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Updated on May 20, 2015

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TOKYO PRO-BOND Market Initiatives for Realizing the "Tokyo Global Financial Center" Concept

Atsushi Saito
Director & Representative Executive Officer, Group CEO
Japan Exchange Group, Inc.

Today, TOKYO PRO-BOND Market welcomed the Eurodollar bond issued by the Tokyo Metropolitan Government, in marking the first listing of a foreign currency-denominated bond on the professional-oriented bond market operated by Tokyo Stock Exchange. This has great significance in demonstrating the potential of the TOKYO PRO-BOND Market as a global financial market.

Launched in May 2011, TOKYO PRO-BOND Market offers a platform for issuing bonds under a simplified and flexible disclosure regime by limiting access to institutional investors and other accredited professional investors. Issuers can list programs and perform disclosure in English in the same way as the euro-bond and other global bond markets. Enhancing convenience for issuers and investors at home and abroad, the market stands ready to fulfill a significant role in drawing a diverse range of market users to the Japanese market.

Currently, Japan Exchange Group (JPX) is progressing on its Asian Strategy, a core focus of the current medium-term management plan, to incorporate Asia’s growth and become the most preferred exchange in Asia. With the activation and promotion of TOKYO PRO-BOND Market identified as a key driver of the Asian strategy, we actively pursue initiatives to attract greater participation in the market.

We can expect the TOKYO PRO-BOND Market, by bringing foreign issuers and investors to Japan, to play an instrumental role in pushing forward the "Tokyo Global Financial Center" concept, which is set forth by the Tokyo Metropolitan Government and envisions making the Tokyo market as a center of international finance.

With the rapid globalization of overseas financial markets, the internationalization of the Tokyo market has become an urgent issue for Japan's economic development. We should recognize that the Tokyo Metropolitan Government has seized a very timely opportunity to take initiative in advancing the Tokyo Global Financial Center concept and listing bonds on the TOKYO PRO-BOND Market. I want to express my deep admiration for Governor Masuzoe and his team for their efforts.

As an exchange market operator that is an integral part of the Tokyo market, JPX will partner with the central and metropolitan governments and the financial sector to play a proactive role in driving the Tokyo’s concept forward toward accomplishing the overarching goal of globalizing the Tokyo market.