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...Early in his term as head of JPX, which controls the Tokyo Stock Exchange (TSE), Yamaji pointed out that roughly half the companies listed in the top tier of the TSE have undervalued stocks, with price-to-book...
...The TSE’s crucial tool has been a restructuring of its listing criteria....
...The TSE’s ambitions are not just meant for the worst-run Japanese companies, those with a sub-1 price/book ratio....
...About 47 per cent of the TSE’s “prime” listing tier, the exchange’s top echelon, still trades at a discount to book value....
...However you measure it, something like half of Japan Inc trades under 1 p/b....
...Its stock market is full of exporters, meaning faltering global growth can fast become earnings weakness for Japan Inc. A US recession could be especially vicious....
...Alan Tse Chief legal officer, Jones Lang LaSalle Alan Tse says the main purpose of a top in-house lawyer is to protect the company’s reputation....
...The new provision affects companies planning to list on the prestigious first section of the TSE, and requires them to commit to raising the tradable share ratio to 35 per cent within five years....
...The historic reform, which has been implemented at the start of Japan’s new fiscal year, is part of the TSE’s effort to fight US and Chinese markets for investor attention....
...The TSE, to the consternation of some investors, has not even set a deadline for this....
...“The Fed wants to and needs to create material slack in the economy and in labour markets before saying ‘job done’,” Calvin Tse of BNP Paribas told us....
...Calvin Tse of Citigroup says it is a classic risk-off dollar rally, where global worries drive demand for dollars....
...The latest foreign addition to the Tokyo Stock Exchange (TSE) is ecommerce analytics start-up Appier....
...Hiromi Yamaji, who was appointed TSE chief executive in April, told the Financial Times that investors should not judge Japan by the boardroom meltdown at Toshiba, saying the situation was a “special case...
...The TSE is in good company and the quartet behind this inflection is well known: at more than $7tn, the combined market capitalisation of Apple, Alphabet (Google), Amazon and Facebook, or GAFA, habitually...
...In the past, those deficiencies have rankled but not cost the TSE’s reputation as dearly as they might....
...This article has been amended to reflect the fact that the new measures will be introduced by the TSE in April 2022...
...“A lot of parties have a huge interest in these Chinese IPOs,” Tse added, pointing to the fee revenues enjoyed by the Wall Street investment banks. “How can they give that up?”...
...After a series of investigations, the outage was traced to a single faulty piece of equipment that was part of the Fujitsu-built “Arrowhead” system that handles trading on the TSE....
...on the TSE....
...The TSE admitted that the decision to restart trading on the $6tn market would involve some risk....
...“If you add a few more [restaurants] there it doesn’t make that much impact on their revenue,” said Mr Tse. “You’re talking about volume, you’re not talking about high profit margins.”...
...Vaccine distribution we believe will check off all of our bear market signposts, allowing the dollar to follow a similar path to that it experienced from the early to mid-2000s,” Citi strategist Calvin Tse...
...Japan Exchange Group, which operates the TSE, said the revision was solely to standardise bourse rules....
...The aim of the TSE and the financial regulator is to address the existing structure where shares are distributed between “first” and “second” sections....
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