By: Yuki Sako
On 21 September 2023, the Prime Minister of Japan Kishida unveiled his new policy initiatives to support new entry of managers to Japan. In his speech at the Economic Club of New York, the Prime Minister announced his plan to (i) establish programs to support emerging managers, (ii) seek for legislative and regulatory changes necessary to allow outsourcing of back-office operations, and (iii) launch special business zones targeted for overseas asset managers in which all the regulatory processes are conducted in English and other business and living supports are provided.
In recent years, the Japanese government has implemented various policy initiatives as part of its International Financial Center policy, expanded English registration availability and launched a subsidy program to support the initial costs. The new policy initiatives are intended to support the growth of the Japanese asset management industry, which, according to the Prime Minister, had already grown by 150% in the last three years, and to attract more overseas managers to come to Japan and help emerging managers.
More specific details of the new policy initiatives are expected to be unveiled soon followed by legislative changes in early 2024.