(Bloomberg): Taro Aso, Japan's finance minister, said Thursday that Japan's markets can help diversify geopolitical risks in the wake of the government's plan to establish an international financial city. He was speaking at the National Securities Convention.
Mr. Aso said, "It is important for the public and private sectors to work together to create an international financial hub by taking advantage of Japan's strengths as a safe and secure base supported by a solid democracy and rule of law. In order to attract highly-skilled financial personnel, the FSA is building a system that includes English language support.
On the other hand, he cited the current situation where the majority of household financial assets remain in cash and deposits as one of the obstacles to becoming an international financial hub. Regarding the suspension of trading on the Tokyo Stock Exchange, he said, "Thorough investigation of the cause and prevention of recurrence are necessary.