Tokyo Stock Exchange
Asia’s largest exchange by market capitalisation and the core of the Japan Exchange Group. In 2022 it restructured its listing tiers into the Prime, Standard and Growth markets, raising governance and free-float requirements for the top tier. It is unusual in taking a long midday break, splitting the session in two.
- Location
- Nihonbashi Kabutocho, Tokyo, Japan
- Trading currency
- Japanese yen (JPY)
- Trading hours
- 09:00 to 11:30 and 12:30 to 15:30, Monday to Friday
- Trading days
- Monday to Friday, excluding Japanese public holidays and the year-end closure
- Time zone
- Japan Standard Time (UTC+9, no daylight saving)
- Market capitalisation
- Approximately USD 6.5 trillion (2025)
- Listed companies
- Approximately 3,900 across Prime, Standard and Growth (2025)
- Settlement
- T+2 through the Japan Securities Depository Center (JASDEC).
Top performing companies today
Ranked by the current session’s percentage move, strongest first, from the companies this platform covers on this venue.
Retrieving current-day prices for the companies covered on this venue…
What trades here
Major indices
- Nikkei 225
- TOPIX
- JPX-Nikkei 400
Major listed companies
- Toyota Motor
- Sony Group
- Mitsubishi UFJ Financial Group
- Keyence
- Tokyo Electron
- Hitachi
Major sectors
- Automotive
- Electronics and semiconductor equipment
- Industrial machinery
- Financials
- Trading houses
How the market works
Market structure
An electronic order book run by Japan Exchange Group, restructured in 2022 into three segments: Prime for companies meeting the highest liquidity and governance standards, Standard for established companies, and Growth for developing ones.
Trading mechanisms
Two sessions with a midday break — 09:00 to 11:30 and 12:30 to 15:30 — each opened and closed by an Itayose auction, with continuous Zaraba matching in between. Daily price limits are set in absolute yen bands by price level, and special quotes are used to slow disorderly moves.
Listing requirements
Prime requires a tradable share market capitalisation of at least ¥10 billion, a tradable share ratio of 35% or more, at least 800 shareholders, and profits or revenue tests, plus English disclosure and compliance with Japan's Corporate Governance Code. Standard and Growth apply lower thresholds.
Settlement
T+2 through the Japan Securities Depository Center (JASDEC).
Regulatory authority
Financial Services Agency (FSA). JPX Regulation acts as the self-regulatory organisation for listing and market surveillance.
How to invest in this market
What it takes to open an account and deal on TSE, separated by where you live — the two answers are rarely the same, and on some markets they are not even the same process.
Domestic investors
Residents of Japan
Japanese residents open an account with a domestic securities company. The NISA wrapper, expanded substantially in 2024, is the standard tax-free route for retail investors.
- An account with a securities company registered with the FSA.
- My Number (individual number) card and identity verification.
- Most liquid shares trade in units of 100, though several brokers now offer fractional or single-share dealing.
- Tax: 20.315% on dividends and realised gains. A specified account (tokutei kouza) has the broker withhold and report, removing the need to file.
Foreign investors
Open to foreign investors
Open. Japan is one of the most accessible large Asian markets for foreign portfolio investors, and foreign institutions account for a majority of trading value.
- A broker with Tokyo market access; several international brokers offer it directly.
- Passport and proof of address.
- Tax: 15.315% withholding on dividends for most non-residents (20.42% in some cases), reduced under treaty — commonly to 10% or 15%. Non-residents are generally not taxed in Japan on capital gains from listed portfolio holdings.
- The Foreign Exchange and Foreign Trade Act requires prior notification for acquisitions above 1% in companies in designated core sectors, and 10% elsewhere in listed shares in regulated industries.
Foreign ownership limits
No general limit on portfolio holdings. Sector caps apply in broadcasting, aviation and telecommunications, and FEFTA screening applies to designated sectors.
Currency considerations
Quoted in yen. Yen weakness has historically flattered domestic index returns while cutting them for unhedged foreign investors — the currency decision matters as much as the stock decision here.
Regulated routes to an account
Licensed intermediaries and official exchange platforms, listed to show the regulated routes into this market. This is not a recommendation and not an exhaustive list — check any firm against the regulator’s register before opening an account.
Verify before you act
Why this market matters
Why investors follow it
Japan is a major source of global capital goods and semiconductor equipment, so its market carries information about the world manufacturing cycle. Corporate-governance reform and pressure on companies to improve returns on capital have made it a widely watched value story.
Interesting facts
- The Nikkei 225 is price-weighted rather than capitalisation-weighted, so a high-priced share moves it far more than a larger company with a lower share price.
- The exchange took more than three decades to regain its 1989 peak, one of the longest drawdowns in any major market.
- The Prime market tier requires a minimum tradable share ratio, explicitly to improve liquidity and governance.
Official sources