Japan's Kishida seeks to shake up to $5 trillion asset management industry

Sept 21 - Japanese Prime Minister Fumio Kishida aims to spur competition in the country's $5 trillion asset management industry by prompting new market entrants to turn dormant household savings into investments, he told investors in New York.

Funds in the Japanese asset management sector have risen by 50% over the last three years to reach 800 trillion yen, but there is more to be done, Kishida said. "To start with, we will rectify Japan's unique business practices and resolve barriers to entry, and will also introduce a new program to assist new entrants," Kishida said.

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