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Tokyo exchange's 'prime' offering not lean enough, pros say

Highest tier of stocks still crowded with underperforming companies

The Tokyo Stock Exchange has long focused on quantity over quality when it comes to listings. (Photo by Kosuke Imamura)

TOKYO -- The Tokyo Stock Exchange's upcoming overhaul aims to create a more robust top tier dubbed "prime" intended to attract global investors, but the plan revealed Tuesday still falls far short of the quality offered by stock markets in the U.S. and Europe.

"There is a large gap between the market name and the content. I wish they had narrowed down the companies more," says Taku Ito, chief portfolio manager at Nissay Asset Management.

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