Tokyo Governor Proposes Changing Time Zone To Help Markets

Governor of Tokyo, Inose Naoki, suggests changing Japan's time zone

A recent proposal by Tokyo’s Governor, Inose Naoki, to push forward Japan’s time zone by 2 hours, has been generating discussion on Twitter. Currently, Tokyo’s stock market (GMT +9) opens second in the world, one hour after Australia’s market (GMT +10) opens, and Inose seems to think changing this will be beneficial to Japan. But has he really thought through the consequences to different sectors of society?

From Yahoo! Japan:

Government to Consider Possibility of Pushing Forward Japan Standard Time Two Hours Earlier

The governor of Tokyo, Inose Naoki, has proposed a plan to push forward Japan Standard Time by two hours in a speech at the government’s Council for Industrial Competitiveness on May 22. Doing so would mean that Tokyo’s financial markets would begin trading earlier than any other country, thus providing incentive for global financial institutions to relocate to the country’s capital. The proposal will be examined by the government, which will then decide whether to include the plan in its outline of growth strategies, set to be announced in June.

Japan Standard Time has not changed since being officially established in 1886 (Meiji 19.) However, there are examples of other countries changing their time zones, such as in Singapore, where the time zone was pushed forward by the government in 1982.

The governor stated that if Tokyo’s time zone were to move forward two hours earlier, Japan’s foreign exchange market would become the first to open on any given day, helping to improve Tokyo’s standing in the financial world.

Comments from Twitter:

自給自足:

Once again, our health will be affected just for the sake of the financial sector… The gods will surely being crying on our behalf if this goes ahead.

農家直売所★小沢ちょこ助:

What about the farmers?! They only care about the bankers!! I feel sorry for the animals…

motopion:

How about you start working at your office two hours earlier? If you really want to open the stock market two hours earlier, there are other methods available, like having an OTC market.

Kiyoyasu Ando:

I think this is a good idea. It’s like a ‘summer time’ that would continue all year round, right? Although I wonder where the sun would be in the sky at noon…?

ganitomo:

If this goes ahead, it would be even harder to watch European football matches. I couldn’t wake up at that time.. so let’s abandon this plan.

tomohiro_mo:

So, we’d be going to work while it’s still dark? I bet the number of influenza cases would go up. Isn’t it enough just to open the stock market two hours earlier? Sunlight is important for human beings.

伊丹 高:

At the school I went to, in the snowy countryside, classes were held one hour later in the winter. All they think about are the urban metropolises…

つーく:

This guy really just spouts out any old thing.. Summer time is one thing, but the idea of changing Japan’s time zone is beyond ridiculous. If he could use his powers to move Japan 30 degrees to the east I might agree though…

あきひろくん:

Next he’ll be telling us we should tilt a whole building on its side to avoid swamp lands w.

おぜき:

What the hell? Are you stupid? You think you can just change the time zone when you feel like it?

サム:

I could go to the gym while it’s still light, good plan!

ZERO -零- @たまにJAVA…:

I agree with those saying that the only thing that should change is the opening time of the stock market.

[email protected]やさぐれ中:

If you want the financial markets to open two hours earlier, why don’t you just change the time they open?

SaToShi Noda:

I wonder what context he said this in. It seems like he’s suggesting to throw the whole country into disarray just for the sake of the financial sector. One also has to consider the effects on the crime rate, as in winter people would be commuting to work and school in complete darkness.

てしー:

There’s no need to change the time zone, just the business hours. After all, the sun is supposed to reach its highest point at about 12 o’clock.

ちゅうげん:

What an idiot. Isn’t it enough if the market just opens two hours earlier? Who decided it has to open at 9am anyway?

さーのん:

… What?? This is so stupid I had to laugh. I’d love to ask this idiot if he actually understands what it would mean to change the time zone.

為替のドブえもん:

What about if we just keep the market open 24 hours? w

電池マン:

If it’s only for the sake of the financial sector, then let them just start trading two hours earlier. Businesses which need to keep in time with the market can start two hours earlier too, and those which don’t need to will get by on Japan Standard Time.

ちびがえる:

Feel free to change the opening times. Don’t involve everyone else in this.

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