The Mitsubishi Research Institute has published “Strategy for a Tokyo Financial Center—Going beyond Unseen Restrictions.” This book
	proposes that, as the mainstay of a growth strategy to maintain and expand the continuous growth of the Japanese economy, Tokyo become a global financial center via the dual ?½gwheels?½h of the manufacturing and finance industries.?½h Saori Tsuiki, Economist, Research Center for Policy and Economy

Please give us a brief outline of the book. When one considers Japan’s economic growth from now onwards, the four major elements are IT, innovation, human resources and becoming a global financial center. The fourth element especially, which involves turning Tokyo into a global financial center, is a vital pillar of Japan’s economic growth strategy. In particular, this book puts forward the “dual wheels of the manufacturing and finance industries” as the direction in which a Japanese-style global financial center should head.

		Why does the book advocate a global financial center?
The finance industry in itself creates high added value, but is at the same time surrounded by a broad range of related industries. Up until now, Japan’s growth has been supported by its productive capability based on the manufacturing industry.       However, if one considers the long-term prospects, there is a limit to the impetus that the manufacturing industry will be able to provide on its own. In terms of employment, in particular, there is the fear that there will be fewer fields open domestically for highly educated Japanese. We need to expand the likelihood of creating a “dual-wheeled” system whereby the development of a global financial center will not only result in the finance industry and its related fields becoming growth industries, but also provide capital for the growth of other industries and support innovation in manufacturing.

		What are Japan’s strengths when it comes to actually creating a “Tokyo Global Financial Center,” and what are the tasks involved?
Tokyo’s strengths include the size of the domestic market, as well as the scale, accuracy, reliability and manufacturing ability of Japan’s industry. The Japanese have made practical use of technologies created overseas and, in doing so, produced high-value goods and services. It would be a waste not to also apply this technique to financing.       Japan’s other core strengths include the stability of its society and financial system, its settlement of accounts, advanced technology and hard-working, well-educated and reliable workforce.       We took a survey of global financial market players and a fair number of them regard Tokyo as the main financial center in Asia due to the above-mentioned strengths. However, Tokyo is currently falling in global rankings due to its untapped potential. A prerequisite for capitalizing on Japan’s strengths is to create a state where society as a whole is open, not just such concrete aspects as the market or systems.

		What merits would be achieved by turning Tokyo into a global financial center?
The message we want to convey in this book is that, in addition to benefits in employment and providing support for other industries, a financial center will boost the profitability of household financial assets and become an essential support for our country’s future. Whether or not this proposal is implemented depends on whether the people feel that a ?½gTokyo Global Financial Center?½h is really necessary.       A sense of purpose is essential when considering the long-term direction the country should take. A purposeful intent to create a bright new tomorrow has a direct bearing on our future. Turning Tokyo into a global financial center will be a difficult task, but this book incorporates a positive intent to work hard and overcome any obstacles.

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