A growing number of Japanese companies have moved some of their headquarters or key functions to Singapore, viewing the city-state as a strategic location where they can oversee a new wave of investment in Southeast Asia.

Panasonic Corp. and Mitsui Chemicals Inc. recently moved some key functions from Japan to Singapore, while Hoya Surgical Optics Inc. not only established its headquarters in Singapore, but had Chief Executive Officer Hiroshi Suzuki transfer in to oversee the company's global operations.

With the rise of Asia, companies have "increasingly relocated their senior decision makers to Singapore, to enable nimble decision making from the heart of Asia," Singapore's Economic Development Board said in an email.