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Japan IPOs drop 40% despite TSE's ambitious revamp

New Growth market lacks investor appeal to overcome tough conditions

The Tokyo Stock Exchange reorganized in April into three markets: Prime, Standard and Growth. (Photo by Hirofumi Yamamoto)

TOKYO -- Japan's main stock market hosted just 37 initial public offerings in the six months through September, a roughly 40% decline on the year, amid turmoil fueled by global monetary tightening and the war in Ukraine.

The downturn, the steepest since a 78% plunge in 2008, also reflects the Tokyo Stock Exchange's struggle to build up its new Growth market as an attractive place for investors willing to take risks on up-and-coming companies.

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