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To wipe out superheroes, the villain of the Pixar movie “The Incredibles” had a fiendish plot: He would make them ubiquitous. “When everyone’s super,” the villain named Syndrome opined, “no one will be.”

The Tokyo Stock Exchange has no such diabolical goals. Yet it’s at risk of making Japan stocks just as irrelevant with its much-hyped but disappointing market reorganization, which created a new Prime segment to house Japan’s best companies — then opened the category to almost everyone.

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