Japan has taken centre stage on the custodians’ international agenda. They are pushing further into the country to explore regulatory opportunities and an increased appetite from investors for their services.

Players in the market say it is tough to crack, but worth the effort. According to the World Bank, Japan's market capitalisation of listed companies was $3.7 trillion at the end of last year, making it the third-largest in the world behind the US and China. Assets under management have climbed 19% in the five years ending last year and are forecast to hit $5 trillion by 2016.