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Home  >  Fundamental analysis  >  World exchanges  >  Tokyo Stock Exchange (TSE)

Tokyo Stock Exchange (TSE)

This history of the Tokyo Stock Exchange, or TSE, dates back to the 1870's when a securities system was established in Japan and public negotiating for bonds first began. The Tokyo Stock Exchange Co., LTD was established on May 15, 1878 and trading on the exchange began in June of that same year.

During the war, the Japan Securities Exchange Law was passed to reorganize the ailing financial system and the 11 exchanges were merged into the Japan Securities Exchange, which was halted in 1945.

New securities legislation in 1948 paved the way for the creation of several stock exchanges: Fukuoka, Hiroshima, Kobe, Kyoto, Nagoya, Niigata, Osaka and Tokyo and finally Sapporo in 1950. While several of them eventually consolidated, the TSE emerged as the leader.

The TSE started listing government bonds in 1966 for the first time since World War II and convertible bonds in 1970. In the 1980s, the exchange introduced the Computer-assisted Order Routing & Execution System or CORES, and in the 1990s, the Floor Order Routing and Execution System or FORES.

The Tokyo Stock Exchange became the worlds largest market by capitalization in 1988. But the dramatic market correction of the 1990s and the protracted recovery of the Japanese banking system has since confined it to the number-three spot.

The TSE added the MOTHERS market for high-growth companies in 1999, absorbed the Hiroshima and Niigata exchanges and demutualized in 2001.

The Tokyo Stock Exchange is one of the largest stock exchanges in all of Asia with over 1.5 billion shares exchanging hands each trading day. There are approximately 2,300 listed companies on the exchange with a total market capitalization of nearly 365 trillion yen. Nearly 400 billion shares of stock are exchanged annually on the TSE.

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