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Tokyo Stock Exchange eyes 'prime' market for global blue chips

Reform plan faces strong opposition from companies fearing demotion

The Tokyo Stock Exchange faces calls to streamline its bloated first section, but companies fear being dropped from the big board. (Photo by Wataru Ito)

TOKYO -- The Tokyo Stock Exchange's now-sprawling first section would be reserved exclusively for companies with the scale and governance to attract global investors, under an outline of the market's biggest shakeup in decades.

The TSE's existing boards would be recast into a "prime" market for blue chips, a "standard" market for midtier companies and a startup-focused "growth" board, according to a proposal discussed Wednesday by a Financial Services Agency council.

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