TOKYO — The Tokyo Stock Exchange has moved a step closer to lengthening stock trading for the first time in seven decades, to 3:30 p.m., as early as fall 2024, Nikkei learned Friday.
The proposed 30-minute extension would give investors more opportunities to participate in the Japanese market, and enable stock prices to better reflect developments here and in other Asian markets, according to an internal report seen by Nikkei.
Japan’s current five-hour trading day, which runs from 9 a.m. to 3 p.m. with an hourlong break at 11:30 a.m., is an outlier among major markets and a significant point of difference as exchanges vie for business.
New York is open for six and a half hours, Singapore for seven and London for eight and a half.
Tokyo aims to boost its standing as an international financial center. But even with the extension, Tokyo would have shorter trading hours than these rival hubs, likely making further steps to improve competitiveness necessary.
Change has proved difficult. The TSE considered extensions in the past but failed to reach a consensus among stakeholders.
The latest proposal was discussed in a report submitted Friday by a working group on improving market functions comprising brokerages and institutional investors. No group members objected to adding half an hour to the trading day. Details on how the extension would work in practice still need to be hammered out with the Financial Services Agency and securities industry groups.
The report will be released to the public as soon as this month.
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