Japan’s Taxes ‘Too High’ for Hub Ambition, Monex Founder Says

Japan’s taxes are too high and it needs to cut them if the nation wants to remake itself as an international financial center rivaling Singapore and elsewhere, according to Monex Group Inc.’s executive chairman.

”For Tokyo to become a hub of asset management business, I do strongly believe that we do need to change tax treatment for individual people,” Oki Matsumoto, who founded the online financial services firm, said in a Bloomberg TV interview Wednesday. “As long as we change that, I think we can be way much better off than Hong Kong or Singapore.”