the main stock market of Japan, located in Tokyo, and one of the world's largest marketplaces for securities (security). The exchange was first opened in 1878 to provide a market for the trading of government bonds that had been newly issued to former samurai. At first, government bonds (bond), gold, and silver currencies formed the bulk of the exchange's trade, but, with the growth and modernization of Japan's economy, trading in stocks (stock) had come to predominate by the 1920s. The Tokyo Exchange, along with all other Japanese stock exchanges (stock exchange), was closed from 1945 to 1949, at which time it reopened after having been reorganized by the American occupation authorities. In the postwar decades the Tokyo Exchange became more important than its chief rival, the Ōsaka Stock Exchange, and by the late 20th century it accounted for more than 90 percent of all securities transactions in Japan. Paralleling the phenomenal growth of the Japanese economy, TSE had become the world's largest securities exchange by the late 1980s, but its ranking fell in tandem with the regional economic decline of the 1990s. It became a publicly traded company, Tokyo Stock Exchange, Inc., in 2001.