaka on "realizing a future society," Fukuoka on "startups," and Sapporo on "environment" to the government. Nikkei reported that "the Japanese government is in the final stages of coordinating which proposals to accept."
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