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    Tokyo as a Leading Global Financial Center: The Vision Under the Spotlight Again

    Shirai, Sayuri | July 2017
    Abstract
    Japan has endeavored to develop its capital Tokyo as one of the top global financial centers for a long time. In 2014, the Tokyo Metropolitan Government presented new initiatives as part of the sustainable economic growth strategies by taking advantage of the global attention given to the 2020 Tokyo Olympic Games. Japan’s advantages are the sheer size of its economy (the third largest in terms of gross domestic product); the status of the Japanese yen as the third international currency after the United States dollar and the euro; and large financial and capital markets with abundant capital. Tokyo has the potential to become a regional financial center that transfers excess capital to emerging Asia given its geographic proximity. So far, this vision has not fully materialized because Japan’s financial investment continues to be destined toward the United States and Europe and in the form of relatively safe debt securities. Moreover, Japan’s capital remains largely risk averse, contributing to lack of diversity in domestic capital markets and limited provision of risk money to the world. This paper takes an overview of Japan’s financial and capital market developments.
    Citation
    Shirai, Sayuri. 2017. Tokyo as a Leading Global Financial Center: The Vision Under the Spotlight Again. © Asian Development Bank Institute. http://hdl.handle.net/11540/7176.
    Keywords
    International Financial Market
    Multilateral Financial Institutions
    Economic Recession
    Market
    Crisis
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Financial Stability
    Financial Management System
    Financial Restructuring
    Capital Market Development
    Market Development
    Economics
    Erosion
    International Economics
    Macroeconomic
    Macroeconomic Analysis
    Performance Evaluation
    Impact Evaluation
    Foreign and Domestic Financing
    Business recessions
    Multilateral development banks
    Regulatory reform
    Capital
    Exports
    Economic development projects
    Economic policy
    Economic forecasting
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    Citable URI
    http://hdl.handle.net/11540/7176
    Metadata
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    adbi-wp758.pdf (595.2Kb)
    Author
    Shirai, Sayuri
    Theme
    Finance
    Economics
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise