After Japan’s lengthy closure to the world during Covid, the country is getting another look.
Having once been a capital of the financial world, last month it tumbled out of the top 20 in one ranking of banking centres, behind the likes of Asian rivals Seoul and Beijing.
There are green shoots suggesting that Tokyo might now be looking more attractive – if for no other reason than the fact that its main rivals look worse. Most recently, Steve Cohen said his Point72 Asset Management is increasing its staff there by 20%. It’s a small start, but a start nonetheless. When that group was formed in April 2019, something more influential was happening elsewhere: The pro-democracy protests in Hong Kong. Four years later, things look quite different.
On the mainland, cities such as Shanghai, Beijing and Shenzhen may be climbing in financial centre rankings, but the Covid-Zero era and its chaotic ending spooked many. Rents jumped 30% in 2022 alone. The city-state is also trying to balance attracting foreign talent with domestic concerns over a wealth gap, while visa quotas make it difficult to accommodate everyone looking to flee Hong Kong.
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