Japan’s Prime Minister Fumio Kishida has emphasized asset management in a speech to international investors in Tokyo.

The country’s efforts to improve business earnings and governance are beginning to pay off as the country emerges from years of deflation.

The government aims to capitalize on this interest and establish itself as a major global hub for the asset management industry.

To facilitate asset management companies’ establishment in Japan and enable them to conduct business in English, the government intends to create specific business zones.

Morgan Stanley CEO Gokul Laroia believes the industry’s consolidation and macro tailwind will propel it forward.

Japan’s largest banks, including Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, have hurried to expand their asset management companies.