Evaluating the Present State of Japan as An International Financial Center
MPRA Paper from University Library of Munich, Germany
Japan has various advantages over many other countries in terms of the capacity to further develop the capital, financial, and foreign exchange markets as a more internationally-competitive financial center. The advantages include the 2nd largest economic size (large market size), ample financial assets (large investor base), presence of many internationally-competitive knowledge-intensive manufacturing firms (large issuer base), good infrastructure, the 2nd largest stock market (large market access), role of the Japanese yen as one of key international currencies, etc. Despite these advantages and a series of reforms implemented since 1997 under the slogan of Japanese version of “Financial Big Bang”, Japan has not been able to foster an internationally-competitive international financial center until today. The gaps with the United States and United Kingdom have expanded further over the past decade. This paper gives a detailed analysis over the present state of Japan’s capital, financial, and foreign exchange markets to highlight where Japanese advantages and challenges lie, as compared with the United Kingdom and the United States. It also provides a clear picture of Japan’s position in Asia (Korea, Singapore, Hong Kong, and mainland China). It also reviews recent Government’s vision and actions.
Keywords: Japan; International Financial Center; Financial Big Bang (search for similar items in EconPapers)
JEL-codes: G1 F36 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5) Track citations by RSS feed
Downloads: (external link)
https://mpra.ub.uni-muenchen.de/14720/1/MPRA_paper_14720.pdf original version (application/pdf)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:14720
Access Statistics for this paper
More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().