Japan's high frequency trader Dharmacapital Co. moved all its staff to Singapore earlier this month, effectively leaving Tokyo with no such firms operating out of the city. The country's high tax rate compared to other Asian financial hubs, such as Singapore and Hong Kong, was partly behind the decision to relocate. This strategic shift marks a significant change for Japan's financial landscape.

Dharmacapital's move highlights the competitive pressure on Tokyo to retain high-value financial services firms. The relocation underscores the broader trend of financial institutions seeking more favorable tax environments in the region.