Thu. Oct 22nd, 2020

TOKYO — Japanese Prime Minister Yoshihide Suga on Monday called for reforming Japan’s Corporate Governance Code in an effort to breathe new life into the economy by encouraging a more diverse business community.

In an interview with Nikkei and several other media outlets, Suga said, “It is desirable to promote diversity, including by hiring more women, foreigners, midcareer workers” and putting them in management positions.

The new prime minister also expressed his intention to consider tax cuts that could help Tokyo become an international financial center. Japan, he said, “can expect a market revitalization by attracting financial personnel from overseas.” Along these lines, he pledged to work “with a sense of urgency” on taxation matters, making it easier to obtain residence status in Japan and on adding administrative support in English.

Suga, who took over as prime minister on Sept. 16, seeks to make Tokyo a global financial hub. “Of course I expect Tokyo to develop [as a center],” he said. He also pledged to “create an environment where financial functions can be improved” throughout Japan.

Regarding last week’s stock market glitch, Suga said it was “very regrettable” that the Tokyo Stock Exchange had to halt trading for an entire day. He called for an investigation into the system malfunction and for measures to prevent a recurrence.

“It is extremely important to build appropriate infrastructure for the development of an international financial center,” Suga said.

By Bureau