BY KANA INAGAKI

TOKYO—The Tokyo Stock Exchange is expected to keep Olympus Corp. shares listed, people familiar with the matter said Thursday, a move that would clear one of the many hurdles the company faces in recovering from a $1.5 billion loss-hiding scandal.

The exchange hasn’t found any “material impact” from the accounting irregularities at the Japanese maker of cameras and medical imaging equipment to warrant expulsion from the market, although it will likely slap a ¥10 million ($130,000) fine on the company for falsifying financial documents, the …