One year on from the devastating earthquake which shook Japan and left almost 20,000 casualties, the president of the Tokyo Stock Exchange (TSE) has reiterated his support for the country’s recovery efforts, highlighting the exchange’s responsibility as a venue for fund raising.
Atsushi Saito, president and CEO of the TSE, said recovery efforts in the country were materialising and proceeding forward on many fronts.
“We at Tokyo Stock Exchange are dedicated to the fullest extent to supporting these efforts and serving in our role as a venue for fund-raising necessary for corporations,” he said.
The TSE proved resilient last year, when the magnitude 9.0 earthquake hit Japan ten minutes before the end of trading on Friday 11 March and the bourse was able to remain open until the closing bell. By Sunday afternoon, the 133-year-old exchange, home to Sony Corp and Toyota, was able to inform the market that no infrastructure had been affected and it would open the following morning.
On the Wednesday following the disaster, TSE's Topix index fell 16% and 852 issues – 37% of listed companies – hit their lowest daily limit. The number of orders on 16 March was over 22 million – a record high after 2010's daily average of eight million.
During the quake, TSE’s data centres moved just four centimetres and continued working throughout. Traders were able to connect to both data centres through two separate access points which ensured uninterrupted trading.
“As one year is going to pass since the earthquake of unprecedented magnitude struck our country, we once again offer our prayers for those who tragically lost their lives in the disaster,” said Saito. “Our thoughts remain with the many still struggling in the difficult aftermath, as we hope for a swift restoration of their regular lifestyles. Furthermore, the people of Japan are deeply thankful for the generous support we have received from our friends in countries all over the world.”