TSE President Miyahara Resigns over System Glitch

Economy

Tokyo, Nov. 30 (Jiji Press)--Japan Exchange Group Inc. <8697>, or JPX, on Monday announced the resignation of Tokyo Stock Exchange President Koichiro Miyahara to take responsibility for the Oct. 1 system glitch that caused a full-day TSE trading shutdown.

The resignation takes effect immediately. Akira Kiyota, chief executive officer of JPX, the TSE's parent, will double as president of the country's biggest stock exchange for the time being.

On Monday, the Financial Services Agency issued business improvement orders to the TSE and JPX over the system failure and the market shutdown under the financial instruments and exchange law.

According to informed sources, Miyahara expressed his intention to resign at a board meeting on the day.

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