Japan’s stock exchange, which comprises five regional stock exchanges. Its most prominent market indicator is the Nikkei 225. On April 1, 1949, three stock exchanges were established in Tokyo, Osaka, and Nagoya. Trading on these exchanges began on May 16. In July of that same year, five additional stock exchanges were established in Kyoto (merged into Osaka Securities Exchange in March 2001), Kobe (dissolved in October 1967), Hiroshima (merged into Tokyo Stock Exchange in March 2000), Fukuoka, and Niigata (merged with Tokyo Stock Exchange in March 2000). In addition, the Sapporo Securities Exchange was established in April 1950. A variety of financial products are traded on the exchange in addition to stocks such as bonds and Real Estate Investment Trusts (REITs). The Tokyo Stock Exchange was demutualized in November 2001.