Tokyo bourse's Prime section debuts with 1,839 companies

Two-thirds of top tier blue chips manage gains on first day of overhaul

Apr 04 (Nikkei) - The Tokyo Stock Exchange overhauled its grouping of shares for the first time in six decades on Monday, seeking to attract overseas investors by offering a top tier of 1,839 blue chips that clear tougher hurdles for corporate governance than the old first section.

Tokyo stocks drifted around a flat line for most of the day but managed to close higher after a three-day fall. The Nikkei Stock Average finished up 70.49, or 0.25%, at 27,736.47. In the Prime market, the exchange's top-tier section, 67% of the issues closed higher.

Companies listed on the TSE are separated into the Prime, Standard and Growth markets. Previously, there were four markets: the first and second sections as well as the Jasdaq and Mothers markets for startups. The last overhaul of the exchange's main market occurred when the second section was created in 1961.

The Prime market comprises corporations that international investors are expected to find appealing in terms of size and the quality of management. One eligibility requirement is that market capitalization of floating shares exceeds 10 billion yen ($81.6 million). More than 80% of the 2,177 components of the first section will shift to the Prime market. ...continue reading

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