Tokyo sliding to #16 among Global Financial Centers


The 32nd edition of Z/Yen’s Global Financial Centres Index (GFCI) has been published today, and Tokyo is dropping faster than you can say “Global Financial City Tokyo”, now ranking outside of the Top Ten, all the way down to the 16th spot.

The GFCI is the longest study of this kind, being published semi-annually and hence having just completed its 16th year of publication.

From an all-time high third position in March 2020, Tokyo’s fall has been quite dramatic, via 4th place in September 2020 and 7th in March 2021, to ninth place in September 2021 and March 2022.

While the point differentials have been minimal over the past iterations (Tokyo’s distance to 5th place was a mere five points in the last edition), the gap has widened (11 points to 5th place) with other markets returning to business-as-usual earlier. To blame everything on the pandemic, however, seems mute as Hong Kong has held surprisingly steady and just lost one spot in this latest edition.

From a regional perspective, this now puts Tokyo into eighth place, behind Singapore, Hong Kong, Shanghai, Beijing, Shenzhen, Seoul and Sydney. Osaka lost three spots and moved from 34th to 37th on the global list, 14th regionally.

In the sub-indices, Tokyo is generally out of the Top Ten, with Banking at 12th, Insurance and Trading at 15th, and the Investment Management business so coveted by the Tokyo Metropolitan Government unlisted, i.e. outside the Top 15.

In a separately calculated FinTech index, Tokyo has dropped ten spots from 15th to 25th, behind such powerhouses as Busan and Atlanta.

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