Hong Kong's market capitalization grew by a factor of 11, Singapore's by a factor of 20 over the past 16 years. Tokyo's grew by only 60%.
Foreign firms are NOT choosing the Tokyo Stock Exchange, once the world's largest bourse during Japan's bubble era, to list on.
Japan's government is enlisting three research teams to come up with a strategy to restore Tokyo as financial center of choice.
The teams are:
1. Financial System Council - composed of people with experience in the field
2. The Council on Economic and Fiscal Policy - made up of academics
3. The Asian Gateway Strategy Council - chaired by Japan's Prime Minister
I'll go with the recommendations of the first group. Academics are too wrapped up in theory and politicians have too many motives.
What do you think?
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