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Tokyo Stock Exchange, the main stock market of Japan, located in Tokyo, and one of the worldâs largest marketplaces for securities. The exchange was first opened in 1878 to provide a market for the trading of government bonds that had been newly issued to former samurai. At first, government bonds, gold, and silver currencies formed the bulk of the exchangeâs trade, but, with the growth and modernization of Japanâs economy, trading in stocks had come to predominate by the 1920s. The Tokyo Exchange, along with all other Japanese stock exchanges, was closed from 1945 to 1949, at which time it reopened after having been reorganized by the American occupation authorities. In the postwar decades the Tokyo Exchange became more important than its chief rival, the Ćsaka Stock Exchange, and by the late 20th century it accounted for more than 90 percent of all securities transactions in Japan. Paralleling the phenomenal growth of the Japanese economy, TSE had become the worldâs largest securities exchange by the late 1980s, but its ranking fell in tandem with the regional economic decline of the 1990s. It became a publicly traded company, Tokyo Stock Exchange, Inc., in 2001.
