Japan’s largest exchange operator disclosed the components of three new market sections on Tuesday, but the long-awaited shake-up of the country’s sluggish stock market is attracting more skepticism than excitement.

Japan Exchange Group Inc. said 1,841 constituents would make up the new "prime” section of the Tokyo Stock Exchange, which will replace the current first section of companies that form the benchmark Topix index. But the shift is disappointing analysts who view it as little more than window-dressing, with just 16% fewer components than the first section, which has 2,185 stocks.

The bloated bench of constituents in the first section was a key reason behind the move, which had been heralded as a once-in-a-generation reform. But it’s now got some asking whether the revamp, which goes into effect April 4, has been worth the fuss.