Japan’s stock market will start a new chapter on Monday when Japan Exchange Group Inc. rolls out the restructuring of the Tokyo Stock Exchange.

By consolidating the current four market segments into three, the TSE aims to clarify the role of each market tier and lure in more investors, thereby revving up a market that has underperformed compared with overseas rivals.

Experts and investors, however, have already voiced frustration with TSE’s move, saying it’s a toothless reform loaded with issues.