Tokyo's Ultimately Failed Bid for First-Tier International Financial Center Status: Why Did It Fall Short?

Huw McKay ()
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Huw McKay: Westpac Bank

Asian Economic Papers, 2014, vol. 13, issue 3, 1-25

Abstract: Tokyo's bid to ascend to the very top tier of international financial centers (IFCs) was ultimately unsuccessful. This paper argues that to overcome the large disadvantages of being a latecomer, the IFC goal must be elevated above other competing objectives so that the necessary intermediate steps can be achieved in timely fashion. The most important specific failing was the inability of the Japanese yen to become a major international vehicle currency. With a sharper and earlier policy focus, particularly in the area of yen trade invoicing, Tokyo's bid for first tier IFC status would have been a more compelling one. © 2014 The Earth Institute at Columbia University and the Massachusetts Institute of Technology

Keywords: IFC; fail; Tokyo; yen trade invoicing; late comer (search for similar items in EconPapers)
JEL-codes: F33 F36 F50 F65 G00 (search for similar items in EconPapers)
Date: 2014
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