Idiosyncratic Japan: Governor of Tokyo Wants to Set Japan Standard Time 2 Hours Earlier, Making Tokyo the First Financial Market to Open in the World

(I almost put the title as "Idiotic Japan" instead of "Idiosyncratic Japan"...)

He's at it again. Governor of Tokyo Naoki Inose seems to have fully recovered from his faux pas over Turkey. He now wants to have the Japan Standard Time advance by 2 hours so that the Japanese financial markets will become the first major market in the world to open.

What's the point, you may ask?

According to Asahi Shinbun who reported the news, it is to enhance the status of Tokyo as financial center in the eyes of the world. Daylight saving time (Summer time)-like effect will be economically beneficial, they say, without telling us who touted these benefits (I assume it is Governor Inose).

By advancing the clock by two hours, Tokyo can open one hour earlier than Australia.

Are they kidding, you may ask?

No, dead serious. The Abe administration will consider Inose's demand as part of the economic growth strategy to be compiled in June, in preparation for the July Upper House election.

I could already hear roaring laughs from real financial centers in Asia (Hong Kong, Singapore, Shanghai).

From Asahi Shinbun (5/22/2013):

日本の標準時「２時間早く」　都知事が提案、政府検討へ

Governor of Tokyo suggests Japan Standard Time to be "two hours earlier", and the national government will consider the suggestion

東京都の猪瀬直樹知事は、２２日の政府の産業競争力会議で、日本の「標準時」を２時間早めることを提案する。東京の金融市場が始まる時間を世界で最も早くすることで、金融機関の拠点を日本に置く動きを促す狙いだ。政府は６月にまとめる成長戦略に盛り込むことを含めて検討に入る。

Governor of Tokyo Naoki Inose is going to propose at a meeting of the industrial competitiveness conference to be held on May 22 by the national government that Japan Standard Time be advanced by two hours. The aim is to encourage financial institutions to be based on Japan by making the financial markets in Tokyo first to open in the world.

日本の標準時は１８８６（明治１９）年に定めて以来、変更していない。しかし、海外ではシンガポールが１９８２年に標準時を早めるなど、政府の判断により標準時を変えた例はある。

Japan Standard Time was set in 1886 and hasn't been changed since. However, there are examples overseas in which the standard times were altered by the government decisions. For example, Singapore advanced the local standard time in 1982.

東京の標準時が２時間早まれば、外国為替市場などが１日のうちで世界で最初に開くことになり、世界の金融市場で東京の存在感が高まるという。

If Japan Standard Time is advanced by two hours, financial markets such as foreign exchange markets will be the first to open in the world, and that is said to enhance the presence of Tokyo among the world financial markets.

また、いまは日本時間の夕方に欧州の金融市場が始まるが、標準時を２時間早めれば、東京、ロンドン、ニューヨークの三大市場で、市場が開いている時間を補完し合える。

Right now, the European financial markets open in the evening in Japan. But if Japan Standard Time is advanced by two hours, the market hours of the three biggest financial markets of Tokyo, London and New York can complement each other.

サマータイムと似た効果も得られ、エネルギー消費の節約にもつながるという。

Effects similar to daylight saving time (summer time) will be obtained, resulting in savings in energy consumption.

The presence of Tokyo in the world financial markets has been already enhanced, albeit in a bad way, with yields of Japanese Government Bonds (JGBs) going all over the place and crashing other financial asset classes, thanks to Bank of Japan's clumsy, amateurish interventions (none of which by the way is reported much in Japanese press).

Daylight saving time is usually one hour advance. But no, Japan will do two, and screw up everyone's internal clock badly. Why it's all for the economic growth!

Japan as Number One was the title of a best-selling book by Ezra Vogel published in 1979, before the start of the asset bubble in Japan in 1980s.

One more time, with arrogance and hubris.

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