{
  "id": 3220104,
  "title": "Japan’s only high-speed trader Dharmacapital moves to Singapore citing tax rates",
  "url": "https://urgent.news/2026/08/25/japans-only-high-speed-trader-dharmacapital-moves-to-singapore-citing",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-25T07:55:00.000Z",
  "source": {
    "name": "Japan Times",
    "slug": "japan-times",
    "url": "https://www.japantimes.co.jp/business/2026/08/25/companies/dharmacapital-moves-to-singapore/"
  },
  "original_language": "en",
  "account": "Dharmacapital, Japan's sole high-speed trader, has relocated its entire team to Singapore, effectively ending its operations in Tokyo, according to sources familiar with the matter. The decision primarily stems from Japan's comparatively high tax rates, according to an unnamed source.\n\nIn an email, Dharmacapital's CEO Akiyoshi Shiotani emphasized that Singapore offers better access to global markets, while still maintaining Tokyo as their primary market. As of July, Dharmacapital was the only high-frequency trading unit based in Tokyo among the 53 such firms operating in Japanese markets, as per a list maintained by the Financial Services Agency (FSA).\n\nTokyo has faced challenges in solidifying its position as a leading international financial hub. High income tax rates and language barriers are cited by some finance professionals as reasons to prefer other cities. Singapore has recently proposed tax exemptions for fund managers, while Hong Kong is experiencing a resurgence in its fortunes and attracting returning talent.\n\nMarket-making firms contributed to more than 30% of trading value on the Tokyo Stock Exchange as of 2024, according to a Financial Services Agency survey.",
  "summary": "Comparatively high income tax rates and language barriers are among the factors cited by some finance professionals for choosing other cities over the Japanese capital.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}