japan-ponders-reinvention-as-global-financial-hub

Japan ponders reinvention as global financial hub

An ageing population and slowing growth makes a dynamic finance sector attractive, says government adviser Takatoshi Ito.
A possible solution to alleviating JapanÆs ageing population and slow GDP growth would be to turn the country into an international financial powerhouse, an adviser to the government suggested on Thursday.

ôHaving a more developed financial services environments would help boost capital, labour and technology,ö says Takatoshi Ito, professor at the University of Tokyo and an adviser to the government on the Council for Economic and Fiscal Policy.

According to the Organization for Economic Cooperation and Development, JapanÆs potential growth rate has fallen from 4% in the 1980s to around 1.5% since 2004, the lowest level among the OECD countries. The OECD estimates that the fall in the working age population knocks one percentage point...
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