The nation's push to make itself a more attractive financial hub faces a taxing problem if it is to halt the departure of finance professionals to other cities in Asia.
While the pandemic has put most relocations on the back burner for now, Prime Minister Yoshihide Suga is trying to better position Tokyo as a potential base for financiers when transfers and hiring return. Efforts so far show that the government has identified taxation and the language barrier as key hurdles.
China’s intensifying crackdown on Hong Kong has raised hopes Tokyo may finally have a better chance of competing as a banking destination. But Japan still appears a long way from making the numbers work.