Long disparaged for underperforming compared to U.S. and European competitors, the Tokyo Stock Exchange had a good 2021, with the Nikkei average having its highest year-end close in 32 years.

That performance is a good sign as the TSE prepares for a restructuring in early April that is intended to revitalize corporate governance and attract global investors.

Early assessments have raised questions, however, about the ability of the proposed reforms to rejuvenate the market and win over skeptical investors. Much will depend on how firmly market regulators implement reform.