Japanese
December 14, 2023
 Updated: January 24, 2024
Financial Services Agency

Policy Plan for Promoting Japan as a Leading Asset Management Center

1. Overview

　The Government of Japan has published "Policy Plan for Promoting Japan as a Leading Asset Management Center", with the aim to reform Japan’s asset management sector and asset ownership.

　Under Prime Minister Kishida’s initiative toward a “new form of capitalism”, the government has been taking various measures to achieve a “virtuous cycle of growth and distribution” in which Japan's household savings flow more into productive investment, and the benefits of increased corporate value are returned to households, leading to further private sector investment and consumption.

　To this end, the government has been reaching out to various entities in the investment chain to encourage the move, including through:

• Doubling Asset-based Income Plan, with the aim to support steady asset building by households, including drastic expansion and permanent establishment of NISA, tax exemption scheme for retail investors; and
• Corporate governance reforms, with the aim to promote sustainable corporate growth and increased corporate value over the medium- to long term.

　"Policy Plan for Promoting Japan as a Leading Asset Management Center" is the remaining piece for the growth of Japan’s economy and Japanese people’s asset income. The Plan centers on: (i) reforming Japan’s asset management sector; (ii) reforming asset ownership in Japan; (iii) promoting financing for growth and diversifying investment opportunities; (iv) effective implementation of stewardship activities; and (v) strengthening public relations and communications.






 

• Policy Plan for Promoting Japan as a Leading Asset Management Center (Link to Cabinet Secretariat website)
• Policy Plan for Promoting Japan as a Leading Asset Management Center (Overview)(Prepared by FSA)
• Report of Working Group on Capital Market Regulations and Asset Management Task Force of the Financial System Council

2. New Initiatives

• Initiatives by the financial industry to enhance their asset management businesses
• Request for Proposals for "Special Zones for Financial and Asset Management Businesses"
• Asset Management Forum Preparatory Committee

 

3. Ongoing Initiatives

• Doubling Asset-based Income Plan (Link to Cabinet Secretariat website)
• Dedicated International Financial Center
• Initiatives for Corporate Governance Reform