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Tokyo/New Delhi, June 18 (PTI) Aiming to match competition from other Asian bourses, Japan today came up with a proposal to merge the country''s prominent stock exchanges within the next three years. The plan is part of the Japanese government''s growth strategy, which aims to maintain an economic growth rate of more than two per cent over the next ten years. The growth strategy, approved by the Japanese Cabinet, led by new Prime Minister Naoto Kan, includes creation of millions of jobs and introduction of lower corporate tax. According to British daily Financial Times, the proposed combination of major Japanese bourses could eventually see the merger of the Tokyo Stock Exchange, the Osaka Securities Exchange, the Tokyo Financial Exchange and the Tokyo Commodities Exchange. "The reason for doing this (merger proposal) is competition with other exchanges in Asia," Osamu Sakashita, a spokesman for the Prime Minister''s Office, was quoted as saying. Financial Times noted that merger of the exchanges, which all have different ownership structures, will not be easy. "The government holds no stake in any of the four involved in the proposal," it added. The daily pointed out that creating an integrated exchange will not be enough to make the country a financial centre that competes with Singapore and Hong Kong. "Investors, such as hedge funds that trade Japanese securities, often choose to locate in Singapore and Hong Kong because their tax and regulatory environment makes them a more attractive place to do business," the report noted.
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