Toshiba stocks rally ahead of return to Japan stock market's top tier
The company is set to move back to the Tokyo market's first section on January 29
Stocks impacted: Toshiba Corp. (6502)
Toshiba Corp. shares surged to their highest level in three years after the company revealed plans to return to the TSE-1, or first section of the Tokyo and Nagoya stock exchanges. The first section, intended for large, well-established companies, includes over 2,000 tradable shares. The Japanese conglomerate is set to move back to the Tokyo market's first section on January 29 following a challenging period for the company that began with the exposure of a huge profit-padding scandal in 2015. The company was given a record fine and was later plunged into a further crisis by the failure of its US nuclear business. Toshiba has said it plans to spend 1 trillion yen on business expansion in the next five years. After the announcement, its stocks surged over 16% on Monday.
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