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The intervention by the Tokyo Stock Exchange to improve capital efficiency among listed companies has proved “decisive”, according to the global head of equity strategy at the brokerage
The CEO of JPX, Akira Kiyota, will temporarily take over the position with a 50 percent pay cut for four months, the statement said.
The unit, SoftBank Corp, will list on the Tokyo Stock Exchange on December 19, the filing with the Ministry of Finance showed on Monday.
The parent will sell some 30 percent of SoftBank Corp. It plans to apply to the Tokyo Stock Exchange for the IPO as early as spring, which falls between March and May, and aims to debut the shares in Tokyo and elsewhere, possibly London, around autumn, the newspaper said, without citing any sources for the information.
The sale, which still needs to clear antitrust reviews, needs to close by the end of the financial year in March or it will likely report negative net worth, or liabilities exceeding assets, for a second year running. If it does, that could trigger an automatic delisting from the Tokyo Stock Exchange.
The struggling Japanese conglomerate announced last Wednesday it had chosen a consortium led by U.S. private equity firm Bain Capital LP to buy the prized chip unit - a move that would end a nine-month sale process and plug a vast hole in Toshiba's finances, preventing it from being removed from trading on the Tokyo Stock Exchange.
The conglomerate, whose products range from TVs to semiconductors to nuclear reactors, has already breached several regulatory rules that have put it at grave risk of a delisting.
A third postponement of the October-December earnings, past the latest deadline of April 11, looks necessary because Toshiba's auditor, PricewaterhouseCoopers Aarata LLC, has questions about results for the business year through March 2016, said the sources.
The extension would be the second after Toshiba postponed it a month ago to probe potential problems at Westinghouse. In early trading, Toshiba shares fell 4.8 percent to 204.6 yen, against the broader market's 0.2 percent decline.
Toshiba said in a press release through the Tokyo Stock Exchange that it had not announced the reactor business loss, reported by the Nikkei business daily, or a separate report by public broadcaster NHK that it will sell other business units and assets to raise 300 billion yen.
The Tokyo Stock Exchange suspended trading in Takata shares after the report. A spokesman for Takata declined to comment on the report.
Nintendo accounted for nearly one in four shares that changed hands on the TSE's main board. The sharp rise has doubled the Kyoto-based company's market capitalization to 4.5 trillion yen (USD 42.4 billion).
The phenomenal success of Pokemon GO - now available in 35 countries, the majority in Europe, and most recently in Canada - has triggered massive buying in Nintendo shares, surprising even some seasoned market players.
Japan Post Bank also jumped more than 15 percent to 1,652 yen, from an IPO price of 1,450. Japan Post Insurance was yet to trade at of 9.40am local time. Each business floated just 11 percent of its stock.
The Japanese automaker said it will repurchase on Thursday as many as 122.77 million shares at Wednesday's closing price of 3,842.50 yen per share for up to 471.74 billion yen (USD 3.9 billion) via the Tokyo Stock Exchange's off-hours trading system before the market open.
The laptops-to-nuclear conglomerate had at one time expected a 120 billion yen net profit, although it pulled that forecast in May when it announced an accounting probe was being expanded and undertaken by independent investigators.
Core inflation, excluding volatile fresh food prices, was up 0.1 percent year-on-year, beating market expectations for zero growth but coming still well short of the Bank of Japan's 2.0 percent target.
JGB futures were down at 0.71 point at 141.19; the 10-year-JGB yield jumped to as high as 1 percent
Tokyo's bourse imposed a record fine of about USD 2.5 million on Nomura Holdings today in the wake of an insider trading scandal at Japan's biggest brokerage.
Japanese media interest has been muted, regulators are mostly mum and many politicians seem unaware anything is amiss.
Tokyo stocks were marginally higher in early trade today after Wall Street staged a late rally amid hopes that EU leaders would act to aid weak banks.
Suzuki Motor is seeking to end its two-year old alliance with Volkswagen after the German carmaker accused it of violating their partnership pact.
The Nikkei stock average marked its lowest close since March 15 on Monday as worries about the US economy offset signs that the Japanese authorities stand ready to quell any further yen strength.
The Nikkei average closed at an 11-week low on Monday as speculation that Tokyo Electric Power Co could enter court-led restructuring pummelled its shares and fanned bearish sentiment that set in after soft US data.
From algorithmic trading in Indonesia to the fastest trading engine in the world in Singapore, Asian exchanges are moving to embrace the era of automated trading.
