Toyota Motor Corp. and SoftBank Group Corp. are among the 1,841 firms that will be placed in the highest trading tier when the Tokyo Stock Exchange implements its reorganization plan on April 4, the bourse operator said Tuesday.
The restructuring by Japan Exchange Group Inc., known as JPX, is aimed at improving market availability and luring foreign investment.
The current four trading sections will be reorganized into three -- "Prime," "Standard" and "Growth."
The top-tier Prime section, equivalent to the current First Section, will have greater focus on liquidity with an eye to attracting a variety of institutional investors.
The Standard section will be created through the merger of the Second Section and the Jasdaq market mainly for midsize companies, while the Mothers market for up-and-coming companies will be renamed the Growth section.
A total of 1,477 firms will be included in the Standard tier, while the Growth section will have 459 firms, according to the final list unveiled by the bourse operator.
Although JPX hopes the reshuffle will boost the Tokyo bourse's global standing, the move is unlikely to drastically change the market as the vast majority of listed firms on the First Section will be included in the Prime group, according to observers.
© Kyodo News International, Inc., source Newswire