The Tokyo Stock Exchange, paralyzed for a whole day because of a hardware failure, resumes Friday

The operator of the Tokyo Stock Exchange, paralyzed all day Thursday due to a “hardware failure” of historic magnitude, announced the resumption of trade on Friday on one of the largest global financial centers.

“We expect buy and sell orders to proceed as usual,” the Tokyo Stock Exchange said in a statement on Friday. Its officials had assured shortly before that the problem had been identified and was being resolved.

All securities trading in Tokyo and other Japanese stock exchanges had been halted even before the opening, due to a technical issue that caused a disruption in the transmission of market information.

A rapid resolution of the problem would have required a restart of the system, which “would have caused confusion”, explained in the afternoon the president of the Tokyo Stock Exchange during a press conference.

“After discussing it with other market players, we decided to suspend trading for the entire day,” said Koichiro Miyahara.

“We have caused great inconvenience to a large number of market players and investors” and “we sincerely apologize”, he added.

The origin of the incident was a memory failure which prevented the triggering of a backup device.

Officials said faulty hardware had been replaced and crews would be deployed to observe the system to prevent the problem from recurring.

(AFP)

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