However, securities markets have recently been exposed to harsh global competition. In order to maintain the international competitiveness of Japanese securities markets, it is critical to unflaggingly implement efforts to enhance the markets’ efficiency and fairness in the future.
In that regard, a move to establish Asia’s number one stock exchange by merging the Tokyo Stock Exchange and the Osaka Securities Exchange is highly expected as a new start of Japanese securities markets. Second, the existence of investors who aim at increasing their medium- to long-term returns.