Hawai’i report highlights importance of captives
The state of Hawai‘i has announced the release of Hawai‘i–Japan Economic Relationship and Impact, a comprehensive analysis outlining one of Hawai‘i’s most important international partnerships. The report highlights both longstanding strengths and emerging opportunities — from visitor spending and real estate investment to defense contracting, prefabricated housing, education and captive insurance.
“Hawai‘i’s relationship with Japan is not just historic — it is one of our state’s most dynamic, mutually beneficial economic partnerships,” said Governor Josh Green. “As we look toward the future, strengthening our ties with Japan means investing in shared opportunities that support local businesses, create jobs and open pathways for innovation across both our communities. Hawai‘i and Japan have built something remarkable together, and this partnership will continue to be one of our state’s greatest strengths.”
“Japan remains Hawai‘i’s closest and most significant global economic partner,” said James Kunane Tokioka, director of the Hawai‘i Department of Business, Economic Development and Tourism (DBEDT). “This report provides a clear overview of key sectors while opening new avenues for collaboration that benefit both Hawai‘i and Japan.”
The report points out that Hawai‘i remains a premier domicile for Japanese corporate captives, supported by a highly responsive regulatory environment and a time zone advantageous to both the US and Asia-Pacific.
It added that one of the next steps for the Governor’s administration is to strengthen Hawai‘i’s position as Japan’s preferred captive insurance domicile through targeted outreach and sector support.
The state will present this report at the Hawai‘i–Japan Sister Summit, May 20-21, 2026, in a panel discussion featuring DBEDT Director Tokioka along with Colbert Matsumoto of Tradewind Group, Neill Char of First Hawaiian Bank, Shinichiro Shimizu of JAL Group and Jake Vuillemin who is the author of the report and an economist at DBEDT.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
