TOKYO DOWN TO 4TH PLACE AS GLOBAL FINANCIAL HUB

Tokyo has slipped one notch to fourth in the latest ranking of the world's leading financial hubs, with Shanghai now rounding up the top three after New York and London, according to a report, Mainichi Shimbun reported.

Hong Kong moved up a place to rank fifth and Singapore fell one notch to sixth in the Global Financial Centers Index from London-based think tank Z/Yen Group and the China Development Institute in Shenzhen, southern China.

The slip in Tokyo's ranking as of September came ahead of a full-day trading suspension at the Tokyo Stock Exchange on Thursday after a glitch in its electronic trading system caused the worst failure suffered by the major bourse. According to the latest report released in late September, financial centers in Asia and the Pacific had a mixed performance, with ten cities falling in the rankings and 14 rising.

The Japanese capital rose to third place in the index's last update in March after ranking sixth in September 2019. The index is updated biannually every March and September. The Tokyo metropolitan government has been striving to boost its appeal as a global financial hub by collaborating with major banks and real estate companies to attract foreign financial institutions and talent.