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. Last Updated: 07/27/2016

Tokyo Stock Trading Halted by IT Glitch

TOKYO -- A computer systems failure closed down share trading at the Tokyo Stock Exchange for most of Tuesday, the worst disruption ever for Asia's largest bourse.

Tokyo stocks jumped to five-year closing highs after trade started in mid-afternoon, but traders and analysts said the suspension may be a setback for the bourse's ambition to go public as early as next fiscal year starting in April.

The suspension affected all cash stocks of more than 2,300 issues and convertible bonds on the world's second-biggest market, which is worth some $4 trillion and whose daily transaction turnover reached $13.2 billion in the six months to Sept. 30, up 16.5 percent from a year earlier.

"This is unbelievable. It almost made me laugh," said Yoshihiko Kosuga from Mizuho Investors Securities. "They (the TSE) should be grateful that they aren't listed yet. The problem would have been bigger if they were public."

The outage was worse than the last major one in 1997, when a system problem forced the TSE to suspend morning trading.

TSE managing director Tomio Amano said the suspension was caused by a problem in trading system software developed by Fujitsu, adding the bourse had no backup solution. Asked whether Fujitsu was entirely at fault, Amano said: "We should investigate thoroughly and then check with the contract."