About a year ago, the Tokyo Stock Exchange introduced a major consolidation of its market segments with the aim of attracting more investments. But the move left many investors feeling frustrated.
They claimed that the market reorganization didn’t deal with fundamental issues, such as allowing a slew of underperforming firms to cling to the top market section.
“As far as I know, no investors were happy with the restructuring,” said Chieko Matsuda, professor of corporate strategy at Tokyo Metropolitan University and an expert in business and finance strategy.