[Asia Economy Reporter Kiho Sung] Koichiro Miyahara, president of the Tokyo Stock Exchange, resigned on the 30th, taking responsibility for the full suspension of trading.
According to local media, on the same day, the Japan Financial Services Agency issued an order for business improvement to Japan Exchange Group (JPX) and the Tokyo Stock Exchange under the Financial Instruments and Exchange Act regarding the full suspension of trading at the Tokyo Stock Exchange that occurred on the 1st of last month, demanding efforts to prevent recurrence of the incident.
After the Financial Services Agency's order was issued, Miyahara expressed his intention to resign, taking responsibility for failing to prevent the serious incident, and JPX decided to dismiss him effective on the 30th.
Akira Kiyota, CEO of JPX, decided to reduce his monthly salary by 50% for four months due to this incident, and executives in charge of the system were also subjected to salary cuts.
With Miyahara's retirement, CEO Kiyota will concurrently serve as president of the Tokyo Stock Exchange.
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