Tokyo Stock Exchange chief defends Japan’s progress on corporate governance
The head of the Tokyo Stock Exchange has defended Japan’s progress on corporate governance following a high-profile scandal at Toshiba, rejecting accusations a market overhaul due next year was extensively watered down.
Hiromi Yamaji, who was appointed TSE chief executive in April, told the Financial Times that investors should not judge Japan by the boardroom meltdown at Toshiba, saying the situation was a “special case”.
His comments came as the TSE prepares for a reorganisation that will streamline the “first” and “second” sections of the main bourse, along with the Jasdaq and Mothers markets for smaller companies and start-ups.
“We aimed for a reform that would be good for everyone involved in the markets,” Yamaji said. “We’re not doing this for foreign investors, but we wanted to improve the convenience of the Topix index as an investment…