Tokyo opens Hong Kong office to attract firms to financial hub

[TOKYO] The Tokyo Metropolitan Government has set up an office in Hong Kong to consult with companies considering a move to the Japanese capital, part of its push to make the city a global financial centre.

The Hong Kong office opened for online consultations on Friday, Governor Yuriko Koike said at a news briefing. "I want to make Tokyo the No 1 financial city in Asia," she said.

Hong Kong's political turmoil has made the city a key target for Japanese officials in their bid to lure foreign firms to the country. Yet high taxes, a language barrier and excessive bureaucracy are seen as hurdles to boosting the status of Japan as an international finance hub.

Ms Koike said her government is also offering to cover three months' rent for any foreign company that comes to study the feasibility of setting up offices in the city. It aims to find space in Tokyo for overseas firms from November.

BLOOMBERG