section_path: Economy/Finance
section_name: Finance
paragraph_text: Finance
  
  Tokyo is a major international finance center. It houses the headquarters of several of the world's largest investment banks and insurance companies and serves as a hub for Japan's transportation, publishing, electronics and broadcasting industries. During the centralized growth of Japan's economy following World War II, many large firms moved their headquarters from cities such as Osaka (the historical commercial capital) to Tokyo, in an attempt to take advantage of better access to the government.
  
  Tokyo emerged as a leading international financial center (IFC) in the 1960s and has been described as one of the three "command centers" for the world economy, along with New York City and London. In the 2020 Global Financial Centers Index, Tokyo was ranked as having the fourth most competitive financial center in the world, and second most competitive in Asia (after Shanghai). Mitsubishi UFJ, Sumitomo-Mitsui Banking Corporation, Mizuho Financial Group, all among the top 20 banks in the world by total assets in 2023, are headquartered in Tokyo.
  
  The Japanese financial market opened up slowly in 1984 and accelerated its internationalization with the "Japanese Big Bang" in 1998. Despite the emergence of Singapore and Hong Kong as competing financial centers, the Tokyo IFC manages to keep a prominent position in Asia. The Tokyo Stock Exchange is Japan's largest stock exchange, and third largest in the world by market capitalization, and the fourth largest by share turnover. In 1990 at the end of the Japanese asset price bubble, it accounted for more than 60% of the world stock market value.