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September 5, 2016

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Japan Brexit warning

JAPAN has warned Britain that its exit from the European Union could prompt Japanese financial institutions, carmakers and pharmaceutical companies to relocate from London and listed a raft of concerns from Japanese companies about the transition away of the EU.

In a 15-page report published on the eve of a summit of the Group of 20 big economies in China, a Japanese government task force formed to respond to “Brexit” warned that Britain may become an increasingly “unattractive” place for business, though it said it expected the British government to handle its exit from the bloc smoothly.

Recent economic data suggests the economic impact of Britain's vote to leave the EU has not been as severe as some predicted, although British Prime Minister Theresa May yesterday said its economy will suffer as a result of the decision.

The Japanese report, published on the Foreign Ministry's website on Friday, cites numerous concerns about the impact of the landmark vote.


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