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The Futures Industry Association – Japan Chapter (FIA-Japan) and its members represent all significant sectors of the Japan futures industry. The forum has prepared the following report to the Cabinet Office with comments and suggestions.

... Opportunity Lost In the mid 1980s, Japan held an enviable position in terms of potentially developing its financial marketplace. With the second largest economy in the world and the largest pool of domestic savings in the world, global financial players began to focus on Japan as a potential center for their growing Asian business. Some suggested that Japan would actually replace New York and London as the leading worldwide financial center. Unfortunately, the Japan financial center did not develop in this way. Over the next 10-20 years, foreign firms setting up in Tokyo found they were unable to reasonably conduct the newly developing financial services and international business. Clearly, the domestic market in Japan was substantial, and growing, but foreign players found what they characterize as “resistance”. This market remained largely “domestic”.

New technology, and new financial products and services were being introduced in the other major financial centers but regulatory and other issues made international business difficult in Japan. As a result, foreign firms moved their headquarters for Asia out of Japan to other more “user friendly” locations – Hong Kong and Singapore where they were welcomed. It is recog......................

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