The new president of the Tokyo Stock Exchange said Thursday he will push to make the Tokyo stock market one of the core markets in the world, ahead of other Asia exchanges.

Masaaki Tsuchida was elected the same day as the exchange’s new president at its general meeting of member brokerage houses.

At a subsequent news conference, the former Finance Ministry bureaucrat said his predecessor, Mitsuhide Yamaguchi, promoted reforms within the TSE to improve its efficiency and credibility amid growing competition from other stock markets.

He cited the establishment in November of Mothers, short for market of high-growth and emerging stocks, as an example of such initiatives.

Tsuchida said he will further develop reform policies.

He is the sixth successive Finance Ministry veteran to assume the TSE presidency, continuing a trend that has drawn criticism from some quarters.