World Shares Mostly Higher; Tokyo Trading Halted By Outage

World Shares Mostly Higher; Tokyo Trading Halted By Outage

Nikkei futures contracts were up 0.51 percent shortly before midday, noted Makoto Sengoku, a market analyst at the Tokai Tokyo Research Institute.

A pedestrian looks at an electronic stock board displaying shares without prices outside a securities firm in Tokyo, on October 1.

The exchange blamed the outage on a hardware problem at its "Arrowhead" trading system, but added that it found no evidence of unauthorised access. Unable to handle the rush of orders from panicked investors, the TSE had to curtail trading hours for three months. The exchange in Osaka was the exception.

A later announcement made it clear that the exchange would be shut for the entire day.

The exchange announced early Friday that normal trading would resume with the morning session, with orders received during the disruption reset.

The trading halt closed one of the few major markets that were open in the region as other exchanges in Hong Kong, Shanghai, South Korea, and Taipei were all closed for holiday.

Details on the Tokyo trading problems were not immediately available.

Smaller, regional bourses in Nagoya, Fukuoka and Sapporo were also forced to suspend trade because they also use the TSE's system.

Tokyo Stock Exchange, with a market capitalization of about $6 trillion, is the world's third-largest by size of listed companies after the New York Stock Exchange and Nasdaq.

The halt came on the same day as one of Japan's most closely watched economic indicators, the Bank of Japan's Tankan survey, released just 10 minutes before trading was set to begin.

TSE has said it does not know when the issue will be resolved. "For retail investors that are trading everyday, today might be a shock, but for those who aren't frequently trading it's not as impactful", he said. The exchange experienced a full-day closure for the first time since it upgraded to fully electronic trading in 1999.

The news raised concerns of a possible cyber attack after the New Zealand Exchange was hit in August, forcing trading halts over several days, though officials said there was no indication so far of foul play in Japan. TSE CEO Miyahara said there were no plans at the moment to seek damages from Fujitsu. A computer glitch in 2012 halted trading in 241 securities, while a system error later that year took took derivatives trading offline.

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