Myanmar to set up stock exchange

Myanmar plans to set up a stock exchange with help from the Tokyo Stock Exchange and Daiwa Securities Group. Sources say the country's central bank and the Japanese side agreed to create the exchange by the year 2015 in Myanmar, possibly in its largest city Yangon, according to Japan's (NHK WORLD) website. The TSE and Daiwa are to provide full support to establish market rules and set up a computer system for the exchange. TSE President Atsushi Saito and Daiwa executives plan to visit Myanmar to sign a memorandum of understanding in late May. Myanmar has been rapidly transforming its economy since undergoing a transition from military to civilian government a year ago. With a population of 60 million, the country is targeted by many Japanese businesses as a potentially lucrative market.