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Japan Exchange Plunges in TSE Trading Debut: Tokyo Mover

Japan Exchange Plunges on First Day of TSE Trading
Employees wearing kimonos work on the trading floor of Japan Exchange Group Inc.'s Tokyo Stock Exchange on the first trading day of the year in Tokyo, Japan, on Jan. 4, 2013. Photographer: Kiyoshi Ota/Bloomberg

Japan Exchange Group Inc., created by the merger of Japan’s two biggest bourses, fell in its trading debut on the Tokyo Stock Exchange.

Japan Exchange fell 9.7 percent to 3,885 yen at the close in Tokyo from 4,300 yen on Dec. 28 on the Jasdaq market. The shares closed at 3,895 yen on the Jasdaq today. The stock’s volume on the Tokyo bourse was 2.11 million shares, compared with 503,000 on Jasdaq. The company formed by the merger between Tokyo Stock Exchange Group Inc. and Osaka Securities Exchange Co. was previously listed as Osaka Securities on the Jasdaq market, where it gained 35 percent in the month before the new listing.

“Investors will probably re-evaluate the stock once they start to see the synergy from the merger,” said Naoki Fujiwara, chief fund manager at Shinkin Asset Management Co., which oversees about $6.3 billion. “Right now there’s not much news to buy on, as the shares already rose a lot on Jasdaq.”

The tie-up is part of a government plan to reinvigorate the country’s financial markets. Even after last year’s 18 percent rally for the Topix Index, the country’s broadest gauge of equities is trading about 70 percent below a 1989 peak amid price deflation and corporate governance scandals that have battered investor confidence.

The new bourse’s listing also comes amid increasing global competition as exchanges around the globe seek to expand. Hong Kong Exchanges & Clearing Ltd., the world’s largest bourse by market value, last month completed its $2.2 billion takeover of the London Metal Exchange. IntercontinentalExchange Inc. is purchasing New York-based NYSE Euronext in an $8.2 billion transaction announced on Dec. 20 to expand into European derivatives as well as U.S. stocks and options.

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The 134-year-old Tokyo exchange, home to Toyota Motor Corp. and Canon Inc., hosted the biggest non-U.S. equity market by value as of June 30, according to the World Federation of Exchanges. Only the New York Stock Exchange and the Nasdaq market are larger, the data show.

Japan Exchange Group expects 11 billion yen ($125 million) operating profit on revenue of 62.5 billion yen in the year through March, according to a Dec. 18 statement. About 7 billion yen a year could be saved through integrating information technology systems, the bourses said in their November 2011 merger document.

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