Asia to get new stock exchange

<p>A new stock exchange is set to be launched in Asia.</p>

The Tokyo Stock Exchange is set to launch a new index that will compete with the Nikkei and the Topix on a global scale.

According to a report by the Financial Times, the move is being considered by Japan Exchange Group, which is the owner of the Tokyo Stock Exchange.

Moriyuki Iwanaga, chief financial officer of Japan Exchange Group, stated that there are too many issues with the Nikkei and the Topix, so there is room for another index.

"This time we'd like to find a way to lift the overall market," he said, adding: "It is not just about passive price calculation, but encouraging an active attitude towards good corporate governance."

Shigeki Hoshino, head of the index business office at Nikkei Inc, suggested that making the Nikkei more attractive by showing where the capital provided by shareholders is being used efficiently is a necessary move.

The Nikkei is closed today (September 23rd) for a Japanese holiday, but recorded a 2.3 per cent weekly gain last week after slipping back slightly from a new two-month high on Friday.

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