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25.01.2021

Toshiba stocks rally ahead of return to Japan stock market's top tier

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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