v256.0 · stock markets · JP · verified 2026-04
Japan stock markets + capital markets
Stock markets in Japan — main exchanges, total market cap, major indices, listing requirements, trading hours, foreign-investor access, IPO market, dividend + capital-gains tax, regulator, custody + clearing.
Main exchanges
Tokyo Stock Exchange (TSE) Prime Market + Standard Market + Growth Market (post-2022 reform) · USD 6T+ market cap (world's 3rd-largest) · 3,800+ companies · Osaka Exchange (OSE) for derivatives · Nagoya + Fukuoka + Sapporo regional
Market cap + indices
| Total market cap | USD 6.5T+ (Q1 2026) · 2nd-largest in Asia after China · Nikkei 225 reached all-time high 40,000+ in 2024 · BoJ + GPIF major participants |
| Major indices | Nikkei 225 (price-weighted, blue chips) · TOPIX (Tokyo Price Index, all Prime Market — broader) · JPX-Nikkei 400 (governance-focused, 400 stocks) · TSE Mothers (now Growth Market post-2022 reform) · J-REIT Index |
Listing + trading mechanics
| Listing requirements | Prime Market: JPY 25B market cap + 35% liquid tradable shares · Standard Market: JPY 1B + 25% · Growth Market: JPY 500M + 35% · TSE post-April 2022 simplification from 5 markets to 3 · IPO via 100+ days TSE review |
| Trading hours | 9:00 AM - 11:30 AM (morning session) · 12:30 PM - 3:30 PM (afternoon session, extended Nov 2024 from 3:00 PM) · Closed for 60-min lunch · Tokyo time · Holidays per TSE calendar (Golden Week, etc.) |
Foreign investor access
Open · Foreign-investor share ~30% of trading volume · Direct brokerage account · 20.315% dividend withholding (15.315% via US tax treaty, similar with EU) · Capital-gains tax 20.315% for non-residents (with some exemptions per treaty)
IPO market (2024)
JPY 1T+ raised 2024 IPOs (Tokyo TSE) — strong recovery from 2022 lows · 2024: Tokyo Metro IPO Oct 2024 JPY 320B largest IPO since 2018 SoftBank · 2025: Mitsubishi UFJ Morgan Stanley pipeline · Many small + mid-cap Mothers/Growth Market IPOs
Dividend + capital-gains tax
Japanese dividend tax (residents): 20.315% withholding (or income-tax aggregation if elected) · NISA (Nippon Individual Savings Account) tax-free wrapper expanded Jan 2024 — annual limit JPY 3.6M, lifetime JPY 18M · iDeCo retirement savings · Capital gain: 20.315% flat (residents)
Regulator + custody/clearing
| Regulator | FSA (Financial Services Agency) primary financial regulator · SESC (Securities Exchange Surveillance Commission) market surveillance · BoJ for monetary + macroprudential · Japanese Stock Exchange (JPX Group) operator of TSE+OSE |
| Custody + clearing | JASDEC (Japan Securities Depository Center) central · JSCC (Japan Securities Clearing Corp) clearing · T+2 settlement (T+1 transition under discussion) · Mitsubishi UFJ + SMBC + Mizuho major custodians |
Recent changes (2023-2026)
2024-25: Tokyo Metro IPO Oct 2024 JPY 320B largest in 6+ years · Nikkei 225 record highs · TSE Prime Market reform continuing (PBR improvement campaign) · NISA expansion Jan 2024 · Pillar Two adoption · Yen weakness driving Tokyo equity inflows · BOJ rate hikes 2024-25
Source: official Japan securities regulator · Last verified 2026-04
See also: Japan country profile · stock markets atlas