The Tokyo stock market is trumpeting its largest overhaul in decades to lure more foreign investors. Still, the bourse is missing something such investors have long awaited — companies with great growth potential.

Its operator, Tokyo Stock Exchange Inc., on Monday reorganized its four trading sections into three — Prime, Standard and Growth — for the roughly 3,800 listed companies to be categorized under more distinctive rules to sharpen the focus of each market.

The reform came as Japan tries to cement a foothold for the Tokyo market as an international financial hub after its reputation was tarnished by a trading system failure in 2020 that caused an unprecedented full-day trade halt. The setback came in stark contrast to the rise in its U.S. and some Asian peers.