In the 1870`s, a securities system was introduced in Japan and public bond negotiation began. This resulted in the request for a public trading institution; and, the "Stock Exchange Ordinance" was enacted in May 1878. Based on this ordinance, the "Tokyo Stock Exchange Co., Ltd." was established on May 15, 1878; and trading began on June 1st.
In March 1943, the "Japan Securities Exchange Law" was enacted to reorganize the Stock Exchange as a war-time controlled institution. On June 30, 1943, 11 stock exchanges throughout Japan were unified and a quasi-public corporation, the "Japan Securities Exchange", was established (dissolved in April, 1947).
With worsening war conditions and air-raids on the main island of Japan, the securities market was forced to suspend trading sessions on all securities markets from August 10, 1945. It was difficult to re-open the Stock Exchange by a Memorandum of Supreme Commander of Allied Powers (SCAP) in September 1945; however, trading was restarted by unofficial group transactions in December of 1945.
The Securities and Exchange Law was enacted in March of 1947, and entirely revised in April of 1948. On April 1, 1949, three stock exchanges were established in Tokyo, Osaka and Nagoya. Trading on these exchanges began on May 16. In July of that same year, five additional stock exchanges were established in Kyoto (merged into Osaka Securities Exchange in March 2001), Kobe (dissolved in October 1967), Hiroshima (merged into Tokyo Stock Exchange in March 2000), Fukuoka, and Niigata (merged with Tokyo Stock Exchange in March 2000). In addition, the Sapporo Securities Exchange was established in April 1950. Consequently, Japan now has five stock exchanges.
Tokyo Stock Exchange2-1 Nihombashi-Kabuto-Cho, Chuo-ku, Tokyo
Tel: +81 3 3666 0141
Fax: +81 3 3663 0625
URL: http://www.tse.or.jp
