Tokyo, Osaka bourses to merge in 2013

TOKYO, Nov 22 (AFP): Japan's two main bourses on Tuesday announced a plan to merge their operations in January 2013 as they look to overcome a slow Japanese market in a move that will create Asia's biggest exchange. The Tokyo Stock Exchange Group (TSEG) and Osaka Securities Exchange (OSE) issued a joint statement confirming plans for a "business combination" as they look to respond to strong overseas competition. The deal follows months of talks amid concerns over Japan's ability to survive an increasingly competitive landscape, as slowing growth and a strong yen further erode a Japanese stock market that peaked in December 1989.