Beruflich Dokumente
Kultur Dokumente
2012
Open Interest
(contracts)
[Domestic] 2,279
[Foreign] 11
[Domestic] 50
[Foreign]
[Domestic] 255,855,334
[Domestic] 347,112,875
[Foreign] 24,664
[Domestic] 536,774,871
[Foreign] 25,584
[Domestic] 323
[Foreign]
669,041,134
245,622
238,369
High
Low
Year-end
974.63
706.08
728.61
February 21
November 24
(-170.19)
Disclaimer
The information contained in this FACT BOOK 2012 is not intended as investment advice, but is given as
background information to facilitate public understanding of the Japanese stock market. While every effort has
been taken to ensure that the information contained in this FACT BOOK 2012 is free of error, the Tokyo Stock
Exchange Group, the Tokyo Stock exchange, and/or Tokyo Stock Exchange Regulation shall individually or
jointly take no responsibility or liability for any losses/damages/costs which may arise from the use of the
information.
TABLE OF CONTENTS
2011 REVIEW 1
STOCK MARKET
Stock Trading Activities 3
Stock Trading Volume & Value / 50 Most Active Stocks / Stock Transactions by Investor Type / Trading
Value of Listed Stocks on Domestic Stock Exchanges / ETF / ETN / REIT / Foreign Stocks
Trading Mechanisms 14
Order-Driven Market / Trading Rules Revision Upon the Launch of arrowhead / Recent Developments /
Off-Auction Market / Index Arbitrage & Program Trading / Temporary Restriction on Index Arbitrage
Trading / Margin Transactions
Clearing & Settlement 23
Overview / Clearing, Settlement & Custody of Foreign Stocks
DERIVATIVES MARKET
TSE Derivatives Market 27
Rule Changes for TSE Derivatives Trading 29
Trading Activities & Contract Specifications 33
Index Futures / TOPIX Sector Index Futures / TOPIX Options / Individual Securities Options / JGB
Futures / Options on JGB Futures
Circuit Breaker Rule 43
BOND MARKET 44
Bond Trading Activities / TSE Convertible Bond (CB) Volume / Contract Specifications for Bond Trading /
Listing Regulations
LISTING
Listing Regulations 66
Numerical Criteria for Listing, First Section Assignment and Delisting
Mothers 69
Numerical Criteria for Listing and Delisting
Foreign Stocks 71
Numerical Criteria for Listing and First Section Assignment
ETF / ETN 73
REIT 75
Listed Companies 76
No of Listed Companies / Newly Listed, Delisted, First Section Assigned & Second Section Reassigned
Companies
Timely Disclosure Network System (TDnet) 81
Electronic Voting Platform 82
Listed Company Awards 84
Financing 85
TOKYO AIM 87
COMPLIANCE
Market Surveillance & Compliance 88
Participants Examination & Inspection 89
INVESTORS
Shareownership 90
Shareownership by Market Value / Number of Shareholders
Investment Plans 92
Employee Stock Ownership Plans
Financial Assets of Individuals 93
TRADING PARTICIPANTS
Trading Participants 94
Overview of Securities Companies 96
Income Statements of TSE Trading Participants 97
SECURITIES TAXATION
Tax on Capital Gain from Listed Stocks 98
Tax on Dividends and Interest 99
HISTORICAL DATA
Historical Highlights 101
Stock Trading Volume (Domestic Stocks) 103
Stock Trading Value (Domestic Stocks) 104
Stock Trading Value on All Stock Exchanges 105
Number of Listed Companies, Shares and Market Value 106
Equity Financing (All Listed Companies) 107
TSE Listed Foreign Stocks 108
TOPIX 109
10 Largest Day-to-Day Fluctuations in TOPIX 110
Nikkei 225111
2011 REVIEW
TSE Measures to Support Recovery in
Connection with the Great East Japan
Earthquake
trading hours.
phase
donations.
market
and
the
derivatives
market,
and
can
of Japan.
company
options trading.
New Medium-Term
(FY2011 to FY2013)
TSEG
has
drawn
Management
up
new
Plan
Medium-Term
infrastructure,
expanding
the
user-base,
of
the
financial
and
capital
market
122.6%.
SYSTEM &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
STOCK
MARKET
STOCK MARKET
Daily
Average
Total
Daily
Average
Turnover
Ratio (%)
(based on
value)
245
562,118
2,294
158.8
7,522,270
30,703
145.6
2,228
30,014
2008
245
555,106
2,266
155.4
5,763,191
23,523
150.2
2,211
23,206
2009
243
563,576
2,319
151.6
3,737,663
15,381
126.4
2,272
15,172
2010
245
520,052
2,123
133.3
3,591,702
14,660
116.2
2,089
14,473
2011
245
536,774
2,191
138.4
3,471,128
14,168
122.6
2,141
13,942
'11 Jan.
19
44,479
2,341
11.3
305,320
16,070
9.8
2,296
15,779
Feb.
19
48,344
2,544
12.3
342,949
18,050
10.6
2,494
17,733
Mar.
22
74,801
3,400
19.2
470,162
21,371
14.9
3,333
21,052
Apr.
20
46,442
2,322
12.0
293,438
14,672
9.8
2,266
14,432
May
19
38,941
2,050
10.0
264,672
13,930
9.0
2,008
13,695
Jun.
22
44,560
2,025
11.5
285,261
12,966
9.7
1,982
12,754
Jul.
20
39,487
1,974
10.2
257,296
12,865
8.8
1,903
12,622
Aug.
23
51,864
2,255
13.5
335,196
14,574
11.9
2,210
14,355
Sep.
20
41,103
2,055
10.7
261,254
13,063
9.8
2,006
12,884
Oct.
20
36,822
1,841
9.6
235,317
11,766
8.8
1,806
11,617
Nov.
20
35,372
1,769
9.3
217,344
10,867
8.3
1,729
10,717
Dec.
21
34,553
1,645
9.0
202,914
9,663
7.9
1,597
9,505
Note: 1. Turnover ratio (based on volume) = (trading volume / average no. of listed shares) 100.
Average no. of listed shares = (previous year (month) end no. of listed shares + present year (month) end no. of
listed shares) 2.
2. Turnover ratio (based on value) = (trading value / average market capitalization) 100.
Average market capitalization = (previous year (month) end market capitalization + present year (month) end market
capitalization) 2.
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
2007
LISTING
Total
Turnover
Ratio (%)
(based on
volume)
COMPLIANCE
No. of
Trading
Days
STOCK
MARKET
Value
( bil.)
Rank Code
Stocks
Value
( bil.)
2,323
27
2,247
6,348
28
2,187
6,009
29
2,157
5,989
30
2,099
5,013
31
2,036
6501 Hitachi,Ltd.
4,747
32
2,029
4,681
33
2,005
4,589
34
2,002
10
4,556
35
1,974
11
4,538
36
1,859
12
4,133
37
1,858
13
3,961
38
1,804
1,779
3,879
39
15
3,755
40
1,775
16
3,357
41
1,727
17
3,095
42
1,686
1,684
3,018
43
2,791
44
1,661
20
2,791
45
1,661
21
2,742
46
1,654
22
2,715
47
1,644
23
2,709
48
1,603
24
2,401
49
4751 CyberAgent,Inc.
1,599
25
2,391
50
1,582
151,398
347,112
Ratio(A/B)
43.62%
Note: Total trading value includes all stocks listed on the 1st Section, 2nd Section, and Mothers (excluding foreign stocks).
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
3632 Gree,Inc.
19
INVESTORS
18
COMPLIANCE
14
LISTING
26
7,243
SYSTEMS &
SERVICES
7,290
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
Rank Code
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
2008
Trading Participants' own accounts
Individuals
Foreigners
Insurance Companies
Banks
Investment Trusts
Business Corporations
Others
Total
Buy
Sell
144,338
88,533
249,836
1,495
25,137
10,258
4,729
9,796
534,125
140,801
89,515
246,127
1,166
29,603
10,560
6,361
10,126
534,262
2009
Trading Participants' own accounts
Individuals
Foreigners
Insurance Companies
Banks
Investment Trusts
Buisiness Corporations
Others
Total
Buy
Sell
91,079
73,534
131,406
1,340
19,216
8,101
4,042
10,774
339,495
89,091
72,668
133,183
922
20,378
8,178
3,858
11,240
339,521
2010
Trading Participants' own accounts
Individuals
Foreigners
Insurance Companies
Banks
Investment Trusts
Buisiness Corporations
Others
Total
Buy
Sell
82,696
60,771
158,252
1,564
17,054
6,863
3,464
7,787
338,456
81,397
58,494
161,463
933
17,772
6,881
3,191
8,401
338,534
2011
Trading Participants' own accounts
Individuals
Foreigners
Insurance Companies
Banks
Investment Trusts
Buisiness Corporations
Others
Total
Buy
Sell
65,851
59,875
178,649
1,496
16,406
6,309
2,790
6,440
337,820
62,701
59,881
180,622
920
17,114
6,170
3,407
6,930
337,748
Note: 1. Figures are based on domestic stock transactions at Tokyo, Osaka, and Nagoya Stock Exchanges.
2. Figures are derived from General Trading Participants with capital of 3 billion yen or more.
3. "Foreigners" indicates foreign individuals and foreign corporations.
Net
-3,537
982
-3,708
-328
4,466
301
1,632
329
136
Net
-1,987
-866
1,777
-418
1,162
76
-184
465
26
Net
-1,299
-2,277
3,210
-631
717
17
-273
613
78
Net
-3,150
5
1,972
-575
707
-138
617
490
-71
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
Nagoya
2007
8,457,660
7,522,270
311,376
5,622
2008
6,479,761
5,763,191
243,578
975
2009
4,140,773
3,737,663
131,656
626
2010
3,981,090
3,591,702
119,152
797
2011
3,936,039
3,471,128
155,696
732
Fukuoka
Sapporo
Jasdaq
Off - Exchange
Trading
2007
149
83
112,213
505,944
2008
98
44
46,208
425,663
2009
68
25
32,205
238,527
2010
79
39
42,905
226,413
2011
68
25
308,387
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Osaka
INVESTORS
Tokyo
COMPLIANCE
( 100 mil.)
Total
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
GLOBAL AND
REGIONAL
ORGANIZATIONS
indices,
and
19
issues
linked
to
corporation bonds.
2011.
of
Japan
through
various
initiatives
which
participants.
Date
March 7, 2008
July 17, 2008
November 10, 2008
May 11, 2009
July 1, 2009
February 24, 2010
Major Initiative
Development of Listing System for Spot Commodity ETFs
Introduction of Foreign ETF Support Member System
Development of Listing System, etc. for Company-Type Foreign ETFs
Revision of Listing System for Company-type Foreign ETFs
Development of Listing System for Money Trust-Type ETFs
Revision of Listing System for Domestic Spot Commodity ETFs
HISTORICAL
DATA
ETF
will
STOCK
MARKET
'11.
Daily average
Total
Daily average
thous, unit
1,883,458
2,225,207
1,946,618
2,218,655
2,302,201
thous. unit
7,688
9,082
8,011
9,056
9,397
Yen mil.
2,630,984
2,425,142
1,876,454
2,164,784
2,713,190
Yen mil.
10,739
9,899
7,722
8,836
11,074
19
19
22
20
19
22
20
23
20
20
20
21
1,725,018
1,776,238
1,624,846
1,551,658
1,563,670
1,612,660
1,577,452
1,611,413
1,665,187
1,758,973
1,664,691
1,703,754
252,924
228,184
359,129
212,125
170,053
240,865
128,359
191,968
141,397
151,455
113,333
112,404
13,312
12,010
16,324
10,606
8,950
10,948
6,418
8,346
7,070
7,573
5,667
5,353
229,015
275,587
403,656
228,842
167,805
185,007
150,068
269,475
224,939
230,855
185,521
162,415
12,053
14,505
18,348
11,442
8,832
8,409
7,503
11,716
11,247
11,543
9,276
7,734
Code
ETF
Listing Date
Mar. 08
Mar. 09
Mar. 10
Mar. 24
May. 12
May. 12
Nov. 04
Nov. 29
Dec. 22
Listing Date
Aug. 23
Aug. 23
Sep. 06
Sep. 06
Sep. 06
Sep. 06
Sep. 06
Sep. 06
Sep. 06
Sep. 21
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Code
2021
2029
2022
2023
2024
2025
2026
2027
2028
2030
INVESTORS
COMPLIANCE
1554
1555
1556
1557
1559
1560
1562
1563
1565
LISTING
SYSTEMS &
SERVICES
245
245
243
245
245
Yen mil.
2,525,050
1,642,612
1,449,630
1,702,915
1,703,754
STOCK PRICE
INDEX
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Total
Trading value
BOND
MARKET
2007
2008
2009
2010
2011
Trading volume
DERIVATIVES
MARKET
Year/Month
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
Enhanced Index
Size-based
TOPIX Core30 (super large cap)
TOPIX100 (large cap)
TOPIX Mid400 (mid cap)
TOPIX Small (small cap)
Theme-based
FTSE Japan Green Chip 35
(environment-related stocks)
S&P Mitsubishi Group
(Mitsubishi group)
TSE Dividend Focus 100
(high dividend stocks)
Nikkei China Related Stock 50
TOPIX Active in Asia Index
HISTORICAL
DATA
INVESTORS
COMPLIANCE
REIT Index
GLOBAL AND
REGIONAL
ORGANIZATIONS
KOSPI200 (Korea)
CSI300, Hang Seng China Enterprises
Index (China)
Bovespa index (Brazil)
S&P CNX Nifty, S&P CNX Nifty Index
Futures (India)
SET 50 (Thai)
FTSE Bursa Malaysia KLCI (Malaysia)
NY Dow, S&P500 (US)
MSCI-KOKUSAI (developed nations)
MSCI Emerging (emerging nations)
MSCI ACWI ex Japan (World ex Japan)
LISTING
SYSTEMS &
SERVICES
Listed
Aug. 23, 2011
Sep. 6, 2011
Sep. 6, 2011
Sep. 6, 2011
Sep. 6, 2011
Sep. 6, 2011
Sep. 6, 2011
Sep. 6, 2011
Aug. 23, 2011
Sep. 21, 2011
LISTING
SYSTEMS &
SERVICES
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
Code
STOCK
MARKET
ETN
COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
10
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
REIT
Real-Estate
Investment
Trusts
(REITs)
management.
are
These
efforts
have
included
risks.
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
2007
2008
2009
2010
2011
'11
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
No. of
Total amount of
trading days
net assets
Trading volume
Total
Daily average
Turnover ratio
(unit based)
Trading value
Total
Daily average
245
245
243
245
245
Yen mil.
3,591,024
3,840,507
3,873,312
3,881,280
4,021,149
unit
8,107,500
7,792,205
6,180,669
8,814,949
10,577,912
unit
33,092
31,805
25,435
35,979
43,175
129.7
113.9
86.2
87.9
75.7
Yen mil.
7,442,803
3,992,564
2,242,292
2,664,521
2,866,415
Yen mil.
30,379
16,296
9,228
10,876
11,700
19
19
22
20
19
22
20
23
20
20
20
21
3,892,984
3,894,201
3,890,223
3,889,373
3,919,781
3,968,541
3,961,986
4,005,181
4,009,150
3,957,528
4,016,041
4,021,149
1,266,121
873,299
1,167,541
725,715
719,325
1,039,020
678,567
928,569
1,003,148
772,597
689,352
714,658
66,638
45,963
53,070
36,286
37,859
47,228
33,928
40,373
50,157
38,630
34,468
34,031
9.9
6.8
9.1
5.6
5.6
7.9
5.0
6.7
7.0
5.4
4.7
4.7
414,201
263,251
356,802
223,977
217,396
227,092
180,634
235,029
233,473
190,937
162,082
161,537
21,800
13,855
16,218
11,199
11,442
10,322
9,032
10,219
11,674
9,547
8,104
7,692
Note: 1. Turnover Ratio (unit base) = (Trading Volume/Average Listed Units) X 100, Average Listed Units = (Listed Units at
Previous Year's (Month's) End + Listed Units at Current Year's (Month's) End) / 2
11
STOCK
MARKET
DERIVATIVES
MARKET
n/a
Delisting Date
Oct. 27
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
COMPLIANCE
LISTING
REIT
8951
8952
8953
8954
8955
8956
8957
8958
8959
8960
8961
8963
8964
8966
8967
8968
8972
8973
8975
8976
8977
8979
8981
8982
8984
8985
8986
8987
3226
3227
3234
3240
3249
3269
SYSTEMS &
SERVICES
Code
STOCK PRICE
INDEX
BOND
MARKET
REIT
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
12
No. of
Listed
Companies
2007
245
25
93,256
381
323,324
1,320
2008
245
16
178,182
727
70,736
289
2009
243
15
266,487
1,097
101,144
416
2010
245
12
70,458
288
62,372
255
2011
245
11
25,584
104
24,664
101
'11 Jan.
19
12
5,150
271
5,025
265
Feb.
19
12
3,859
203
2,972
156
Mar.
22
12
5,582
254
3,478
158
Apr.
20
12
2,824
141
1,791
90
May
19
12
953
50
1,684
89
Jun.
22
12
897
41
1,567
71
Jul.
20
12
802
40
1,163
58
Aug.
23
12
1,663
72
2,371
103
Sep.
20
12
1,001
50
1,173
59
Oct.
20
12
972
49
1,121
56
Nov.
20
12
944
47
1,116
56
Dec.
21
11
931
44
1,197
57
STOCK
MARKET
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
Value (mil.)
Daily
Total
Average
No. of
Trading
Days
INVESTORS
COMPLIANCE
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
Foreign Stocks
13
STOCK
MARKET
Trading Mechanisms
COMPLIANCE
INVESTORS
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
14
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
"arrowhead".
arrangements
and
many
opinions
were
expressed
that
and
related
adjustments
to
public
to
the
regulations
15
offerings
market
were
STOCK
MARKET
Tick Size
Current price
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
16
COMPLIANCE
Parameters ()
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
1
5
10
50
100
500
1,000
5,000
10,000
50,000
100,000
BOND
MARKET
Tick Size
3,000
5,000
30,000
50,000
300,000
500,000
3,000,000
5,000,000
30,000,000
50,000,000
50,000,000
DERIVATIVES
MARKET
More than
More than
More than
More than
More than
More than
More than
More than
More than
STOCK
MARKET
DERIVATIVES
MARKET
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
products.
Product
Trading Unit
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
Trading Hours
Price Range
Tick Size
Transaction
Method
Settlement
Date
8:208:45
11:3012:15
15:0016:00
Orders are accepted from
8:20 to 16:00
8:208:45
Closing price or VWAP on
the previous day
11:3012:15
Closing price or VWAP of
the morning session on
the trading day
15:0016:00
Closing price on the
trading day, or VWAP of
the afternoon session or of
the trading day
8:45
Sell orders are accepted
from 8:00 to 8:45
T+0 or T+3
T+3
T+3
1 If the arrived price from above formula is less than 5 yen, the price range shall r 5 yen from the last price formed in the
auction market.
2 The trading system for ETFs and REITs is the same as that for equities
17
STOCK
MARKET
Single Issue
Basket
Off-auction repurchase
of a company's own
shares
%
%
At-Closing Price
%
3.6
6,322
0.1
2008
5,763,191
149,174
2.6
204,515
3.5
1,453
0.0
3,162
2009
3,737,663
115,033
3.1
150,364
4.0
143
0.0
2010
3,591,702
160,239
4.5
125,911
3.5
213
2011
3,471,128
188,832
5.4
116,365
3.4
'11. Jan
305,320
17,145
5.6
10,440
Feb.
342,949
19,295
5.6
Mar.
470,162
19,391
Apr.
293,438
May
1,920
0.1
358,305
6.2
1,462
2,474
0.1
268,015
7.2
1,103
0.0
1,631
0.0
287,995
8.0
1,175
79
0.0
5,746
0.2
311,023
9.0
1,269
3.4
0.0
219
0.1
27,805
9.1
1,463
11,503
3.4
0.0
218
0.1
31,021
9.0
1,633
4.1
14,760
3.1
0.0
60
0.0
34,213
7.3
1,555
14,189
4.8
8,897
3.0
0.0
51
0.0
23,139
7.9
1,157
264,672
13,476
5.1
8,146
3.1
0.0
51
0.0
21,682
8.2
1,141
Jun.
285,261
15,267
5.4
8,572
3.0
0.0
11
0.0
23,852
8.4
1,084
Jul.
257,296
15,856
6.2
8,788
3.4
0.0
2,336
0.9
26,982
10.5
1,349
Aug.
335,196
18,447
5.5
11,793
3.5
0.0
94
0.0
30,337
9.1
1,319
Sep.
261,254
14,076
5.4
10,580
4.0
0.0
62
0.0
24,720
9.5
1,236
Oct.
235,317
14,197
6.0
9,120
3.9
0.0
35
0.0
23,353
9.9
1,168
Nov.
217,344
13,682
6.3
7,012
3.2
30
0.0
2,538
1.2
23,264
10.7
1,163
Dec.
202,914
13,808
6.8
6,748
3.3
27
0.0
65
0.0
20,649
10.2
983
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
6.3
INVESTORS
470,511
COMPLIANCE
272,624
LISTING
2.5
SYSTEMS &
SERVICES
191,564
STOCK PRICE
INDEX
7,522,270
BOND
MARKET
2007
Daily
Average
Total
DERIVATIVES
MARKET
Year/
Month
( 100 mil.)
ToSTNeT
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
18
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
Purchases
B
Index Arbitrages
Sales
Purchases
Sales
Purchases
AB
Trading Value of
1st Section 2
57,465
52,422
25,875
26,759
24,085
57,217
53,091
26,739
27,707
23,427
13,814
12,911
7,197
8,199
7,093
13,138
12,036
7,724
8,882
6,569
0
2
10
8
197
3,406
750
1,832
2,015
948
7.8
9.3
7.1
7.7
7.0
'11 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1,722
1,718
4,260
1,625
1,499
2,474
1,469
2,409
2,072
1,564
1,435
1,832
1,585
1,547
3,494
1,834
1,326
2,568
1,738
2,227
2,341
1,612
1,236
1,914
446
454
1,755
470
405
634
366
592
527
325
393
722
395
351
1,103
334
301
971
582
514
747
546
253
469
38
70
72
42
104
19
33
135
21
40
80
197
2,142
2,238
1,177
1,188
969
1,185
1,372
986
1,068
1,251
1,021
948
5.5
4.9
8.4
6.0
5.4
9.0
6.4
7.0
8.6
6.8
6.2
9.4
Positions Established
with Index Arbitrages
bil.
2007
2008
2009
2010
2011
INVESTORS
COMPLIANCE
19
STOCK
MARKET
3. Timing of Restriction
1. Introduction
DERIVATIVES
MARKET
4. Lifting of Restriction
lifted.
circumstances.
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
[TOPIX]
Range of Fluctuations
(Restriction)
(points)
Upward or downward 70
100
130
160
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
(points)
Less than
2,000
Upward or downward100
2,000less than 3,000
150
3,000less than 4,000
200
4,000 or more
250
Range of Fluctuations
(Lifting)
(points)
INVESTORS
Previous Day's
Closing Price
COMPLIANCE
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
20
STOCK
MARKET
DERIVATIVES
MARKET
Margin Transactions
Margin transactions are purchases, and sales, of securities effected on credit extended to the customer by a
securities company.
(1) Margin
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
Customers buying or selling stocks on margin must make a warranty deposit ("Initial Margin") equivalent to at least
30% of the transaction value or 300,000 yen (whichever is greater) with the securities company by noon of the 2nd day
following the trading day. When the rate of deposited margin to trading value drops below 20% due to price
fluctuations, the customer must deposit additional margin to increase the rate to at least 20%.
(2) There are two types of margin transactions: Standardized Margin Transactions and Negotiable Margin
Transactions
Standardized
(*1)Regulated
6 months
Selected by TSE
May be used
Lending fee
Period of settlement
Margin issues
(*2)Loan transactions
Negotiable
All conditions are negotiable
All listed issues
May not be used
(*1) The lending fee is determined in the securities finance company's auction.
(*2) Loan transactions are lending transactions between securities finance companies, which specialize in securities
financing, and securities companies.
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
TSE selects as margin issues for standardized margin transactions those issues which meet specific criteria in the
following categories: (1) number of tradable shares (2) number of shareholders (3) trading volume (4) ratio of trading
21
STOCK
MARKET
2002
Trading
Volume (A)
(100 mil. shares)
3,778
Trading
Value (B)
( bil.)
Margin Transactions
Trading
Volume (C)
(100 mil. shares)
Trading
Value (D)
( bil.)
C/A
D/B
Rate of
Utilization by
Individual
Investors
764
54,818
20.2
16.4
36.5
68,542
20.8
15.7
46.8
2003
5,751
435,437
1,195
2004
7,015
627,643
1,462
102,411
20.8
16.3
47.1
153,780
22.4
17.1
47.5
10,483
901,025
2006
9,381
1,252,528
1,783
183,365
19.0
14.6
51.3
1,824
182,777
17.2
13.0
54.9
2007
10,585
1,410,306
2008
10,422
1,080,943
1,711
136,518
16.4
12.6
59.3
116,689
20.4
16.8
56.8
693,916
2010
9,586
660,733
1,748
94,930
18.2
14.4
58.0
9,803
632,016
1,711
86,840
17.5
13.7
58.6
'11 Jan.
811
55,502
156
8,426
19.3
15.2
59.2
Feb.
884
62,384
161
9,137
18.3
14.6
57.2
11,055
17.5
12.7
54.8
2011
Mar.
1,401
87,188
245
Apr.
860
54,059
147
7,219
17.2
13.4
58.3
6,302
16.5
13.0
58.9
716
48,597
Jun.
817
52,281
137
6,845
16.9
13.1
59.2
6,802
17.5
14.8
57.9
714
46,062
Aug.
943
60,971
146
7,727
15.5
12.7
59.2
Sep.
737
47,306
123
6,314
16.7
13.3
61.4
Oct.
658
42,392
118
6,252
18.0
14.7
62.0
5,584
17.4
14.4
60.6
5,173
19.5
14.2
59.8
Nov.
636
38,815
110
Dec.
619
36,452
120
Note: 1. Trading Volume and Trading Value are the combined totals of all sales and purchases made in the 1st Section, 2nd
Section, and Mothers, and include exercise of rights for individual options.
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
2. The Rate of Utilization by Individual Investors is the percentage of the total amount of margin transactions made by
individual investors. (Based on general trading participants with capital of 3 billion yen or more).
INVESTORS
Jul.
124
COMPLIANCE
May
118
LISTING
10,538
SYSTEMS &
SERVICES
2009
2,153
STOCK PRICE
INDEX
2005
2,345
BOND
MARKET
333,471
DERIVATIVES
MARKET
Regular Transactions
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
22
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
Overview
transactions.
organization
settlement
counterparty default.
(JSCC)
acts
as
the
management.
financial crisis.
Further, JSCC and TSE continue dialogues with
23
STOCK
MARKET
Foreign Stocks
Cleared
Volume
(B)/(A)
%
(C)
(thous.
shares)
No. of
Settled
Stocks
(D)
(thous.
shares)
Domestic CBs
Cleared
Volume
Settled
Volume
(D)/(C)
%
(E)
( mil.)
(F)
( mil.)
Overall
Overall
Settled
Settled
Volume of
Volume of
Cash
Derivatives
Transactions Transactions
(F)/(E)
( 100 mil.) ( 100 mil.)
%
245
2,728,440
790,491
29.0
395
129
33.5
1,300
753
57.9
2,139
193
2008
245
2,679,550
757,618
28.3
746
273
36.7
1,217
745
61.2
1,896
270
2009
243
2,803,566
756,736
27.0
1,165
569
48.9
2,034
1,145
56.3
1,247
112
2010
245
2,479,014
680,780
27.5
322
169
52.6
1,442
845
58.6
1,181
113
2011
245
2,614,851
672,950
25.7
152
88
57.8
975
511
52.5
1,068
114
'11 Jan.
19
2,615,374
685,647
26.2
295
170
57.9
1,434
796
55.5
969
115
Feb.
19
2,953,036
769,427
26.1
226
150
66.5
1,035
535
51.7
1,099
106
3,845,592
956,389
24.9
370
234
63.3
1,359
616
45.4
1,809
241
2,885,121
700,960
24.3
209
132
63.4
743
453
61.0
1,002
85
May.
19
2,483,020
635,266
25.6
82
44
53.5
479
325
67.8
865
92
Jun.
22
2,411,699
618,990
25.7
56
36
64.6
669
265
39.7
1,073
110
Jul.
20
2,430,292
649,676
26.7
220
65
29.5
540
353
65.3
978
105
Aug.
23
2,693,490
678,538
25.2
96
62
65.0
1,870
787
42.1
1,053
116
Sep.
20
2,470,846
643,999
26.1
81
42
51.9
928
505
54.4
1,187
127
Oct.
20
2,192,058
585,314
26.7
81
44
54.6
1,053
634
60.3
934
98
Nov.
20
2,184,823
572,501
26.2
53
34
64.6
850
515
60.6
845
98
Dec.
21
2,132,751
563,936
26.4
63
41
65.3
614
340
55.5
928
57
2. The Number of Settled Stocks for Domestic Stocks includes when-issued transactions, off-auction transactions, and loan
transactions.
INVESTORS
3. Overall Settled Volume of Derivative Transactions excludes volume of delivered settlement of JGB Futures.
Source: Japan Securities Clearing Corporation
COMPLIANCE
Note: 1. Cleared Volume is the total amount of transactions on each market (excluding cash transactions and when-issued transactions) and
loan transactions.
LISTING
22
20
SYSTEMS &
SERVICES
Mar.
Apr.
STOCK PRICE
INDEX
2007
BOND
MARKET
(A)
(thous.
shares)
No. of
Settled
Stocks
(B)
(thous.
shares)
DERIVATIVES
MARKET
Domestic Stocks
Cleared
Volume
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
24
STOCK
MARKET
BOND
MARKET
DERIVATIVES
MARKET
JSCC
STOCK PRICE
INDEX
JSCC's A/C
INVESTORS
COMPLIANCE
LISTING
SYSTEMS &
SERVICES
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
25
JSCC's A/C
STOCK
MARKET
Custody Services
accounts
through
JASDEC
participants.
These
home market.
LISTING
COMPLIANCE
INVESTORS
GLOBAL AND
REGIONAL
ORGANIZATIONS
26
HISTORICAL
DATA
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
DERIVATIVES
MARKET
STOCK
MARKET
DERIVATIVES MARKET
TSE Derivatives Market
TSE's derivatives market has grown dramatically
needs.
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
Oct. 19
1988
Jul.
1988
Sep.
1989
Oct. 20
TOPIX Options
1990
May 11
1996
Feb. 16
1997
May 16
1997
Jul.
1998
Jan. 23
1998
Mar. 13
1998
Apr. 10
18
1998
Oct.
2000
Aug. 14
2000
Sep. 18
2000
Oct. 30
Introduction of SPAN
2000
Nov. 20
2001
Apr.
2001
Jun. 11
2007
Mar. 12
Off-Auction Block Trading for TOPIX Options, Equity Options and Options on JGB Futures
2008
Jan. 15
2008
Jun. 16
New Index Futures(mini-TOPIX Futures, TOPIX Core30 Futures, TSE REIT Index Futures)
Mar. 23
2010
Jul.
Dividend Index Futures(Nikkei 225 Dividend Index Futures/TOPIX Dividend Index Futures/TOPIX
26
Modifications
1989
Sep.
Settlement prices based on opening prices of TOPIX component stocks on day after last trading
day of each contract month
1990
Apr. 26
1993
Dec. 10
Disclosure of TOPIX Futures trading volume and open interests of Trading Participants
1994
Feb. 14
1995
Jan.
1997
Oct. 29
1997
Nov. 14
Modifications to TOPIX Options contract specifications, including change of exercise type from
American to European
1997
Nov. 20
1998
Jan. 23
1998
Nov. 30
Modifications to margin and mark-to-the-market regulations, including earlier settlement and margin
1999
Mar. 12
1999
Apr.
deposit deadline
1
27
27
1999
Dec.
2000
May
2000
May 12
2000
Jun.
2001
Jan. 29
2001
Feb.
2001
Dec.
Modification to Off-Auction Block Trading between 2 different Trading Participants for Stock Price
Index Futures
2002
Dec.
Introduction of a "Contingency Plan" for the last trading day and the S.Q. calculation day of futures
and options contacts
Feb.
2003
Sep. 16
2004
Feb.
2004
Jul.
23
2004
Oct.
2005
Apr. 18
Decision to introduce Free Float Adjusted Indices on TOPIX and other indices
Expansion of best bid/offer quote information (from 3 to 5)
TOPIX dissemination interval change from 1 minute to 15 seconds
Oct. 19
2006
Apr.
2007
Sep. 30
2008
Jan. 15
Jun.
2008
Jun. 16
2008
Nov.
Nov. 25
2008
Dec. 15
2009
Oct.
Introduction of new trading platform for Options trading "Tdex+ System (LIFFE CONNECT)"
Oct. 18
2011
Jan. 24
2011
Nov. 11
Migrate a new futures market onto the existing options platform "Tdex+ System (LIFFE
CONNECT)"
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
2008
INVESTORS
2008
COMPLIANCE
LISTING
2005
SYSTEMS &
SERVICES
2003
STOCK PRICE
INDEX
BOND
MARKET
Jul.
DERIVATIVES
MARKET
May 20
1999
STOCK
MARKET
1999
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
28
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
23:30.
futures.
11:02
8:00
8:45
12:05
11:00
15:02 15:25
12:30
GLOBAL AND
REGIONAL
ORGANIZATIONS
15:00
23:30
23:25
15:30
JGB Futures
Options on
JGB Futures
8:30
11:35
9:00
8:00
11:30
11:40
15:15
11:45
16:15
16:30
15:10
Index Futures
Index Options
Individual
Securities
Options
16:20
8:40
12:05
12:30
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
SYSTEM &
SERVICES
STOCK PRICE
INDEX
29
23:25
STOCK
MARKET
price.
inappropriate prices.
DERIVATIVES
MARKET
OVER
350
931.5
560
931.0
320
930.5
1,030
930.0
920.5
920.0
919.5
Sell orders
(offers)
not allowed
Base price
20
910.0
460
909.5
240
909.0
740
908.5
1330
UNDER
42,750
Price
After Introduction
Buy
Sell
Price
Buy
MO
MO
Notes
OVER
OVER
900.75
900.75
900.50
900.50
900.25
900.25
900.00
900.00
- Market makers
are required to
place bids and
offers which satisfy
specified spreads
and trading
amount.
899.75
899.75
899.50
899.50
899.25
899.25
899.00
899.00
UNDER
UNDER
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Sell
INVESTORS
Before Introduction
COMPLIANCE
LISTING
Upper limit
~
Lower limit
Buy orders
(bids)
not allowed
SYSTEMS &
SERVICES
80
Buy
Sell
81,250
STOCK PRICE
INDEX
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
30
STOCK
MARKET
DERIVATIVES
MARKET
spread trading.
BOND
MARKET
SYSTEM &
SERVICES
STOCK PRICE
INDEX
JGB Futures
Index Futures(*)
investment strategies.
Implied Function
The implied function in options trading is very useful.
This function increases the probability of order execution
by utilizing the liquidity of both individual contracts and
Individual Issue
Individual Issue
Implied-out
Strategy Issue
Implied-in
Implied-in
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
GLOBAL AND
REGIONAL
ORGANIZATIONS
Strategy Price
31
STOCK
MARKET
Available
Available
Available
Available
Available
Available
Straddle
Available
Available
Available
Available
Available
Not available
Available
Not available
Available
Not available
asset.
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
Strangle
Call (or Put) Butterfly
BOND
MARKET
Implied-in
DERIVATIVES
MARKET
shall be specified
TOPIX Options
JGB futures
(excluding mini JGB futures)
TOPIX futures
(excluding mini TOPIX futures)
Underlying securities
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Price of
Underlying Asset
Execution will be conducted at the underlying asset price designated when the order book was
generated.
However, if the underlying asset price designated when the order book was generated greatly
deviates from the actual price of the underlying asset at the time of order placement, the order will
not be accepted.
INVESTORS
Delta
COMPLIANCE
Underlying Asset
LISTING
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
32
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
ToSTNeT
Daily Average
Trading Value
( bil.)
Open
Interest
2007
16,578,731
3,880,144
67,668
273,287
365,595
2008
19,268,823
3,007,358
78,648
216,278
411,427
2009
16,287,710
3,178,681
67,028
132,113
378,888
2010
15,900,256
2,773,346
64,899
129,325
420,956
2011
15,433,956
2,971,444
62,996
120,112
427,175
'11 Jan.
856,559
102,085
45,082
7,341
436,267
Feb.
862,241
99,516
45,381
7,648
483,896
Mar.
2,597,312
633,681
118,060
22,131
456,936
Apr.
842,050
71,476
42,103
6,873
465,447
May
810,589
58,421
42,663
6,426
475,847
Jun.
2,010,895
477,327
91,404
15,684
414,814
741,639
61,875
37,082
6,154
428,398
Aug.
1,177,731
115,536
51,206
8,761
455,706
Sep.
2,131,598
611,623
106,580
15,510
468,106
Oct.
817,575
74,019
40,879
5,965
469,579
Jul.
Nov.
811,406
91,200
40,570
5,489
489,470
Dec.
1,774,361
574,685
84,493
12,126
427,175
Note: Number of contracts, trading value, and open interest (year/month end) are each totals of the figures for every contract
month (including figures for inter-month spread trading).
GLOBAL AND
REGIONAL
ORGANIZATIONS
(contracts)
2007
2008
2009
2010
2011
14,200,055
15,650,940
12,639,748
11,938,549
11,019,403
90,600
128,710
52,851
60,287
46,399
1,144,401
1,731,154
1,796,092
1,560,615
1,797,268
135,502
308,023
303,648
167,589
180,447
11,344
6,762
3,541
3,330
2,938
410,969
449,824
389,924
334,719
326,380
49,531
17,900
2,414
8,937
2,278
2,775
7,374
3,698
1,474
2,562
Individuals
126,698
110,808
94,190
63,719
129,568
Foreigners
16,984,831
18,684,810
15,670,969
15,313,880
15,844,913
Other Corporations
Note: Figures are derived from Trading Participants with capital of 3 billion or more.
HISTORICAL
DATA
33
STOCK
MARKET
BOND
MARKET
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
LISTING
TOPIX
futures
market
and
improving
investor
institutional investors.
in
the
market
alongside
domestic
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
INVESTORS
COMPLIANCE
participated
DERIVATIVES
MARKET
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
34
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
Contract:
TOPIX
TOPIX Core30 Futures
(Tokyo Stock Price mini-TOPIX Futures
TSE REIT Index Futures
Index) Futures
Nikkei 225
Dividend Index
Futures
Contract Months:
Trading Unit:
10,000 times TOPIX 1,000 times TOPIX 1,000 times TOPIX Core30
1,000 times TSE REIT Index
0.25 points
0.5 points
0.1 yen
250
500
100
0.01 points
None
Last business day prior to the 2nd Friday of the respective contract month.
The last business day of March
Trading in a new contract month begins on the business day following the last
trading day.
Final Settlement:
Cash settlement based on special quotation on the business day following the last trading day.
(special quotation of mini-TOPIX Futures is the same as TOPIX Futures)
Margin:
Trading Hours:
LISTING
SYSTEM &
SERVICES
ToSTNeT Hours:
8:2016:00, 16:2023:30
Trading
Minimum
1 contract
(*2)
Trading Size:
Minimum
0.1 points
Fluctuation:
0.05 points
0.1 points
0.1 yen
0.01 points
(*1) Inter-month Spread Trading: Bids/offers are placed based on the spread between two contract months, when the sale of
one and purchase of another are effected simultaneously.
(*2) ToSTNeT Trading: Simultaneous sale and purchase of Index Futures for the same contract month by Trading
Participants on the ToSTNeT market.
(*3) Uncrossing process is executed only in order to trade the closing price at the end of each session.
(*4) All combinations of listed contract months are available.
(*5) 36 combinations are available during Jan.-Mar..
(*6) Give-up is available for all index futures contracts.
35
STOCK
MARKET
Contract (*1) :
Contract Months:
Trading Unit:
Minimum Fluctuation:
5,000
1,000
Last business day prior to the 2nd Friday of the respective contract month.
Trading in a new contract month begins on the business day following the
last trading day.
Final Settlement:
Margin:
Trading Hours:
ToSTNeT Hours:
Trading
(*2)
Minimum Trading Size:
8:2016:00, 16:2023:30
BOND
MARKET
Trading in TOPIX Transportation Equipment Index Futures has been dormant since June 2003.
(*2)
ToSTNeT Trading: available for simultaneous large sell and buy order execution in the ToSTNeT market.
(*3)
(*4)
Uncrossing process is executed only in order to trade the closing price at the end of each session.
(*5)
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
INVESTORS
Execution Prices:
COMPLIANCE
LISTING
Minimum Fluctuation:
SYSTEMS &
SERVICES
1 contract
STOCK PRICE
INDEX
(*1)
TOPIX Transportation
TOPIX Banks Index
Equipment Index Futures Futures
DERIVATIVES
MARKET
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
36
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
2007
2008
2009
2010
2011
'11 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Put Options
Trading
Trading Value
Open Interest
Volume
( mil.)
9,106
3,220
1,050
32,293
44,220
1,334
17,224
6,306
3,264
33,015
8,203
1,430
9,921
4,068
1,036
600
75
5,738
915
276
707
101
563
946
59
14
2,376
694
221
412
25
74
189
1,530
1,605
1,934
995
995
460
460
196
513
476
973
1,036
Call Options
Trading
Trading Value
Open Interest
Volume
( mil.)
10,449
8,644
1,000
29,752
13,075
1,329
35,299
14,565
14,344
87,025
13,384
8,247
11,421
3,630
1,668
5,401
2,330
915
276
774
167
398
1,160
1,426
1,034
226
11
387
22
52
468
9,563
8,165
975
975
975
900
900
636
1,020
982
1,244
1,668
2007
2008
2009
2010
2011
'11 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Put Options
Trading
Trading Value
Open Interest
Volume
( mil.)
84,842
843
4,393
64,030
311
40,803
462,118
3,452
70,457
243,379
3,493
5,396
112,092
1,052
10,236
9,347
16,406
3,702
1,671
6,398
6,762
16,769
13,798
9,544
8,073
12,770
6,852
64
112
25
18
43
83
93
171
180
108
110
40
11,085
11,153
4,161
2,426
6,290
7,506
13,612
13,882
9,871
8,599
11,024
10,236
37
Call Options
Trading
Trading Value
Open Interest
Volume
( mil.)
60,607
453
2,088
24,226
109
3,825
200,695
856
33,883
591,562
2,062
293,820
489,064
2,761
20,329
215,350
106,667
10,710
14,066
10,839
12,318
15,767
16,444
39,292
18,035
22,736
6,840
921
501
43
137
57
98
121
100
303
192
193
89
348,973
354,662
152,722
141,449
147,285
15,309
19,938
24,305
35,462
42,147
50,927
20,329
STOCK
MARKET
Contract
Month
Trading
Unit
First
Trading
Day
The business day prior to the 2nd Friday of the respective contract months
Trading
Hour
Option Premium
less than
50(*)
50 - less than
1,000(*)
1,000 - less than
3,000
3,000 - less than
30,000
30,000 - less than
50,000
50,000 - less than
100,000
100,000 - less than 1,000,000
More than 1,000,000
Tick size
0.1
0.5
1
5
25
50
500
5,000
(*)Base price is the Theoretical Price calculated (*)Base price is the Thoretical Price calculated
from the subjected underlying security base from the subjected underlying futures base
price.
price.
Margin
Trading
Hour
8201600
16202330
8201600
8201515
152523:30
Price
Off-Auction Range
Trading
(ToSTNeT
Trading)
Minimum
0.1 points
Fluctuation
Minimum
Trading
size
0.1
1 for the odd number of underlying trading 0.01
unit)
1 trading unit
Individual Securities Options of a certain stock will be delisted if )the underlying stock is delisted, )the underlying
stock is reassigned to the Second Section, or )there is no transaction of the contracts for one whole fiscal year and
TSE determines that continued listing is unnecessary.
(*2)
Options on 5-year JGB Futures have been dormant since the July 2002 contract.
(*3)
All in-the-money options are automatically exercised on the expiration date, unless otherwise instructed.
(*4)
GLOBAL AND
REGIONAL
ORGANIZATIONS
38
HISTORICAL
DATA
(*1)
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
INVESTORS
Strike
Price
Base price (Daily Price Limit of the underlying Base price (Daily Price Limit of the
security + Dynamic Price Limit)
underlying futures + Dynamic Price Limit)
COMPLIANCE
LISTING
SYSTEMS &
SERVICES
Minimum
20 points or less : 0.1 points
Fluctuation More than 20 points : 0.5 points
Auction
Trading
STOCK PRICE
INDEX
Last
Trading
Day
BOND
MARKET
Contract
DERIVATIVES
MARKET
TOPIX Options
STOCK
MARKET
BOND
MARKET
DERIVATIVES
MARKET
10-yr.
2008
10,639,934
2009
6,765,074
2010
2011
84,375,534
53,738,606
49,335
48,058,693
71,439
631
53,623,323
60,086
4,015,259
557,933
73,647
4,334,896
677,189
51,173
4,535,244
Apr.
475,250
69,514
4,430,368
May
469,267
83,602
4,162,840
Jun.
762,483
71,124
4,745,865
Jul.
491,112
76,967
3,942,740
Aug.
577,435
84,461
4,907,506
Sep.
636,640
65,871
4,636,240
Oct.
481,520
67,307
4,293,053
Nov.
581,650
3,331
70,810
578
4,933,283
Dec.
661,929
4,402
71,439
631
4,686,029
8,021,458
6,883,210
7,734
'11 Jan.
510,802
Feb.
Mar.
STOCK PRICE
INDEX
93,351,042
45,508
55,581
SYSTEM &
SERVICES
GLOBAL AND
REGIONAL
ORGANIZATIONS
mini-10-yr.
112,392
46
LISTING
COMPLIANCE
INVESTORS
13,545,239
10-yr.
Note: The cash market volume is the total amount of sales and purchases in Japanese Government Bonds effected in the
Tokyo OTC market.
2008
2009
(contracts)
2,010
2,011
10,792,108
8,281,676
5,406,738
6,988,623
5,889,845
5,577,044
4,325,675
2,595,858
3,277,049
2,530,066
55,013
59,067
18,625
22,821
12,866
133,712
68,599
47,421
100,915
90,358
15,265
12,726
8,439
13,201
25,127
119,739
27,615
19,120
7,525
6,006
Other Corporations
108
4,341
596
184
Individuals
677
709
184
361
334
Foreigners
10,396,234
8,498,665
5,432,925
5,628,307
5,191,600
Investment Trusts
Business Corporations
Note: Figures are derived from Trading Participants with capital of 3 billion or more.
HISTORICAL
DATA
mini-10-yr.
2007
Cash Market
Volume
(100mil.)
Open Interest
39
STOCK
MARKET
crisis.
overseas.
interest rates.
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
INVESTORS
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
40
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
Contract:
10-year Japanese
Government Bond
Futures
20-year Japanese
Government Bond
Futures(*2)
Underlying
Standardized 6%,
20-year Japanese
Government Bond
Contract Months:
March, June, September, December cycle (3 contract months traded at any one
time)
Trading Unit:
Minimum Fluctuation:
0.005 (500)
3.00 upward and downward from the previous day's settlement 4.50 upward and
price
downward from the
previous day's
settlement price
1st business day prior to 7th business day prior to each delivery date.
the last trading day of Trading in new contract month begins on the business day
10-year JGB Futures for following the last trading day.
the same contract month
Settlement Method:
Delivery Date:
Publicly-offered
interest-bearing 5-year
JGBs with 4 or more but
less than 5 years and 3
months remaining to
maturity as of the issued
date and the delivery
date.(*3)
Deliverable Grade:
Margin:
Trading Hours:
Publicly-offered
interest-bearing
10-year JGBs with 7 or
more but less than 11
years remaining to
maturity as of the
issued date and the
delivery date.(*3)
Publicly-offered
interest-bearing
20-year JGBs with 15
or more but less than
21 years remaining to
maturity as of the
issued date and the
delivery date.(*3)
8:2015:15, 15:2523:30
1 contract
99.5%100.5% of the last base reference price
(*1)
(*2)
(*3)
(*4)
(*5)
41
STOCK
MARKET
Trading
Volume
Open
Interest
Trading
Volume
Call Options
Trading
Value
( 100 mil.)
Open
Interest
3,203
6,936
2008
1,162,120
3,624
2,044
1,280,478
3,730
2,081
2009
1,215,325
2,601
2,451
1,217,892
3,128
887
2010
1,093,343
1,979
1,704
905,939
1,940
2,075
2011
1,061,935
1,775
9,018
791,737
1,652
3,437
'11 Jan.
85,411
169
3,468
69,086
142
2,863
Feb.
93,554
179
2,308
91,772
156
2,837
Mar.
58,887
127
5,313
50,076
149
1,587
Apr.
60,245
116
7,848
52,254
113
3,621
May
68,992
102
9,050
42,764
88
3,803
Jun.
91,799
137
8,966
54,124
107
3,888
Jul.
74,609
121
8,096
64,487
142
6,324
Aug.
102,591
144
3,215
64,827
139
2,417
Sep.
73,292
121
7,909
67,199
140
6,001
Oct.
114,091
182
13,504
79,220
140
10,629
Nov.
135,731
232
15,707
86,862
166
8,567
Dec.
102,733
140
9,018
69,066
164
3,437
2008
2009
2010
2011
950,136
833,060
47,772
17,754
945
24,851
96
3,735,008
707,696
803,618
38,953
19,097
70
1,134
250
115
3,314,263
749,508
831,263
7,549
12,855
315
3,264,944
550,624
858,096
8,412
22,183
224
45
2,552,828
598,267
879,811
7,211
17,564
692
94
2,186,955
Note: Figures are derived from Trading Participants with capital of 3 billion or more.
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Securities Companies
Banks
Insurance Companies
Other Financial Institutions
Investment Trusts
Business Corporations
Other Corporations
Individuals
Foreigners
(contracts)
INVESTORS
1,345,464
COMPLIANCE
9,098
LISTING
3,140
SYSTEMS &
SERVICES
1,459,347
STOCK PRICE
INDEX
2007
BOND
MARKET
Put Options
Trading
Value
( 100 mil.)
DERIVATIVES
MARKET
Trading Volume, Trading Value and Open Interest of Options on JGB Futures
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
42
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
[Index Futures]
Base Price of the central
2nd Price Limit
[Maximum Price Limit]
1st Price Limit
contract month
(points)
(points)
(points)
(points)
Less than
750
Upward or downward 50
Upward or downward 75
Upward or downward 100
750less than 1,000
75
110
150
1,000less than 1,250
100
150
200
1,250less than 1,750
150
225
300
1,750less than 2,250
200
300
400
2,250less than 2,750
250
375
500
2,750less than 3,250
300
450
600
3,250less than 3,750
350
525
700
3,750 or more
400
600
800
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
SYSTEM &
SERVICES
43
BOND MARKET
STOCK
MARKET
Tokyo OTC
Markets
( tril.)
Total
TSE Market
( mil.)
Total
CBs
Other
10 year
JGB yield
(%)
11,288
1.163
496,458
29
8,563
1.285
346,050
7,553
1.120
238,369
7,964
0.980
27,431
27,431
592
1.209
337
20,961
20,961
611
1.253
324
28,781
28,781
656
1.249
Apr.
327
15,657
15,657
656
1.200
May
330
7,982
7,982
621
1.150
Jun.
327
14,442
14,442
711
1.131
Jul.
327
11,564
11,564
602
1.075
Aug.
329
44,131
44,131
741
1.029
Sep.
323
16,975
16,975
704
1.025
Oct.
324
23,868
23,868
658
1.045
Nov.
325
17,226
17,226
748
1.068
Dec.
323
9,351
9,351
659
0.980
2008
347
297,645
2009
329
496,487
2010
335
346,054
2011
323
238,369
'11 Jan.
335
Feb.
Mar.
INVESTORS
Note: "Tokyo OTC Markets" volume is a total of sales and purchases in all types of bonds including CBs.
Source: Tokyo OTC Markets and 10 year JGB yield is based on figures from Japan Securities Dealers Association, "OTC
Trade Volume by Bond Type" and "Tokyo OTC Markets Reference Statistics".
COMPLIANCE
297,643
306,471
LISTING
1.500
306,713
SYSTEM &
SERVICES
12,096
359
STOCK PRICE
INDEX
242
2007
BOND
MARKET
No. of
Listed
Issues
DERIVATIVES
MARKET
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
44
STOCK
MARKET
GLOBAL AND
REGIONAL
ORGANIZATIONS
( 100 mil.)
2007
2008
2009
2010
2011
145
-883
1
-183
57
-9
-55
846
89
6
58
290
4
44
39
12
67
-956
430
-7
-83
-1,217
-19
-162
-182
-11
-205
1,970
-98
-9
624
-1,333
-12
-128
-43
1
-73
1,026
-50
11
395
-197
-0
82
-16
-4
56
-373
53
-3
( bil.)
During
or
End of
No. of
Listed
Companies
No. of
Listed
Issues
Amount
Listed
(par value)
Trading
Volume
(par value)
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
316
212
146
98
86
72
57
35
37
20
427
258
175
117
98
81
62
39
39
23
8,182
5,670
3,668
1,821
1,723
1,396
1,240
1,202
1,239
1,048
1,812
1,019
712
601
525
306
297
496
346
238
'11 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
37
37
29
30
30
30
30
28
22
22
21
20
39
39
31
32
32
32
32
31
25
25
24
23
1,239
1,239
1,160
1,165
1,165
1,165
1,164
1,177
1,024
1,053
1,052
1,048
27
20
28
15
7
14
11
44
16
23
17
9
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
SYSTEM &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
45
STOCK
MARKET
Government Bonds
12:3015:00
50,000 face value
Trading Method
Auction
1
T+3
Cash(T+0)
Regular (T+3)
CBs
9:00-11:30
12:30-15:00
Trading Unit
Minimum Fluctuation
Acceptable Orders
Settlement Day
Regular (T+3)
INVESTORS
Trading Method
COMPLIANCE
LISTING
Trading Hours
SYSTEM &
SERVICES
Settlement Day
STOCK PRICE
INDEX
Minimum
Fluctuation
BOND
MARKET
Trading Hours
Trading Unit
Yen-Denominated
Foreign Bonds
DERIVATIVES
MARKET
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
46
STOCK
MARKET
DERIVATIVES
MARKET
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
Listing Criteria
Delisting Criteria
Other Straight
Bonds (government-guaranteed
bonds, municipal
bonds, bank
debentures, etc.)
Yen-denominated
Foreign Bonds
(SAMURAI Bonds)
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
Corporate Bonds
STOCK PRICE
INDEX
BOND
MARKET
Listing Regulations
47
follows:
18, 1969.
SYSTEM &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
STOCK
MARKET
seconds.
In addition, TSE has launched a new "High-Speed
Introduction of Free-Float
each index.
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
INVESTORS
COMPLIANCE
LISTING
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
48
STOCK
MARKET
SYSTEM &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
January 4, 1968=100
Month
Day
Jan.
LISTING
COMPLIANCE
INVESTORS
Mar.
913.52
963.70
929.64
942.87
927.57
948.69
935.36
955.59
911.80
911.69
924.51
926.42
Apr.
May
862.62
865.55
Jun.
Jul.
839.41
853.86
778.28
843.96
769.78
816.57
826.75
859.75
864.11
826.36
847.16
865.18
800.96
839.61
856.50
807.99
941.63
841.10
813.76
870.48
944.00
939.16
853.13
814.45
874.34
944.02
944.29
853.21
946.63
930.84
856.46
817.38
12
929.64
13
937.74
14
930.31
15
915.51
849.34
857.19
768.19
844.59
839.94
959.19
846.96
846.72
822.86
856.88
962.57
766.73
841.29
824.65
859.36
967.30
817.63
829.55
17
928.73
974.14
810.80
828.85
805.34
18
931.58
973.60
830.39
19
936.87
927.19
21
910.85
836.34
837.96
827.56
831.89
738.58
752.02
748.61
738.01
753.63
741.55
750.45
745.11
749.40
738.12
729.13
741.26
753.44
746.69
749.82
758.83
740.71
741.69
748.81
777.12
751.76
779.06
768.13
776.65
735.85
725.02
724.11
723.56
727.71
767.31
751.24
719.98
751.69
751.49
755.04
746.02
841.72
815.73
860.11
757.13
744.21
842.18
828.99
868.81
716.38
718.49
717.08
725.68
717.79
723.12
22
956.70
868.13
23
946.88
861.10
817.68
825.51
750.39
819.16
833.20
742.24
755.44
706.08
747.70
706.60
24
917.18
934.22
853.95
25
929.28
941.93
857.38
26
922.64
27
929.66
28
919.69
840.68
817.74
861.91
751.82
833.64
827.08
866.20
756.07
839.87
951.27
857.85
824.90
851.85
29
850.21
30
866.09
823.68
869.38
838.48
744.54
728.85
746.48
726.44
724.25
825.64
859.11
748.55
762.79
830.34
848.37
754.07
771.43
844.11
841.37
849.22
736.98
730.91
761.88
742.84
749.63
738.03
730.30
755.00
860.66
827.77
740.01
744.14
736.86
806.83
837.17
974.63
853.75
715.70
721.45
758.83
762.30
729.68
722.12
767.30
761.17
728.46
728.61
749.63
770.60
764.06
31
910.08
High
937.74
974.63
963.70
862.62
865.55
849.22
874.34
851.70
778.28
771.43
754.50
Low
910.08
913.52
766.73
827.56
817.68
805.34
841.37
742.24
728.85
726.25
706.08
716.38
Ave.
924.36
948.61
883.59
843.89
837.02
822.06
861.29
778.73
753.81
750.34
730.12
732.53
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
860.53
754.50
741.20
776.73
838.51
812.26
736.18
755.70
770.88
Dec.
726.25
770.39
870.16
Nov.
755.82
757.41
857.62
Oct.
747.11
782.86
852.34
812.41
20
873.51
940.43
10
926.94
Sep.
851.70
812.95
11
Aug.
825.76
16
Feb.
49
STOCK
MARKET
TOPIX Sub-Indices
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
Large
1,555.44
853.73
913.98
902.30
692.30
Medium
1,488.55
936.06
969.86
959.02
837.53
Small
1,908.66
1,298.12
1331.92
1,358.85
1,252.46
'11 Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
910.08
951.27
869.38
851.85
838.48
849.22
841.37
770.60
761.17
764.06
728.46
728.61
912.04
958.49
862.55
845.25
830.59
833.91
824.27
739.67
718.76
735.61
698.13
692.30
970.85
1,004.05
938.29
924.11
912.65
934.35
927.93
871.10
881.92
862.29
824.47
837.53
1,395.09
1,453.20
1,378.01
1,325.56
1,305.48
1,356.01
1,354.52
1,308.80
1,321.63
1,280.07
1,246.84
1,252.46
GLOBAL AND
REGIONAL
ORGANIZATIONS
50
HISTORICAL
DATA
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
TOPIX
1,475.68
859.24
907.59
898.80
728.61
INVESTORS
End of
2007
2008
2009
2010
2011
COMPLIANCE
LISTING
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
Industry
Rubber Products
Foods
Retail Trade
Fishery, Agriculture & Forestry
Mining
Industry
Securities & Commodity Futures
Marine Transportation
Electric Power & Gas
Other Products
Iron & Steel
Insurance
Air Transportation
Nonferrous Metals
Real Estate
Electric Appliances
Glass & Ceramics Products
Banks
Transportation Equipment
Precision Instruments
Machinery
Chemicals
Metal Products
Oil & Coal Products
Wholesale Trade
Warehousing & Harbor Transportation Services
Textiles & Apparels
Other Financing Business
Pulp & Paper
Pharmaceutical
Services
Information & Communication
Land Transportation
Construction
Up
Stock Price Indices
End of 2010
End of 2011
(A)
(B)
1,235.54
1,323.58
752.18
761.76
508.41
512.62
239.24
239.73
341.81
342.39
Down
Stock Price Indices
End of 2010
End of 2011
(A)
(B)
278.56
139.80
520.05
274.48
613.89
345.99
1,445.40
892.36
624.64
407.99
566.62
374.06
273.26
194.84
779.50
564.72
846.95
622.30
1,361.31
1,000.96
786.52
602.01
127.28
100.17
1,652.56
1,301.76
2,610.76
2,088.54
936.95
775.03
835.60
700.44
758.79
636.47
1,004.43
856.83
864.31
744.61
1,036.67
926.36
430.67
392.02
259.48
238.88
370.84
344.79
1,319.01
1,227.06
734.28
697.12
1,317.22
1,282.40
1,002.56
981.96
425.16
422.87
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
51
% Change
Point Change
from End of 2010 from End of 2010
((B-A)/A)
(B-A)
+7.13
+1.27
+0.83
+0.20
+0.17
% Change
from End of 2010
((B-A)/A)
49.81
47.22
43.64
38.26
34.68
33.98
28.70
27.55
26.52
26.47
23.46
21.30
21.23
20.00
17.28
16.18
16.12
14.69
13.85
10.64
8.97
7.94
7.02
6.97
5.06
2.64
2.05
0.54
+88.04
+9.58
+4.21
+0.49
+0.58
Point Change
from End 2010
(B-A)
138.76
245.57
267.90
553.04
216.65
192.56
78.42
214.78
224.65
360.35
184.51
27.11
350.80
522.22
161.92
135.16
122.32
147.60
119.70
110.31
38.65
20.60
26.05
91.95
37.16
34.82
20.60
2.29
STOCK
MARKET
DERIVATIVES
MARKET
Organization
STOCK PRICE
INDEX
BOND
MARKET
Note: Figures represent free-float adjusted market capitalization as % of those in TOPIX (as of the end of December 2011).
SYSTEM &
SERVICES
Outline of Indices
index
is
free-float
adjusted
market
Name
Code
Local
Sector
Code
Sector
Foods
7974
Nintendo Co.,Ltd.
Other Products
3382
Retail Trade
8031
Wholesale Trade
4063
Chemicals
8058
Mitsubishi Corporation
Wholesale Trade
4502
Pharmaceutical
8306
Banks
4503
Pharmaceutical
8316
Banks
5401
8411
Banks
6301
KOMATSU LTD.
Machinery
8604
6502
TOSHIBA CORPORATION
Electric Appliances
8766
Insurance
6752
Panasonic Corporation
Electric Appliances
8802
Real Estate
6758
SONY CORPORATION
Electric Appliances
9020
Land Transportation
6954
FANUC CORPORATION
Electric Appliances
9432
7201
Transportation Equipment
9433
KDDI CORPORATION
7203
Transportation Equipment
9437
NTT DoCoMo,Inc.
7267
Transportation Equipment
9503
7751
CANON INC.
Electric Appliances
9984
SOFTBANK CORP.
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
2914
INVESTORS
TOPIX Core30
Local
COMPLIANCE
LISTING
Each
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
52
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
market
reflect
The
TOPIX
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
Style
Index
Series
are
market
movements,
TSE
reviews
Basic Concept
TOPIX Value
TOPIX Growth
SYSTEM &
SERVICES
STOCK PRICE
INDEX
TOPIX 500
TOPIX Small
53
the
'11
LISTING
Date
2009
2010
2011
'11
54
GLOBAL AND
REGIONAL
ORGANIZATIONS
1,115.71
1,107.70
1,055.18
1,073.33
1,067.76
1,027.45
997.89
985.07
928.56
902.22
847.08
834.36
HISTORICAL
DATA
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
INVESTORS
COMPLIANCE
460.81
501.06
460.23
473.42
463.27
455.20
453.23
451.04
402.15
413.05
381.18
396.21
SYSTEM &
SERVICES
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
STOCK PRICE
INDEX
2009
2010
2011
BOND
MARKET
Date
DERIVATIVES
MARKET
STOCK
MARKET
STOCK
MARKET
DERIVATIVES
MARKET
PERPBR/Dividend Yields
End of
GLOBAL AND
REGIONAL
ORGANIZATIONS
PBR
2007
2008
2009
2010
2011
19.5
14.1
32.9
15.0
1.2
0.8
0.9
0.9
0.8
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
33.1
33.6
29.1
27.5
26.3
16.8
16.7
15.7
15.7
15.4
14.9
15.0
0.9
0.9
0.9
0.8
0.8
0.8
0.8
0.8
0.8
0.8
0.7
0.8
share.
The price book value ratio (PBR) is calculated by
'11
Note: 1. Consolidated
Dividend Yields
Calculation method
'11
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
SYSTEM &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
PER
55
During
2007
2008
2009
2010
2011
1.24
1.93
2.24
1.91
2.03
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
1.76
1.72
1.85
1.89
2.01
2.07
1.99
2.16
2.19
2.19
2.26
2.24
Overview of IT Systems
to 2 access points (AP) via an optical fiber ring network.
Even in the case of a malfunction at any point in the
security.
"Trading
Systems",
"Clearing
1. Trading Systems
LISTING
Fukuoka
Exchange,
and
Sapporo
Stock
through
the
network
to
TSE's
Market
as
information
securities
companies,
vendors,
news
financial
and
institutions,
communications
3. Clearing Systems
with an ex-platform.
56
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
INVESTORS
COMPLIANCE
Stock
SYSTEMS &
SERVICES
Main Systems".)
STOCK PRICE
INDEX
groups,
BOND
MARKET
DERIVATIVES
MARKET
STOCK
MARKET
DERIVATIVES
MARKET
Dedicated Lines
VPN etc
BOND
MARKET
Market Info.
Trading
Proximity Area
Information Systems
Clearing Systems
AP 1
Securities Firms
and Other Users
Co-Location Area
arrownet
Secondary Site
SYSTEMS &
SERVICES
Trading Systems
Securities Firms
and Other Users
LISTING
STOCK PRICE
INDEX
Trading Systems
Securities Firms
and Other Users
AP 2
Trading
Market Info.
Information Systems
COMPLIANCE
Clearing Systems
Backup Office
APAccess Point
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
arrownet
Investors, etc.
Timely disclosure
information
TSE Systems
Information Systems
Timely disclosure
information
Notification documents
TDnet
CA information, etc.
Timely disclosure info.,
CA info., etc.
Notice
CA information, etc.
Target
TMI
TSE
Notification documents
Notice
Trading
Participants
(Securities
Firms, etc.)
Market information
Order
Execution notice
Listed
Companies
Information
Vendors
Information-related
Institutions
Market Information
Market Info.
(cash trading)
Market information
ISC(index)
ToSTNeT System
(off-auction cash trading)
Media
Institutions
Market information
Tdex+ System
(futures/options trading)
Clearing information
Clearing Systems
Settlement data
Clearing Systems
CACorporate Action
57
External
Settlement
Systems
System Name
arrowhead
Trading
Tdex+ System
Clearing System
Clearing
TDnet
Integrated Platfrom
arrownet
Primary Center
Secondary Center
INVESTORS
Infrastructure
COMPLIANCE
Information
LISTING
Target
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
ToSTNeT System
DERIVATIVES
MARKET
Type
STOCK
MARKET
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
58
STOCK
MARKET
DERIVATIVES
MARKET
"arrowhead" System
Tokyo Stock Exchange launched a trading system for
2010.
arrowhead Features
Reliability/
Scalability
When the number of orders, etc. exceeds predetermined scalability criteria, TSE is able to
respond swiftly within approximately 1 week. For example, when the peak number of orders
per minute exceeds half of the maximum processing capacity, TSE prepares processing
capacity equivalent to twice the peak number.
Speed
Flexibility
The system's highly flexible design allows settings to be changed easily to accommodate new
products, trading rules, and regulatory changes. In January 24, 2011, in order to increase the
convenience of market participants, TSE introduced a new service Drop Copy on
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
Robustness
59
STOCK
MARKET
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
* Co-location is a service which allows trading participants to install their order placement servers at the TSE primary site.
Reducing physical distance to the TSE trading engine has the effect of minimizing the delay in information distribution and
reception. This service is used by trading participants and their clients who perform high-speed trading.
INVESTORS
* arrownet is the network linking the 2 centers to 2 access points in a ring network. TSE trading participants on external
networks connect to the TSE trading engine via these 2 access points. By adopting a fully redundant system configuration,
arrownet is equipped to provide a network of high reliability and high availability.
COMPLIANCE
* "arrowhead" has achieved, on average in continuous trading, order response time of 2 milliseconds, and data feed latency
of 2.5 milliseconds.
LISTING
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
60
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
swiftly.
to other markets.
4).
Target
392 microseconds
Features
Devices can be installed in the data center where an access point to the TSE network is located
Emphasizes connectivity to multiple markets, hub for Asian markets
Target
Users who place orders in multiple markets and receive information from multiple sources
Standard Connection
Features
Several milliseconds
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
Connectivity Service
61
STOCK
MARKET
Primary Site
Access Point 1
Securities
Company, etc.
10G
Backbone ring
network
Proximity
Area
Investor
Co-Location Area
Secondary Site
Information Vendor
Backup systems
Tradingsystems
Market data systems
Clearing systems
Legend:
Normal order placement flow
Order placement flow via
Co-Location Service
STOCK PRICE
INDEX
Access Point 2
BOND
MARKET
Trading systems
(Trading, market data)
Market data systems
Clearing systems
DERIVATIVES
MARKET
(Network Overview)
SYSTEMS &
SERVICES
Brokers used hand signals to communicate information such as orders and quotes between dedicated communication branches
and floor clerks.
Securities Company
Send
Orde
order
cution
statu
r/exe
Auction traders
(floor clerks)
Ordermatching
members
With advances in IT, trading systems replaced order-matching members. The distance between securities companies' data
centers and TSE's data centers grew as a result of them moving away from the immediate vicinity of TSE, the Kabuto-cho area.
Send order
Order/execution status
Call center
Online
trading
Rise of Algorithmic
Trading
Co-Location
Trading systems
Market data systems
In-house
systems
Exchange
terminal
"How quickly quote data is obtained" is crucial for automated order placement in algorithmic trading.
As a result, there is a growing need for higher transmission speeds between TSE's and brokers' data centers.
With the activation of a high-speed trading system (10 milliseconds or 10/1000 seconds), the co-location service was
launched to allow brokers to install automated order placement servers and other devices to obtain quote data and place
orders in the TSE data center with minimum time lag (less than 1 millisecond).
TSE Data Center
Securities Company
Investor
Send order
Online
trading
Exchange
terminal
Send order
Order/execution
status
In-house
systems
Co-location area
Trading participant systems
Trading systems
Market data systems
62
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
Order/execution status
Call center
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Securities Company
Investor
INVESTORS
Fully Computerized
Trading (1999)
Dedicated
communication
branch
Branch
COMPLIANCE
Investor
LISTING
STOCK
MARKET
DERIVATIVES
MARKET
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
Orders executed
('000)
COMPLIANCE
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
63
STOCK
MARKET
Information Services
information is provided at low latency via the TSE's Market
Features:
- Most recent Stock/CB prices, order information for 8 quotes above/below the
current price (BBO8), accumulated volumes for all orders beyond BBO8.
- Real-time distribution of TOPIX, high-speed indices, iNAV, and other TSE index
information
- FLEX Light provides snap-shots of market information at low-bandwidth
(maximum: 2Mbps)
FLEX Full
Features:
Tdex+ is the derivatives trading platform for JGB futures and individual equity
options listed on TSE. Via Tdex+'s CONNECT API, quote information, trading
value, strategy trading information and issue information are available to not only
trading participants but also non-trading participants.
Features:
- Full order book for options with aggregated volume at each price point
- Real-time distribution of strategic spread information.
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Details:
INVESTORS
COMPLIANCE
FLEX Full provides all quotes, trading value, issue information, and more for all
Stocks/CBs listed on TSE. With this service, a full view of the order book is provided
in real-time.
LISTING
Contents:
SYSTEMS &
SERVICES
FLEX Standard/FLEX Light provides multiple quotes and contract prices for
Stocks/CBs. Issue information, statistics, and information on TSE indices such as
TOPIX/iNAV, are distributed via the same feed
STOCK PRICE
INDEX
Contents:
BOND
MARKET
DERIVATIVES
MARKET
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
64
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
Service
Details
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
Data Feeds/Retroactive
Data Service
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
65
LISTING
STOCK
MARKET
Listing Regulations
or the Second Section. In addition, stocks of emerging
companies are listed on another market called Mothers
DERIVATIVES
MARKET
factors.
business activities.
documents
are
with
also
required
TSE
on
to
file
matters
Mothers.
various
concerning
companies.
criteria
regarding
corporate
continuity/profitability
Delisting
Under
Supervision,
and
makes
this
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
INVESTORS
COMPLIANCE
LISTING
Companies
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
Initial Listing
HISTORICAL
DATA
66
GLOBAL AND
REGIONAL
ORGANIZATIONS
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
Criteria
(1)Number of Shareholders
(2)Tradable Shares*1
(5)Shareholders' Equity
*1 "Tradable Shares" refers to listed shares excluding shares held by parties with a special interest such as officers, shares
owned by the company itself, and shares held by persons who individually own 10% or more of listed shares.
st
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
SYSTEMS &
SERVICES
67
For both the last 3 months and the 3 months preceding that period: 200
units or more
4 billion or more
(5)Shareholders' Equity
Number of Shareholders
Tradable Shares
Trading Volume
Market Capitalization
Less than 1 billion during the last 3 months (or during the last 9
months if predetermined documents are submitted) or less than 2 times
the listed number of shares for the last 3 months
Liabilities
GLOBAL AND
REGIONAL
ORGANIZATIONS
68
HISTORICAL
DATA
Criteria
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
INVESTORS
*1 "Tradable Shares" refers to listed shares excluding shares held by parties with a special interest such as officers, shares
owned by the company itself, and shares held by persons who individually own 10% or more of listed shares.
COMPLIANCE
(2)Tradable Shares*1
LISTING
2,200 or more
SYSTEMS &
SERVICES
(1)Number of Shareholders
STOCK PRICE
INDEX
BOND
MARKET
Criteria
DERIVATIVES
MARKET
STOCK
MARKET
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
Mothers
Others
Shareholders' Equity
Trading Volume
Sales Record
Market Capitalization
300 or more
*Foreign company (multiple listing): 300 or more in Japan
500 trading units or more
a) Number of tradable shares: 2,000 trading units or more*2
b) Market capitalization of tradable shares: 500 million or more
c) Ratio of tradable shares to listed shares, etc.: 25% or more
*Foreign company listed on multiple exchanges: Only above a) applies.
No less than 1 year under the board of directors
Less than 400 (Within a period of 10 years since listing, less than 150) (A
1-year grace period applies) *4
a) Number of tradable shares: Less than 2,000 trading units (Within a
period of 10 years since listing, less than 1,000 trading units) (A 1-year
grace period applies) *4
b) Market capitalization of tradable shares: Less than 500 million
(Within a period of 10 years since listing, less than 250 million) (A
1-year grace period applies) *4
c) Ratio of tradable shares to listed shares, etc.: Less than 5% (Except
for cases where predetermined documents are submitted to the TSE
by the listed company) (No grace period)
*Do not apply to foreign stocks with multiple listing
Where the company falls into liabilities in excess of assets, it fails to clear
the status of such excessive liabilities within a year. (As a general rule,
based on a consolidated balance sheet)
However, this does not apply to the first 3 fiscal years after listing.
The average monthly trading volume in the most recent year has been
less than 10 trading units of shares (for a foreign company, trading
volume equivalent to 10 times the trading unit) and/ or no transactions
have been made for three consecutive months.
*Does not apply to foreign stocks with multiple listing
Sales record for the last business year (excluding the business year in which
the company applied for listing) is less than 100 million (excluding cases in
which ordinary profits are recorded). (excluding 5 years after listing)
Less than 1 billion (Within a period of 10 years since listing, less than
500 million) during the last 3 months (or during the last 9 months if
predetermined documents are submitted) or less than 2 times the listed
value of shares for the last 3 months.*4, 5
69
INVESTORS
*5 "Market Capitalization" is the average monthly market capitalization (the average amount obtained by multiplying the
closing prices of each day in auction trading at TSE by the number of shares listed on the market for that day) or the
market capitalization at the end of the month (the amount obtained by multiplying the closing prices at the end of the
month in auction trading at TSE (if there is no closing price, the most recent closing price will be applied) by the number of
listed shares at the end of the month).
COMPLIANCE
*4 These creteria are applied to Mothers-listed companies whose listing period are over 10 years after March 31 2014.
Before that date, criteria stated in the case arc are applied to all Mothers-listed companies.
LISTING
*3 An audit firm that is registered in the registry of listed company audit firms based on the Registration System for Listed
Company Audit Firms of the Japanese Institute of Certified Public Accountants (including audit firm which is subject to
quality control reviews by the Japanese Institute of Certified Public Accountants)
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
*1 "Tradable Shares" refers to listed shares excluding shares held by parties with a special interest such as officers, shares
owned by the company itself, and shares held by persons who individually own 10% or more of listed shares.
BOND
MARKET
Others
DERIVATIVES
MARKET
False Statements or
Unfair Representations
STOCK
MARKET
Stock Price
Where the stock price is below 10% of the initial public offering price
during the last 3 months (or during the last 9 months if predetermined
documents are submitted) by the point of time when 3 years have
elapsed since listing.
*This requirement shall apply only to Mothers-listed companies which are
listed on or after November 9, 2009.
1. In the case that a listed company has made "false statements" in
Annual or Semi-annual Securities Reports, etc., and, in addition, TSE
concluded that the "false statements" would have a material impact.
2. In the case that a certified public accountant states an "adverse opinion"
or includes "disclaimer of opinion" in the audit report, etc., and, in
addition, TSE concluded that the opinions would have a material
impact.
Suspension of bank transactions, bankruptcy/rehabilitation/reorganization
proceedings, suspension of business activities, inappropriate merger, etc.,
impairment of soundness of transactions with a controlling shareholder
(cases where a controlling shareholder is changed due to a third-party
allotment), delay in submission of securities reports, etc., violation, etc. of
the listing agreement, etc., restriction on stock transfer, becoming a
wholly-owned subsidiary, failure to delegate shareholder services to an
agent, failure to be subject to handling by the designated book-entry
transfer organization, unreasonable restrictions on shareholders' rights,
acquisition of all shares, involvement of anti-social influences, and others
(public interest and investor protection)
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
70
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
(2)
(3)
(4)
(5)
(6)
COMPLIANCE
(7)
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
Application
(1) Number of Shareholders in Japan
LISTING
SYSTEMS &
SERVICES
Foreign Stocks
(8)
(9)
Note: As a general rule, the trading units of foreign stocks at TSE are classified into the following six units based on the prices
obtained by converting the average of closing prices at the main foreign financial instruments exchange(s) during one
year dating back from a day within two weeks prior to the listing application day of said stock into yen.
a) In the case of less than 500 yen: 1,000 shares per unit
b) In the case of 500 yen or more, but less than 1,000 yen: 500 shares per unit
c) In the case of 1,000 yen or more, but less than 5,000 yen: 100 shares per unit
d) In the case of 5,000 yen or more, but less than 10,000 yen: 50 shares per unit
e) In the case of 10,000 yen or more, but less than 50,000 yen: 10 shares per unit
f) In the case of 50,000 yen or more: 1 share per unit
71
200 trading units or more during both the last 3 months and the
3-month period preceding that
Both a. and b.
a. There should be no false statements in applicant's securities
report for the 5 most recent fiscal years
b. The opinion given by a certified public accountant in the audit
reports should be "unqualified" or "qualified with exceptions"
for the 5 most recent years
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
INVESTORS
COMPLIANCE
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
Application
DERIVATIVES
MARKET
STOCK
MARKET
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
72
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
ETF/ETN
individual stocks, etc.
institutions.
following
the corresponding
indicator
information
Eligibility
Product-related
(1) Matters to be included in contract
documents
Note: 1. According to the Financial Instruments and Exchange Act, securities companies, banks and other organizations
qualified and experienced in securities investment, may manage funds.
2. Only applies to those funds with past securities reports.
73
SYSTEMS &
SERVICES
Other Criteria
STOCK PRICE
INDEX
Merchantability Criteria
BOND
MARKET
LISTING
DERIVATIVES
MARKET
Issuer Criteria
STOCK
MARKET
COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
74
STOCK
MARKET
DERIVATIVES
MARKET
REIT
In November 2000, amendments to the Investment
INVESTORS
COMPLIANCE
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
investment
corporations
or fund
managers
benefits
and
GLOBAL AND
REGIONAL
ORGANIZATIONS
of
increased
real
estate
management
sales.
By investing in a REIT issued by a fund, an investor
Corporate style
Contract Style-Direct
Contract Style-Intermediated
Listed products
Characteristics of products
(1) Proportion of real estate
(2) Assets other than real estate
(3) Distribution of profits
Matter of form
(1) Fund management companies
(2) Listed shares
(3) Assets
(4) Distribution
(5) Refund
(6) Others
HISTORICAL
DATA
75
STOCK
MARKET
Listed Companies
DERIVATIVES
MARKET
Trading Units
Total
227
17
11
1,084
35
905
2,279
First Section
19
94
1,326
8
26
15
4
14
25
11
19
111
1,672
Second Section
5
18
316
3
9
10
1
5
17
8
6
33
431
Total
29
123
1,712
17
41
37
12
28
61
23
26
170
2,279
GLOBAL AND
REGIONAL
ORGANIZATIONS
76
Mothers
5
11
70
6
6
12
7
9
19
4
1
26
176
HISTORICAL
DATA
Business Year-End
Jan.
Feb.
Mar.
Apr.
May
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
Total
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Number of Companies
Second Section
Mothers
21
125
1
1
184
47
9
216
3
431
176
INVESTORS
1 share
10 shares
50 shares
100 shares
500 shares
1000 shares
Total
First Section
81
16
10
853
26
686
1,672
COMPLIANCE
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
Listed on Listed on
Listed
Single
Multiple
5 Stock
4 Stock
3 Stock
2 Stock
Stock
Stock
Companies
Exchanges Exchanges Exchanges Exchanges
Exchanges Exchanges
2,279
1,565
714
24
11
72
607
1,672
1,033
639
24
11
71
533
Second Section
431
357
74
73
Mothers
176
175
Tokyo
First Section
1,682
1,139
543
24
11
69
439
First Section
512
29
483
24
11
68
380
Second Section
207
164
43
43
JASDAQ
963
946
17
16
329
97
232
24
10
55
143
Osaka
Nagoya
First Section
198
191
24
10
54
103
Second Section
109
68
41
40
Centrex
Fukuoka
Sapporo
Total
22
22
129
37
92
24
10
15
43
74
19
55
24
24
3,592
2,857
735
24
11
72
628
77
Delisted Companies
65(10)
54(13)
23(10)
26( 6)
50(10)
70
79
78
68
52
BOND
MARKET
Company
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
78
INVESTORS
Jan. 27
Mar. 01
Mar. 03
Mar. 03
Mar. 10
Mar. 11
Mar. 11
Mar. 11
Mar. 15
Mar. 17
Mar. 18
Mar. 22
Mar. 23
Mar. 24
Apr. 01
Apr. 01
Jun. 01
Jun. 09
Jun. 23
Jun. 29
Jul. 11
Jul. 21
Aug. 04
Aug. 26
Sep. 05
Sep. 15
Sep. 22
Sep. 27
Sep. 27
Oct. 01
Oct. 03
Oct. 03
Oct. 03
Oct. 03
Oct. 03
Oct. 26
Oct. 28
Nov. 18
Dec. 07
Dec. 09
Dec. 14
Dec. 16
Dec. 16
Dec. 19
Dec. 20
Dec. 20
Dec. 20
Dec. 21
Dec. 22
Dec. 26
COMPLIANCE
Listing Date
LISTING
YA-MAN LTD.
Connect Holdings Corp.
Ekitan & Co.,Ltd.
DAI-ICHI SEIKO CO.,LTD.
JP-HOLDINGS,INC.
CALBEE,Inc.
AGS Corporation
Ishihara Chemical Company,Ltd.
THE SHIMANE BANK,LTD.
ARATA CORPORATION
JCR Pharmaceuticals Co.,Ltd.
Noevir Holdings Co., Ltd.
TSUKUI CORPORATION
KENKO Mayonnaise Co.,Ltd.
TOKAI Holdings Corporation
HANEDA ZENITH Co.,Ltd.
TSI HOLDINGS CO.,LTD.
Kurotani Corporation
Digital Media Professionals Inc.
Nippon Dry-Chemical CO.,LTD.
Fuji Pharma Co.,Ltd.
Morpho,Inc.
SANEI ARCHITECTURE PLANNING CO.,LTD.
BRONCO BILLY Co.,LTD.
MANI,INC.
HIGASHI TWENTY ONE CO.,LTD.
BrainPad Inc.
KLab Inc.
STEP CO.,LTD.
PARAMOUNT BED HOLDINGS CO., LTD.
Nissin Sugar Holdings Co., Ltd.
TAISHO PHARMACEUTICAL HOLDINGS CO., LTD.
Eikoh Holdings Inc.
Miyakoshi Holdings, Inc.
Financial Products Group Co.,Ltd.
Poletowin Pitcrew Holdings,Inc.
eBOOK Initiative Japan CO.,LTD.
Miraial Co.,Ltd.
Livesense Inc.
ICHIROKUDO CO.,LTD.
NEXON Co.,Ltd.
W-SCOPE Corporation
eGuarantee,Inc.
JAPAN MATERIAL Co.,Ltd.
Qol Co.,Ltd.
Chiome Bioscience Inc.
Nitta Gelatin Inc.
Star Flyer Inc.
Misawa & Co.,Ltd.
Seven Bank,Ltd.
SYSTEMS &
SERVICES
2nd
M
M
1st
2nd
1st
2nd
2nd
2nd
2nd
2nd
2nd
2nd
2nd
1st
2nd
1st
2nd
M
2nd
2nd
M
2nd
2nd
2nd
2nd
M
M
2nd
1st
2nd
1st
2nd
1st
2nd
M
M
2nd
M
2nd
1st
M
2nd
2nd
2nd
M
2nd
2nd
M
1st
STOCK PRICE
INDEX
DERIVATIVES
MARKET
STOCK
MARKET
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
Company
M
2nd
1st
M
1st
M
1st
2nd
1st
2nd
1st
1st
1st
1st
M
1st
1st
2nd
Date of
Reason Mkt.
Delisting
Jan.
Jan.
Jan.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
27
27
29
24
26
1
16
16
16
29
29
29
29
29
26
26
26
27
A
K
Q
A
A
I
K
A
K
A
A
A
A
A
C
A
K
A
1st
M
1st
1st
1st
2nd
1st
1st
1st
2nd
1st
1st
1st
2nd
M
1st
1st
1st
Company
INVOICE INC.
DesignEXchange Co.,Ltd.
SANEI-INTERNATIONAL CO.,LTD.
TOKYO STYLE CO.,LTD.
ART CORPORATION
SECOM TECHNO SERVICE CO.,LTD.
O-M Ltd.
ARONKASEI CO.,LTD.
Image Holdings Co.,Ltd.
MELX CO.,LTD.
Culture Convenience Club Co.,Ltd.
Kawashima Selkon Textiles Co.,Ltd.
The Fuji Fire and Marine Insurance Company,Limited
ENOTECA CO.,LTD.
LTT Bio-Pharma Co.,Ltd.
Mizuho Trust & Banking Co.,Ltd.
Mizuho Securities Co.,Ltd.
Mizuho Investors Securities Co.,Ltd.
Date of
Reason Mkt.
Delisting
Apr.
May
May
May
Jun.
Jun.
Jun.
Jun.
Jun.
Jun.
Jul.
Jul.
Jul.
Aug.
Aug.
Aug.
Aug.
Aug.
30
1
27
27
27
28
28
28
28
29
22
27
29
1
09
29
29
29
K
I
A
A
K
B
A
A
K
I
K
A
K
K
N
A
A
A
2nd
2nd
1st
1st
1st
1st
2nd
2nd
1st
1st
M
1st
M
1st
1st
1st
Company
Nissin Sugar Manufacturing Co.,Ltd.
AQ INTERACTIVE INC.
TAISHO PHARMACEUTICAL CO.,LTD.
MIYAKOSHI CORPORATION
PARAMOUNT BED CO.,LTD.
CSK CORPORATION
Eikoh Inc.
C&I Holdings Co.,Ltd.
Universe Co.,Ltd.
SUNCITY CO.,LTD
GABA CORPORATION
MASPRO DENKOH CORP.
Chip One Stop,Inc.
Telefonica,S.A.
Toyota Auto Body Co.,Ltd.
Kanto Auto Works,Ltd.
Date of
Reason
Delisting
Sep.
Sep.
Sep.
Sep.
Sep.
Sep.
Sep.
Oct.
Oct.
Oct.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
28
28
28
28
28
28
28
3
18
27
30
16
22
25
28
28
A
B
A
A
A
B
A
J
A
C
A
K
K
H
A
A
Company
THE TAIKO BANK,LTD.
MORESCO Corporation
Jowa Holdings Company,Limited
INNOTECH CORPORATION
Softcreate Co.,Ltd.
KUSURI NO AOKI CO.,LTD.
Orient Corporation
TOKAI Corp.
Daito Pharmaceutical Co.,Ltd.
KONDOTEC INC.
Genky Stores,Inc.
The Monogatari Corporation
TOSEI CORPORATION
SHO-BI Corporation
Relo Holdings,Inc.
Grandy House Corporation
OSAKA ORGANIC CHEMICAL INDUSTRY LTD.
Yashima Denki Co.,Ltd.
RION CO.,LTD.
AIT CORPORATION
Eidai Co.,Ltd.
Company
C&I Holdings Co.,Ltd.
NIS GROUP CO.,LTD.
Company
DIGITAL Hearts Co.,Ltd.
AIT CORPORATION
V Technology Co.,Ltd.
WOWOW INC.
Voltage Incorporation
SMS CO.,LTD.
COOKPAD Inc.
79
Section
1st
2nd
1st
1st
1st
1st
1st
n/a
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
80
Reason
BOND
MARKET
DERIVATIVES
MARKET
Application
Telefonica,S.A.
Dec. 15
Company
Delisting Date
Market
Company
Listing Date
STOCK
MARKET
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
information
1 URL: http://www.tse.or.jp/listing/disclosure/index.html
2 URL: http://www.tse.or.jp/market/service/Tdnet/index.html
entered
into
the
Timely
COMPLIANCE
INVESTORS
Information
GLOBAL AND
REGIONAL
ORGANIZATIONS
in
the
timely
disclosure
system
4 URL: http://www.tse.or.jp/rules/td/xbrl/about.html
HISTORICAL
DATA
Disclosure
LISTING
SYSTEMS &
SERVICES
81
STOCK
MARKET
guidelines.
general,
domestic
and
foreign
began
institutional
operating
an
electronic
voting
platform
Voting instruction
Nominee shareholders
Trust bank
trustee
divisions
INVESTORS
Listed companies
(Transfer Agents)
Provide data of
agenda
Investment
advisors, pension
funds, etc.
Non-resident
shareholders
Standing Agents
Apply to use
Provide digital
data of agenda
Non-residents
Vote
Entrust
operations
Voting
instruciton
Use
Platform
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Participate in
platform
COMPLIANCE
2. Overview of platform
LISTING
In
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
82
STOCK
MARKET
DERIVATIVES
MARKET
below.
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
shareholders.
(2) The platform encodes the agenda of the general
strengthen BCP.
For transfer agents, the digitization of a formerly
website.
(5) Voting data entered by each institutional investor is
meeting.
(approximately
capitalization),
transfer
shareholders/standing
domestic
and
foreign
75%
of
agents,
agents
and
institutional
total
10
market
nominee
about
400
4,000
investors
GLOBAL AND
REGIONAL
ORGANIZATIONS
372
390
339
are
308
300
208
200
100
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
106
0
2006
83
07
08
09
10
11
STOCK
MARKET
establishing
company conduct
promoting
better
Year
is
desirable
Name
Award for Innovative Corporate Action
Reason: Timely provision of notice of an annual general shareholders meeting
TOKYO STEEL MANUFACTURING CO.,LTD.
Hitachi,Ltd.
YAMADA DENKI CO.,LTD.
from
the
SYSTEMS &
SERVICES
2011
which
STOCK PRICE
INDEX
and
BOND
MARKET
operational
DERIVATIVES
MARKET
LISTING
COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
84
No.of
Cases
Amount
Raised
(100mil.)
Preferred Stocks
and Tracking
Stocks
Amount
No.of
Raised
Cases
(100mil.)
Private
Placements
No.of
Cases
Amount
Raised
(100mil.)
Exercise of
Warrants and
Total
Stock Options
Amount Amount
No.of
Raised
Raised
Cases
(100mil.) (100mil.)
2,763
19,634
126
397
33,850
241
1,041
28,977
8,101
360
1,819
30,937
4,736
409
1,647
26,933
141
6,841
376
1,716
21,423
112
4,101
261
241
14,201
5,535
135
7,238
189
218
62,662
865
101
5,423
176
278
39,672
692
72
4,219
181
273
14,864
5,592
27
53
23
5,643
159
401
72
39
600
11
1,765
18
265
65
59
2,090
152
49
39
194
STOCK
MARKET
21
1,562
40
10,293
79
5,015
82
2003
19
40
5,726
75
25,371
103
2,335
2004
44
80
7,544
55
14,105
142
6,242
2005
42
80
6,661
52
14,312
175
2006
75
14,546
34
6,003
176
2007
80
69
4,629
13
8,155
2008
29
3,419
10
6,437
2009
52
49,668
30
2010
52
33,097
11
2011
45
9,678
'11 Jan.
Feb.
Mar.
Apr.
May
45
28
51
21
95
Jun.
307
55
51
373
Jul.
21
54
24
51
INVESTORS
Aug.
461
297
1,577
47
13
2,350
Sep.
363
350
122
50
845
Oct.
15
320
41
344
Nov.
10
41
42
54
COMPLIANCE
LISTING
2002
STOCK PRICE
INDEX
No.of
Cases
Public Offerings
SYSTEMS &
SERVICES
BOND
MARKET
DERIVATIVES
MARKET
Financing
Dec.
994
1,203
73
21
2,219
Note: 1. The day after payment is used as the base date and the amount raised by the companies listed on Japan's stock
exchanges (excluding the companies listed on Hercules in Osaka and JASDAQ) is aggregated by the base date.
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
2. Monthly figures in the number of cases for "Exercise of Warrants and Stock Options" are cumulative numbers.
Annual figures are the number of companies.
85
STOCK
MARKET
Corporate Straight
Bonds
Issuance
Outstanding
Amount
Convertible
Bonds
Issuance
Outstanding
Amount
Asset Backed
Bonds
Issuance
Outstanding
Amount
57,508
3,479
11,954
2,110
37,207
1,126
9,987
635,904
650
18,439
2,374
10,169
638,700
5,530
17,394
3,135
9,928
655,833
350
14,154
723
7,914
547,819
1,500
12,596
2,830
8,951
113,931
594,040
2,035
12,070
1,006
7,637
95,589
618,078
1,225
12,395
1,200
7,082
510,395
82,835
619,208
325
10,489
2,000
7,850
5,461
479,117
8,796
625,768
12,395
7,058
5,278
482,725
2,655
623,541
12,392
7,051
130,522 7,545,486
5,896
484,364
9,266
621,266
11,610
7,042
131,390 7,618,080
3,821
486,578
5,154
619,208
50
11,660
7,029
May
127,660 7,696,591
6,072
490,345
4,300
619,436
11,659
7,022
Jun.
159,994 7,638,366
5,062
493,492
9,033
617,669
11,657
7,016
Jul.
137,059 7,704,471
5,130
496,292
9,230
620,840
11,642
7,010
Aug.
133,786 7,782,855
4,320
498,947
1,080
618,598
275
11,779
1,800
7,905
Sep.
157,996 7,696,184
5,516
500,914
11,431
621,953
10,594
200
7,850
Oct.
131,024 7,762,638
5,724
504,324
7,640
625,130
10,532
7,850
Nov.
131,489 7,839,526
7,240
507,957
4,860
623,463
10,527
7,850
Dec.
143,926 7,734,320
7,028
510,395
9,390
619,208
10,489
7,850
2003
1,546,864 5,318,589
42,649
223,255
105,600
2004
1,752,680 5,999,137
52,515
260,250
90,488
2005
1,861,557 6,591,539
61,527
299,478
108,286
2006
1,756,838 6,725,947
60,310
335,810
100,511
2007
1,404,551 6,755,174
57,038
366,926
118,946
2008
1,257,518 6,784,916
58,736
396,504
88,428
2009
1,456,601 7,009,610
74,394
437,123
2010
1,658,235 7,495,600
76,081
477,665
2011
1,640,643 7,734,320
66,549
'11 Jan.
129,649 7,566,358
Feb.
126,143 7,642,961
Mar.
Apr.
INVESTORS
565
626,810
591,151
COMPLIANCE
614,705
92,410
LISTING
10,916
194,570
SYSTEMS &
SERVICES
5,849
25,825
STOCK PRICE
INDEX
83,484
1,478,319 4,818,024
BOND
MARKET
2,800
2002
DERIVATIVES
MARKET
( 100 mil., )
Ordinary
Government
Securities
Outstanding
Issuance
Amount
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Source: Japan Securities Dealers Association, "Amount of Public and Corporate Bonds Issuance and Redemption"
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
86
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
TOKYO AIM
Market Operator
(Nominated
Advisor)
(Alternative
Investment
Only
corporations
specified
"professional
investors"
and
(mainly
system
employed
Market),
securities
an
in
AIM
international
companies)
as
TOKYO AIM
Disclosure Language
Japanese
Japanese or English
Accounting Standards
Japanese standards
(In cases where financial documents
are not disclosed in such company's
home country, etc.)
Listing Criteria
Japan GAAPIFRS
US GAAPOthers
(Standards deemed appropriate by
agreement between the J-Nomad and
auditing corporation, and recognized by
the Exchange)
No numerical criteria.
Assessment and confirmation of listing
qualifications by a J-Nomad
2 - 4 months
Audit Certification
Mandatory
Voluntary
Quarterly Financial
Statements
Mandatory
Voluntary
Investors
No restrictions
87
COMPLIANCE
STOCK
MARKET
Type
Examinations Investigations
Market
Manipulation
17
6
23
872
6,421
149
Notifications
745
32
22
1
Total
800
Total
Consultations
936
79
32
26
20
5
16
57
20
4
1
28
19
1,243
Notices
1
6
1
88
Companies
10
2
GLOBAL AND
REGIONAL
ORGANIZATIONS
Type
Insufficient Insider Trading Prevention Systems and Frameworks
Share Purchase in Violation of Insider-Trading Regulations
HISTORICAL
DATA
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Derivatives-Related
35
24
59
Type
Raising Stock Price during Closing Price Determination
Buying-Up Immediately Before Closing Price Determination
Selling-Down Immediately Before Closing Price Determination
Locking-Up Stock Price during Closing Price Determination
INVESTORS
26
0
3
1
14
1
9
11
5
15
41
126
COMPLIANCE
134
7
213
36
1,888
13
46
801
68
1,965
319
5,490
LISTING
Insider Trading
Capital Increase
Capital Reduction
Share Buybacks
Stock Split
Dividend Revision
Merger
SYSTEM &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
Regular inspection
Cooperative inspection
Joint inspection
Follow-up inspection
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
No. of
companies
Content
Special inspection
GLOBAL AND
REGIONAL
ORGANIZATIONS
30
29
28
0
3
No. of companies
Disciplinary actions
2 ( 2)
2 ( 2)
Recommendations
0 ( 0)
0 ( 0)
Cautionary notices
20 ( 4)
15 ( 4)
Requests
10 ( 4)
10 ( 4)
Total
32 (10)
20 ( 8)
Note: 1. Figures in parentheses show the number of cases where cautionary notices, etc. were issued and TSER also requested a business
improvement report.
2. The total number of companies does not correspond to the total number of cases as some trading participants received multiple
cautionary notices, etc. as the result of a single inspection.
No. of
cases
20
10
9
7
6
3
3
3
Deficiency items
10. Deficiency related to margin trading
11. Deficiency in the management system for listing
suitability examination
12. Deficiency in issuer's acquisition of own-shares
13. Deficiency in correcting order executions
14. Deficiency in the management of registered
sales representatives
15. Deficiency in obligation of best execution
16. Deficiency in reports to TSE, etc.
17. Others (company rule violations, etc.)
Total
No. of
cases
1
1
1
1
1
1
1
2
72
* For details of inspection activities, please refer to the TSE homepage (http://www.tse.or.jp/english/sr/activity/kousa.html).
89
INVESTORS
STOCK
MARKET
DERIVATIVES
MARKET
1999.3
0.2
2000.3
0.1
2001.3
2002.3
Securities Business
Foreigners Individuals
Life
Non-life
Other Fin. Companies Corps.
Insurance
Insurance
Investment Annuity
Institutions
Cos.
Cos.
Trusts
Trusts
out of a + b
13.7
13.5
1.4
4.7
9.9
3.2
0.8
0.6
25.2
14.1
18.9
36.5
11.3
13.6
2.2
5.0
8.1
2.6
0.9
0.8
26.0
18.6
18.0
0.2
39.1
10.1
17.4
2.8
5.5
8.2
2.7
0.7
0.7
21.8
18.8
19.4
0.2
39.4
8.7
19.9
3.3
6.0
7.5
2.7
0.7
0.7
21.8
18.3
19.7
2003.3
0.2
39.1
7.7
21.4
4.0
5.8
6.7
2.6
0.7
0.9
21.5
17.7
20.6
2004.3
0.2
34.5
5.9
19.6
3.7
4.5
5.7
2.4
0.9
1.2
21.8
21.8
20.5
2005.3
0.2
32.0
5.2
18.4
3.8
3.9
5.2
2.2
1.0
1.2
22.1
23.3
21.3
2006.3
0.2
30.9
4.7
18.0
4.3
3.5
5.1
2.1
1.0
1.4
21.3
26.3
19.9
2007.3
0.3
30.7
4.6
17.6
4.6
3.5
5.3
2.2
1.0
1.8
20.8
27.8
18.7
2008.3
0.4
30.5
4.7
17.3
4.8
3.5
5.4
2.2
0.9
1.5
21.4
27.4
18.7
2009.3
0.4
32.0
4.8
18.8
5.0
3.5
5.3
2.1
0.9
1.0
22.6
23.5
20.5
2010.3
0.3
30.6
4.3
18.4
4.7
3.4
5.0
2.0
0.9
1.6
21.3
26.0
20.1
2011.3
0.3
29.7
4.1
18.2
4.4
3.2
4.5
1.9
1.0
1.8
21.2
26.7
20.3
Shareownership
( 100 mil.)
2010.3
3,398,123
(100.0)
3,107,837
(100.0)
11,528
( 0.3)
9,409
( 0.3)
1,040,101
( 30.6)
921,633
( 29.7)
145,577
( 4.3)
126,635
( 4.1)
Trust Banks
626,790
( 18.4)
565,043
( 18.2)
(Investment Trusts)
159,563
( 4.7)
136,067
( 4.4)
(Annuity Trusts)
116,972
( 3.4)
99,636
( 3.2)
170,032
( 5.0)
141,207
( 4.5)
67,252
( 2.0)
58,967
( 1.9)
30,449
( 0.9)
29,778
( 1.0)
Securities Companies
53,413
( 1.6)
55,694
( 1.8)
Business Corporations
725,424
( 21.3)
660,317
( 21.2)
Foreigners
882,959
( 26.0)
830,372
( 26.7)
Individuals
684,695
( 20.1)
630,409
( 20.3)
GLOBAL AND
REGIONAL
ORGANIZATIONS
90
HISTORICAL
DATA
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Total
2011.3
INVESTORS
COMPLIANCE
41.0
LISTING
b
Trust
Banks
SYSTEM &
SERVICES
a
City &
Regional
Banks
STOCK PRICE
INDEX
Govt. &
Local
Govt.
BOND
MARKET
Survey
Year
()
Financial
Institutions
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
Number of Shareholders
Number of Individual Shareholders
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
2011.3
Change
[% Change]
Total
Govt. & Local Govt.
Financial Institutions
City & Regional Banks
Trust Banks
(Investment Trusts)
(Annuity Trusts)
Life Insurance Cos.
Non-life Insurance Cos.
46,072,650
1,901
107,714
17,934
43,708
10,799
8,966
22,614
5,266
1,137,399
-89
-6,038
-795
-3,156
-2,122
967
-1,362
-255
[ 2.5]
[- 4.7]
[- 5.6]
[- 4.4]
[- 7.2]
[-19.6]
[ 10.8]
[- 6.0]
[- 4.8]
18,192
77,053
792,482
298,700
44,794,800
( 0.0)
( 0.2)
( 1.7)
( 0.6)
( 97.2)
17,722
75,141
813,847
298,291
45,919,282
-470
-1,912
21,365
-409
1,124,482
[- 2.6]
[- 2.5]
[ 2.7]
[- 0.1]
[ 2.5]
Securities Companies
Business Corporations
Foreigners
Individuals
91
( 0.0)
( 0.2)
( 1.7)
( 0.6)
( 97.3)
STOCK
MARKET
Investment Plans
provide subsidies. The total amount of money
DERIVATIVES
MARKET
BOND
MARKET
2010.3
No. of Companies
2011.3
2,006
1,976
(B)
28,540
28,224
(B)/(A)
0.96
1.03
(C)
462.7
499.1
(D)
208.3
217.8
Percentage
()
(D)/(C)
45.03
43.63
(B)/(D)
136.9
129.5
(E)
167,853.5
180,400.6
(F)
1,462.6
1,657.8
Percentage
()
Percentage
()
(F)/(E)
0.87
0.92
(F)/(D)
7.02
7.61
Note: The companies with the plans above, listed on the TSE, agree to allow Daiwa Securities, Daiwa Securities Capital
Markets, Nikko Cordial Securities, Nomura Securities, Mizuho Securities or Mitsubishi UFJ Morgan Stanley Securities to
handle business concerning the plans.
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
INVESTORS
2,747,885
COMPLIANCE
2,985,891
LISTING
(A)
SYSTEMS &
SERVICES
STOCK PRICE
INDEX
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
92
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEMS &
SERVICES
LISTING
COMPLIANCE
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
2008.12
2009.12
2010.12
2011.12
tril.
tril.
tril.
tril.
792
( 55.2)
803
( 55.2)
820
(55.2)
838
56.5
Cash Currency
331
( 23.1)
338
( 23.2)
356
(24.0)
373
25.2
Time Deposits
460
( 32.1)
465
( 31.9)
463
(31.2)
464
31.3
401
( 28.0)
397
( 27.3)
419
(28.2)
420
28.3
Securities
184
( 12.8)
192
( 13.2)
192
(12.9)
168
11.4
55
( 3.8)
63
( 4.3)
63
(4.3)
53
3.6
Investment Trusts
48
( 3.3)
53
( 3.6)
52
(3.5)
38
2.6
Other Securities
81
( 5.6)
75
( 5.2)
76
(5.2)
76
5.1
Others
57
( 4.0)
64
( 4.4)
55
(3.7)
55
3.7
1,434
(100.0)
1,456
(100.0)
1,487
(100.0)
1,483
(100.0)
Total
93
TRADING PARTICIPANTS
STOCK
MARKET
Trading Participants
Trading
participants
are
which
have
Trading
qualification).
Financial
Business
Qualification
Examination
may
receive
Operators,
BOND
MARKET
DERIVATIVES
MARKET
1. Trading Participants
Eligible Entities
Trading Type
LISTING
SYSTEM &
SERVICES
- Type 1 Financial Instruments Business Operator Trading of all cash products and
- Authorized Transaction-at-Exchange Operator
derivatives products in the TSE
market
JGB Futures, etc.
- Type 1 Financial Instruments Business Operator Trading of JGB Futures and
Options on JGB Futures
Trading Qualification - Authorized Transaction-at-Exchange Operator
- Registered Financial Institutions
Index Futures, etc.
- Type 1 Financial Instruments Business Operator Trading of Index Futures and Index
Trading Qualification - Authorized Transaction-at-Exchange Operator
Options
Individual Securities - Type 1 Financial Instruments Business Operator Trading of Individual Securities
- Authorized Transaction-at-Exchange Operator
Options
Options Trading
Qualification
STOCK PRICE
INDEX
General Trading
Qualification
total
amount
of
foundation
(including
operations.
million.
Insurance Companies:
shall be appropriate.
1 year)
million.
94
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
INVESTORS
COMPLIANCE
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
Until
recently,
obtainment
of
TSE
trading
Registered
possible
to
Financial
expand
Institutions).
participation
However,
to
an
Authorized
Transaction-at-Exchange Operators.
trades
by themselves.
Additionally,
TSE's
95
STOCK
MARKET
Tokyo
101
Osaka
79
Nagoya
40
(8)
(6)
()
Official Members
(Include Foreign Corporations)
26
23
()
()
(1)
STOCK PRICE
INDEX
Offices
Employees
316 (30)
2,270
101,296
08.12
322 (28)
2,336
101,321
09.12
307 (25)
2,254
95,308
10.12
299 (23)
2,220
94,021
11.12
290 (22)
2,197
90,679
LISTING
2007.12
SYSTEM &
SERVICES
BOND
MARKET
Category
DERIVATIVES
MARKET
Individual
Securities
Trading
Participants
2 (1)
61
1 (1)
2 (1)
55
2 (1)
Financial
Institutions
Securities
Companies
2007.12
110 (13)
59
08.12
108 (12)
53
Year Ending
09.12
105 (11)
46
1 (0)
47
1 (0)
10.12
103 (10)
43
1 (0)
44
1 (0)
11.12
101 ( 8)
35
1 (0)
36
0 (0)
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Total
Index Futures
Trading
Participants
General
Trading
Participants
INVESTORS
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
96
STOCK
MARKET
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
SYSTEM &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
97
2010.3
1,970,323
508,818
490,920
5,309
10,253
233,788
421,549
806,067
747,652
147,388
599,200
1,032
410,161
57,043
99,510
90,198
101,603
30,811
3,103,600
263,638
18,744
29,080
93,971
115,557
2,839,975
2,495,435
418,952
1,092,068
282,164
385,040
166,880
344,473
28,249
335,936
41,264
324,322
180,111
85,192
229,420
2011.3
1,735,656
458,307
441,501
3,261
8,220
144,486
423,670
709,076
486,060
44,947
404,146
36,946
425,025
56,337
91,818
112,324
102,381
30,424
2,648,366
265,778
13,444
30,270
99,673
102,573
2,382,558
2,365,091
419,499
1,003,284
262,420
401,359
121,150
17,465
50,757
68,220
186,696
118,485
36,235
108,880
263,648
SECURITIES TAXATION
STOCK
MARKET
Remarks
LISTING
COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
TAXATION
CAPITAL FLOW
SYSTEM &
SERVICES
STOCK PRICE
INDEX
[Tax Rate]
Listed stocks and other securities include:
<Until December 31, 2013>
Exchange-listed stocks (including foreign stocks,
10% separate taxation (7% income tax, 3% listed warrants, and listed subscription warrants),
inhabitant tax).
listed warrant bonds, country funds, Bank of
Japan equity investment securities, stocks
<From January 1, 2014>
(including ADRs and company-type mutual funds)
20% separate taxation (15% income tax, 5% and warrant bonds traded on foreign markets,
inhabitant tax).
preferred equity investment securities, beneficiary
certificates of publicly-offered investment funds
[Specified Tax Account System]
(including ETFs), odd-lot shares, fractional shares
For profit or losses made on trades through a (request for repurchase) and real estate investment
tax withholding account (a special account for trusts (J-REITs), and venture funds
which an investor has chosen direct tax
withholding), the securities company collects
and submits the prescribed amount of tax, and
therefore filing by the individual is unnecessary.
BOND
MARKET
Individual
Taxation
DERIVATIVES
MARKET
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
98
Tax on Dividends
Tax-Payer
Individual
Corporation
Taxation
Remarks
Tax on Interest
Tax-Payer
Individual
Taxation
STOCK
MARKET
GLOBAL AND
REGIONAL
ORGANIZATIONS
Remarks
20% tax withheld at source (15% income tax, Separate withholding tax.
5% inhabitant tax).
Corporation Taxable.
() The above tax rates, etc. are based on the 2012 Tax Reform Proposal.
They are subject to change due to future tax system revisions, etc.
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
SYSTEM &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
99
Mid-Term Bonds
Sales
Purchases
Net
Balance
Sales
( 100 mil.)
Short-Term Bonds
Purchases
Net
Balance
Total Net
Balance
(C)
Purchases
2010
190,457
205,441
-219,428
-234,412
58,655
60,595
-1,940
-236,352
2011
173,152
177,930
-59,020
-63,799
60,407
54,544
5,863
-57,936
'11 Jan.
14,975
13,531
1,443
80,075
93,494
-13,419
-11,976
3,815
3,280
535
-11,441
Feb.
15,575
13,672
1,903
77,700
84,038
-6,338
-4,435
4,212
4,857
-645
-5,080
Mar.
19,168
18,333
835
94,743
121,078
-26,335
-25,500
8,446
7,860
586
-24,914
15,022
20,798
15,304
5,494
108,015
97,694
10,321
15,815
3,414
4,207
-793
15,828
17,351
-1,523
126,397
115,860
10,537
9,013
4,119
3,464
655
9,668
Jun.
11,786
15,603
-3,817
122,765
129,841
-7,076
-10,893
8,904
8,912
-8
-10,901
Jul.
14,375
16,944
-2,569
112,788
111,738
1,050
-1,519
2,963
3,239
-276
-1,795
Aug.
12,192
18,369
-6,177
177,745
174,641
3,104
-3,074
4,172
3,903
269
-2,805
Sep.
11,592
14,795
-3,203
101,313
132,426
-31,113
-34,317
7,715
5,620
2,095
-32,222
13,165
12,833
332
115,733
120,438
-4,706
-4,374
3,123
3,236
-113
-4,486
13,491
12,073
1,418
115,081
102,415
12,666
14,084
3,532
2,860
672
14,756
Dec.
10,208
9,122
1,086
83,712
91,422
-7,710
-6,624
5,991
3,105
2,886
-3,738
Net
Purchases
Balance
Sales
( 100 mil.)
Short-term bonds
Net
Subtotal
Net
Purchases
(B)
Balance
Sales
Total
Total
Net
Net
Net
Subtotal
Net
Balance
Balance
(A+B)
Balance
(D)
(C+D)
91,532 -209,899 -144,820
2010
1,736,099 1,717,710
18,389
695,100
688,976
6,125
67,019
2011
1,974,084 1,971,556
2,528
884,363
838,985
45,379
167,395
215,301
157,365
52,655
'11 Jan.
156,423
150,339
6,084
59,801
54,624
5,177
11,261
159,092
106,257
52,835
64,096
-715
Feb.
183,472
173,936
9,536
67,258
60,201
7,057
16,593
119,160
112,379
6,781
23,375
12,158
18,295
Mar.
282,769
270,950
11,818
83,266
78,279
4,987
16,805
97,272
120,594
-23,322
-6,518
-8,695
-31,431
Apr.
172,272
165,803
6,469
97,061
80,907
16,154
22,623
149,121
139,968
9,154
31,777
38,438
46,799
May
153,997
153,609
388
85,205
58,451
26,753
27,142
124,665
115,625
9,040
36,182
36,155
45,850
Jun.
158,132
160,310
-2,178
82,785
93,784
-10,999
-13,177
115,782
107,987
7,795
-5,382
-24,070
-16,283
Jul.
139,931
137,502
2,430
62,233
63,960
-1,727
703
144,685
133,503
11,182
11,884
-816
10,090
Aug.
197,505
212,768
-15,263
77,177
73,342
3,835
-11,429
196,525
135,732
60,793
49,365
-14,502
46,560
Sep.
156,335
165,889
-9,554
74,273
74,472
-199
-9,753
115,373
101,658
13,714
3,961
-44,070
-28,261
Oct.
137,231
136,470
761
63,800
64,018
-218
542
123,385
152,162
-28,777
-28,235
-3,831
-32,721
Nov.
124,116
127,642
-3,525
69,794
75,259
-5,465
-8,990
173,788
144,532
29,256
20,265
5,093
35,021
Dec.
111,901
116,339
-4,438
61,711
61,686
25
-4,413
125,341
106,396
18,945
14,532
-11,037
10,794
Note: Under the "net" column, both "inbound securities investment" and "outbound securities investment" are shown on a "capital-flow base"
(capital inflows are added and capital outflows are subtracted).
Source: Ministry of Finance, "Inward and Outward Portfolio Investment"
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
-15,893
INVESTORS
Purchases
Mid-term bonds
COMPLIANCE
LISTING
Oct.
Nov.
SYSTEM &
SERVICES
Apr.
May
STOCK PRICE
INDEX
Sales
BOND
MARKET
Net
Balance
Net
Subtotal
(A)
DERIVATIVES
MARKET
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
100
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
SYSTEM &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
STOCK
MARKET
HISTORICAL DATA
Historical Highlights
1878 May
1943 Jun.
1947
1949
1951
1956
1961
1966
1967
Apr.
Apr.
Jun.
Apr.
Oct.
Oct.
Oct.
1968
1969
1970
1970
1971
1973
1973
1974
1982
1982
1985
1985
1988
1989
1989
1990
1990
1991
1997
1997
1998
1998
1998
1998
Apr.
Jul.
May
Oct.
Jul.
Apr.
Dec.
Sep.
Jan.
May
May
Oct.
Sep.
Oct.
Dec.
May
Nov.
Oct.
Jul.
Nov.
Feb.
Jun.
Jul.
Dec.
1999
1999
1999
2000
2000
2000
2000
2001
2001
2001
2002
2002
2002
2003
2003
Apr.
Oct.
Nov.
Mar.
May
Jul.
Nov.
Jul.
Sep.
Nov.
Mar.
Jun.
Jul.
Jan.
Sep.
2004 Feb.
2004
2004
2005
2005
2005
2005
Apr.
Oct.
Feb.
Mar.
Jul.
Oct.
2006
2006
2006
2006
Feb.
Jun.
Sep.
Oct.
101
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
2007 Jan. 31 TSE and NYSE Group entered into a strategic alliance
2007 Feb. 23 TSE and the London Stock Exchange (LSE) made a cooperative agreement to improve the international
presence of both exchanges
2007 Mar. 12 Off-auction block trading in options introduced
2007 Aug. 1 Tokyo Stock Exchange Group, Inc. established
2007 Nov. 1 Tokyo Stock Exchange Regulation established
2007 Dec. 3 Formulation of the S&P/TOPIX150 Shariah Index
2008 Jan. 15 New Derivatives Trading System introduced
2008 Jun. 16 Trading in Mini-TOPIX futures started
2008 Jun. 20 TSER set up TSE COMLEC (Compliance Learning Center)
2009 Jan. 26 Compliance WAN established
2009 Jan. 29 TSE & LSE published rulebook for Tokyo AIM
2009 Dec. 30 Final auction market of the year changed from half to full-day
2010 Jan. 4 First auction market of the year changed from half to full-day
Next generation trading system "arrowhead" launched
2011 Mar. 10 The number of ETF reaching 100 issues
2011 Nov. 21 "Tdex+", a new derivatives trading platform launched
2011 Nov. 21 Trading hours of the morning session extended by 30 minutes for cash equities
2011 Nov. 22 Agreement regarding Business Combination between Tokyo Stock Exchange Group, Inc. and Osaka
Securities Exchange Co., Ltd. announced
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
102
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
No. of
Trading
Days
192
301
300
301
299
301
300
304
302
300
299
302
301
302
302
301
301
298
299
302
297
297
299
297
287
285
284
286
286
285
286
285
285
285
286
287
285
279
274
273
249
246
246
247
246
247
249
247
245
247
245
248
246
246
245
246
245
248
245
245
243
245
245
Total
255
512
821
2,002
2,091
1,238
2,505
6,692
7,691
11,684
21,200
27,230
31,456
35,970
40,779
29,344
34,838
35,938
28,805
46,885
50,985
42,753
60,818
100,357
59,247
51,000
51,906
69,941
71,195
98,555
98,245
102,245
107,549
78,473
104,308
103,737
121,862
197,699
263,611
282,636
222,599
123,098
93,605
66,407
86,934
84,514
92,033
100,170
107,566
123,198
155,163
174,159
204,037
213,173
316,124
378,755
558,901
502,463
562,118
555,106
563,576
520,052
536,774
High
Low
Daily
Average
Value
Date
Value
Date
1
2
3
7
7
4
8
22
25
39
71
90
105
119
135
97
116
121
96
155
172
144
203
338
206
179
183
245
249
346
344
359
377
275
365
361
428
709
962
1,035
894
500
381
269
353
342
370
406
439
499
633
702
829
867
1,290
1,540
2,281
2,026
2,294
2,266
2,319
2,123
2,191
2
9
6
15
22
13
27
89
80
121
189
226
252
351
604
375
688
332
440
581
358
437
559
1,076
1,065
571
401
645
920
864
913
939
1,389
822
996
965
1,366
2,335
2,839
2,867
2,212
1,101
1,462
840
1,552
1,117
1,419
1,362
1,270
1,345
1,705
1,696
2,101
2,144
2,319
3,152
4,912
3,667
4,122
3,510
4,220
3,421
6,153
8/26
7/17
1/31
11/24
2/2
12/24
2/9
11/2
1/17
10/7
12/2
9/30
4/11
11/8
4/1
1/14
1/21
3/3
2/2
10/1
5/30
1/6
12/22
11/14
1/18
5/17
2/28
1/12
8/31
12/8
5/11
2/15
4/8
10/8
1/7
3/30
9/26
8/21
3/27
7/6
2/23
10/19
2/19
8/28
4/2
6/10
9/8
3/8
11/27
9/11
6/11
3/10
12/14
3/8
7/3
4/15
11/8
1/18
8/9
10/30
6/12
1/14
3/15
0.6
0.5
0.9
1
1
1
2
5
8
7
21
20
27
41
32
31
24
42
25
30
33
52
60
91
48
47
62
90
101
148
138
140
114
108
121
123
162
141
210
186
275
195
138
116
81
120
82
154
165
130
120
262
367
271
343
716
863
1,033
944
891
1,176
1,235
936
11/26
2/4
1/4
3/29
7/4
8/7
5/28
1/28
11/16
1/4
4/25
1/4
10/28
5/19
7/27
9/19
6/12
8/22
11/18
1/4
8/23
5/23
10/23
4/22
9/10
9/28
8/23
7/19
5/28
5/27
6/9
6/9
12/26
5/31
11/5
5/26
12/21
1/4
1/5
1/4
7/17
12/28
12/ 9
12/30
1/4
1/4
1/4
12/30
1/6
12/30
1/4
12/29
1/4
12/30
1/6
12/30
1/4
12/29
12/28
12/30
1/5
12/28
12/27
Turnover
Ratio (%)
18.4
25.6
30.4
52.4
36.6
15.8
26.0
52.2
45.5
58.5
89.8
92.4
75.5
64.8
63.2
39.8
43.9
44.1
33.8
51.7
52.0
39.4
51.4
79.0
43.0
34.4
32.6
40.9
39.4
52.1
50.2
50.2
50.0
34.6
44.3
42.5
48.0
75.1
96.1
98.1
73.1
38.4
28.4
19.9
25.9
24.9
26.8
28.9
30.7
35.2
44.1
49.2
59.2
64.7
97.0
113.6
166.0
146.8
158.8
155.4
151.6
133.3
138.4
Note: Turnover ratio = (Yearly trading volume / Average number of listed shares for year) x 100.
Average number of listed shares for year = (No. of shares listed at end of previous year + No. of shares listed at end
of current year) / 2.
103
STOCK
MARKET
8/26
7/17
10/26
12/16
3/5
12/24
11/1
11/2
1/17
10/7
10/14
3/31
4/3
11/12
4/1
1/14
1/21
2/9
2/2
10/1
11/17
1/6
4/14
11/14
1/23
5/17
5/16
12/17
8/31
3/29
10/1
10/3
5/1
10/8
6/21
3/28
9/26
9/26
3/27
10/28
2/23
6/27
2/19
9/4
4/2
2/1
9/8
3/8
6/13
10/22
12/10
4/21
6/8
3/8
9/12
3/12
12/9
6/9
8/9
6/13
6/12
12/10
3/16
0.6
0.4
0.7
1
4
1
2
5
8
9
34
36
45
63
41
36
20
52
37
46
86
102
107
189
118
114
142
289
304
450
442
537
502
484
678
836
1,105
1,152
2,212
1,927
3,923
2,182
1,515
976
617
1,239
818
1,448
1,290
985
914
2,799
3,341
1,935
2,732
5,939
6,567
11,648
11,661
5,843
7,888
7,638
5,235
11/26
1/28
1/4
3/29
7/4
8/7
5/28
1/28
7/27
1/4
4/25
1/4
11/18
4/21
10/14
4/4
6/12
10/22
12/28
1/20
8/23
12/26
1/4
4/22
9/10
9/28
1/11
7/31
5/28
5/27
6/9
3/29
12/26
5/31
11/5
7/21
8/5
1/4
12/5
1/4
7/17
12/28
12/9
12/30
1/4
1/4
1/4
12/30
12/30
12/30
1/4
12/29
12/28
12/30
1/6
12/30
1/4
12/29
12/28
12/30
1/5
1/4
12/27
26.7
34.3
43.4
78.5
63.6
23.1
31.5
60.5
59.2
79.0
121.6
126.3
109.8
99.3
76.2
46.2
50.3
58.8
46.2
76.9
89.6
52.9
71.8
60.6
34.4
33.2
39.3
49.2
41.1
55.2
51.5
49.9
58.4
38.5
48.8
47.1
44.7
67.2
80.6
70.2
61.1
37.7
29.3
18.0
28.3
25.6
23.1
28.6
34.5
35.0
50.7
60.8
61.5
71.0
85.9
100.8
108.8
123.7
145.6
150.2
126.4
116.2
122.6
104
GLOBAL AND
REGIONAL
ORGANIZATIONS
Note: Turnover ratio = (Yearly trading value / Average market capitalization for year) x 100.
Average market capitalization for year = (Market capitalization at end of previous year + Market capitalization at end
of current year) / 2.
HISTORICAL
DATA
4
8
9
45
48
17
34
96
99
173
318
460
622
544
831
421
820
575
435
930
1,249
854
1,313
2,023
2,533
1,375
1,542
2,169
1,939
2,651
3,054
2,475
4,723
5,795
4,961
5,756
7,273
16,820
23,821
27,688
27,969
14,649
15,310
6,867
14,227
11,142
13,379
12,962
8,957
10,088
17,799
24,923
19,191
23,289
20,516
24,758
49,363
45,310
56,308
42,401
31,198
26,921
33,298
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
2
2
3
12
16
6
9
27
33
53
124
192
211
227
190
114
133
177
144
279
468
308
468
722
519
435
548
827
752
1,142
1,221
1,280
1,732
1,283
1,918
2,368
2,762
5,729
9,151
10,459
13,358
7,588
4,508
2,434
3,532
3,537
3,356
4,125
4,429
3,943
7,573
10,027
8,222
7,860
9,893
13,948
20,072
27,168
30,703
23,523
15,381
14,660
14,168
Turnover
Ratio (%)
INVESTORS
Date
COMPLIANCE
Value
LISTING
Date
SYSTEM &
SERVICES
Value
STOCK PRICE
INDEX
367
499
924
3,522
4,731
1,837
2,839
8,158
9,816
15,797
37,081
58,035
63,427
68,492
57,484
34,297
40,045
52,665
43,110
84,336
138,913
91,524
139,803
214,352
149,044
123,903
155,660
236,621
215,000
325,343
349,112
364,895
493,645
365,714
548,447
679,740
787,110
1,598,362
2,507,369
2,855,212
3,326,165
1,866,668
1,108,974
601,103
868,890
873,555
835,639
1,018,926
1,085,002
973,915
1,855,417
2,486,629
2,022,615
1,933,545
2,423,712
3,431,211
4,917,723
6,737,624
7,522,270
5,763,191
3,737,663
3,591,702
3,471,128
Daily
Average
BOND
MARKET
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Low
DERIVATIVES
MARKET
( 100 mil.)
High
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Note: 1.
2.
3.
4.
Tokyo
Osaka
Nagoya
Other Exchanges
All Exchanges
38 ( 6.3)
37 ( 6.1)
612
367 (60.1)
168 (27.6)
60 ( 6.7)
95 (10.6)
905
499 (55.2)
249 (27.6)
101 ( 6.4)
169 (10.6)
1,605
924 (57.6)
409 (25.5)
577 ( 8.3)
1,096 (15.8)
6,924
3,522 (50.9)
1,728 (25.0)
852 ( 8.5)
1,511 (15.0)
10,046
4,731 (47.1)
2,951 (29.4)
280 ( 7.5)
489 (13.1)
3,749
1,837 (49.0)
1,142 (30.5)
242 ( 5.5)
348 ( 7.9)
4,421
2,839 (64.2)
992 (22.4)
717 ( 5.4)
930 ( 6.9)
13,404
8,158 (60.9)
3,597 (26.8)
933 ( 5.9)
797 ( 5.1)
15,787
9,816 (62.2)
4,239 (26.9)
1,176 ( 4.9)
1,019 ( 4.3)
23,903
15,797 (66.1)
5,909 (24.7)
2,126 ( 3.8)
2,356 ( 4.2)
55,889
37,081 (66.4)
14,325 (25.6)
4,273 ( 4.6)
3,623 ( 3.9)
93,343
58,035 (62.2)
27,410 (29.4)
3,970 ( 4.1)
3,323 ( 3.4)
98,072
63,427 (64.7)
27,350 (27.9)
3,579 ( 3.6)
2,527 ( 2.6)
98,933
68,492 (69.2)
24,334 (24.6)
3,198 ( 3.9)
2,557 ( 3.1)
82,335
57,484 (69.8)
19,094 (23.2)
1,738 ( 3.6)
1,296 ( 2.7)
48,295
34,297 (71.0)
10,962 (22.7)
1,744 ( 3.0)
1,788 ( 3.1)
57,829
40,045 (69.3)
14,251 (24.6)
2,487 ( 3.3)
2,234 ( 3.0)
75,705
52,665 (69.6)
18,318 (24.2)
2,522 ( 4.0)
1,637 ( 2.6)
62,814
43,110 (68.6)
15,543 (24.8)
3,936 ( 3.4)
1,801 ( 1.5)
117,231
84,336 (71.9)
27,156 (23.2)
5,827 ( 3.1)
2,131 ( 1.1)
186,748
138,913 (74.4)
39,876 (21.4)
3,483 ( 2.9)
1,321 ( 1.1)
120,302
91,524 (76.1)
23,973 (19.9)
4,058 ( 2.2)
1,823 ( 1.0)
188,511
139,803 (74.2)
42,826 (22.7)
6,997 ( 2.4)
3,111 ( 1.1)
288,137
214,352 (74.4)
63,676 (22.1)
5,210 ( 2.6)
2,758 ( 1.4)
201,385
149,044 (74.0)
44,372 (22.0)
4,429 ( 2.8)
1,836 ( 1.2)
159,332
123,903 (77.8)
29,163 (18.3)
4,496 ( 2.4)
1,689 ( 0.9)
189,762
155,660 (82.0)
27,915 (14.7)
7,131 ( 2.6)
2,187 ( 0.8)
279,298
236,621 (84.7)
33,357 (11.9)
6,822 ( 2.7)
2,110 ( 0.8)
255,270
215,000 (84.2)
31,337 (12.3)
10,008 ( 2.6)
2,403 ( 0.6)
388,800
325,343 (83.7)
51,045 (13.1)
10,847 ( 2.7)
3,645 ( 0.9)
408,785
349,112 (85.4)
45,179 (11.1)
9,951 ( 2.4)
3,063 ( 0.7)
421,610
364,895 (86.6)
43,699 (10.4)
19,415 ( 3.3)
4,109 ( 0.7)
587,468
493,645 (84.0)
70,297 (12.0)
11,484 ( 2.7)
3,716 ( 0.9)
426,679
365,714 (85.7)
45,764 (10.7)
16,654 ( 2.6)
4,730 ( 0.7)
653,333
548,447 (84.0)
83,500 (12.8)
20,971 ( 2.5)
6,031 ( 0.7)
831,219
679,740 (81.8)
124,476 (15.0)
28,845 ( 3.1)
5,079 ( 0.5)
946,398
787,110 (83.2)
125,364 (13.3)
73,071 ( 3.8)
7,347 ( 0.4)
1,930,589
1,598,362 (82.8)
251,809 (13.0)
95,029 ( 3.2)
12,010 ( 0.4)
2,961,105
2,507,369 (84.7)
346,695 (11.7)
113,488 ( 3.4)
13,826 ( 0.4)
3,327,572
2,855,212 (85.8)
345,044 (10.4)
103,954 ( 2.7)
17,035 ( 0.4)
3,863,950
3,326,165 (86.1)
416,794 (10.8)
73,011 ( 3.2)
20,565 ( 0.9)
2,318,371
1,866,668 (80.5)
358,126 (15.5)
35,861 ( 2.7)
9,536 ( 0.7)
1,341,599
1,108,974 (82.7)
187,226 (14.0)
38,762 ( 4.8)
8,943 ( 1.1)
804,557
601,103 (74.7)
155,748 (19.4)
34,590 ( 3.3)
11,396 ( 1.1)
1,061,227
868,890 (81.9)
146,349 (13.8)
57,798 ( 5.0)
21,375 ( 1.9)
1,146,221
873,555 (76.2)
193,491 (16.9)
54,620 ( 4.7)
20,943 ( 1.8)
1,158,398
835,639 (72.1)
247,194 (21.3)
53,913 ( 4.0)
16,055 ( 1.2)
1,361,698
1,018,926 (74.8)
272,802 (20.0)
127,583 ( 8.4)
31,620 ( 2.1)
1,514,450
1,085,002 (71.6)
270,244 (17.8)
59,857 ( 4.8)
1,922 ( 0.2)
1,241,017
973,915 (78.5)
205,320 (16.5)
23,716 ( 1.1)
2,178 ( 0.1)
2,102,363
1,855,417 (88.3)
221,051 (10.5)
68,761 ( 2.4)
1,161 ( 0.0)
2,903,252
2,486,629 (85.6)
346,699 (11.9)
21,126 ( 0.9)
855 ( 0.0)
2,252,387
2,022,615 (89.8)
207,789 ( 9.2)
10,654 ( 0.5)
817 ( 0.0)
2,092,294
1,933,545 (92.4)
147,276 ( 7.0)
5,352 ( 0.2)
795 ( 0.0)
2,553,421
2,423,712 (94.9)
123,560 ( 4.8)
6,591 ( 0.2)
340 ( 0.0)
3,572,860
3,431,211 (96.0)
134,717 ( 3.8)
7,355 ( 0.1)
199,532 ( 3.7)
5,351,181
4,917,723 (91.9)
226,568 ( 4.2)
8,850 ( 0.1)
236,283 ( 3.3)
7,267,131
6,737,624 (92.7)
284,372 ( 3.9)
5,622 ( 0.1)
112,445 ( 1.4)
7,951,715
7,522,270 (94.6)
311,376 ( 3.9)
975 ( 0.0)
46,351 ( 0.8)
6,054,097
5,763,191 (95.2)
243,578 ( 4.0)
626 ( 0.0)
32,299 ( 0.8)
3,902,246
3,737,663 (95.8)
131,656 ( 3.4)
797 ( 0.0)
43,204 ( 1.1)
3,754,677
3,591,702 (95.7)
119,152 ( 3.2)
732 ( 0.0)
94 ( 0.0)
3,627,651
3,471,128 (95.7)
155,696 ( 4.3)
Figures in parentheses indicate percentage of total.
"Other Exchanges" include Kyoto, Hiroshima, Fukuoka, Niigata, Sapporo, JASDAQ (from 2005 to 2010) and
Kobe (which was dissolved on October 31, 1967). TSE inherited companies listed on Hiroshima and Niigata Stock
Exchanges in March 2000.
The Osaka Securities Exchange inherited companies listed on Kyoto Stock Exchange in March 2001.
Excludes foreign stocks.
Trading value of JASDAQ in 2010, which is included in "Other Exchanges" is a total of the former JASDAQ trades
and Osaka JASDAQ trades from October 12, 2010.
105
Market Value
100 mil.
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
1,287
1,793
2,728
6,750
8,936
7,822
11,019
17,047
17,456
24,091
39,289
56,435
64,296
80,029
77,175
76,943
88,044
97,369
96,391
131,338
190,302
168,247
235,200
495,481
400,340
374,690
447,798
549,225
536,381
690,647
720,237
799,523
948,615
1,012,416
1,312,309
1,674,957
1,962,216
2,930,279
3,456,044
4,880,651
6,301,219
3,935,949
3,919,855
2,992,757
3,355,227
3,710,242
3,782,995
3,585,382
2,882,262
2,815,214
4,662,153
3,647,473
3,006,308
2,510,008
3,200,718
3,688,967
5,458,941
5,547,487
4,878,953
2,859,382
3,101,957
3,127,174
2,581,574
STOCK PRICE
INDEX
106
All Japan
BOND
MARKET
Tokyo
All Japan
Tokyo
All Japan
Tokyo
1949
529
681
16
16
1,220
1950
583
764
23
25
1,688
1951
554
729
30
31
2,568
1952
575
758
45
47
6,408
1953
587
784
68
71
8,467
1954
599
782
88
91
7,432
1955
596
783
103
107
10,576
1956
596
786
152
146
16,404
1957
602
789
185
191
16,748
1958
601
786
213
222
23,226
1959
603
792
258
257
37,770
1960
599
785
330
334
54,113
1961
1,007
1,265
502
499
61,401
1962
1,183
1,455
603
621
76,612
1963
1,258
1,574
687
714
74,275
1964
1,270
1,591
786
815
74,251
1965
1,255
1,577
801
834
85,109
1966
1,246
1,562
828
862
93,896
1967
1,248
1,561
878
916
92,706
1968
1,242
1,552
936
976
126,645
1969
1,250
1,556
1,026
1,069
183,534
1970
1,280
1,580
1,144
1,189
162,355
1971
1,303
1,606
1,223
1,274
227,149
1972
1,323
1,627
1,316
1,368
480,545
1973
1,372
1,680
1,440
1,496
385,564
1974
1,390
1,709
1,524
1,585
360,421
1975
1,398
1,713
1,664
1,729
432,448
1976
1,401
1,716
1,752
1,818
529,939
1977
1,407
1,724
1,857
1,927
515,738
1978
1,389
1,709
1,923
1,994
663,414
1979
1,398
1,723
1,993
2,068
693,029
1980
1,402
1,729
2,081
2,160
770,747
1981
1,412
1,745
2,223
2,306
919,056
1982
1,427
1,769
2,313
2,401
980,902
1983
1,441
1,789
2,397
2,490
1,267,459
1984
1,444
1,802
2,488
2,585
1,618,118
1985
1,476
1,829
2,586
2,681
1,901,266
1986
1,499
1,866
2,676
2,775
2,854,714
1987
1,532
1,912
2,807
2,905
3,367,066
1988
1,571
1,967
2,954
3,056
4,768,497
1989
1,597
2,019
3,138
3,244
6,111,518
1990
1,627
2,071
3,271
3,382
3,792,311
1991
1,641
2,107
3,324
3,442
3,779,243
1992
1,651
2,118
3,348
3,466
2,894,834
1993
1,667
2,155
3,374
3,496
3,243,574
1994
1,689
2,205
3,422
3,547
3,583,924
1995
1,714
2,263
3,452
3,584
3,657,160
1996
1,766
2,334
3,485
3,618
3,475,783
1997
1,805
2,387
3,516
3,649
2,809,300
1998
1,838
2,416
3,477
3,608
2,751,811
1999
1,892
2,472
3,562
3,691
4,568,408
2000
2,055
2,560
3,512
3,624
3,605,547
2001
2,103
2,591
3,376
3,492
2,967,890
2002
2,119
2,576
3,218
3,330
2,478,606
2003
2,174
2,596
3,298
3,407
3,164,835
2004
2,276
2,691
3,372
3,484
3,645,548
2005
2,323
2,735
3,361
3,468
5,397,395
2006
2,391
2,811
3,485
3,590
5,497,893
2007
2,389
2,809
3,592
3,694
4,838,289
2008
2,373
2,787
3,553
3,653
2,834,602
2009
2,319
2,710
3,880
3,985
3,077,797
2010
2,280
2,659
3,923
4,040
3,104,516
2011
2,279
2,646
3,833
3,956
2,558,553
Note: 1. Excludes foreign companies
2. Figures do not include the Hercules and JASDAQ markets of the Osaka Securities Exchange.
DERIVATIVES
MARKET
End
of
Year
STOCK
MARKET
STOCK
MARKET
GLOBAL AND
REGIONAL
ORGANIZATIONS
HISTORICAL
DATA
INVESTORS
COMPLIANCE
LISTING
SYSTEM &
SERVICES
STOCK PRICE
INDEX
BOND
MARKET
DERIVATIVES
MARKET
126
294
292
147
158
275
465
554
508
434
95
173
190
201
300
316
220
180
177
214
166
102
120
66
54
34
67
45
18
23
40
27
26
40
32
39
40
20
9
2
12
9
9
1
2
3
3
4
3
1
1
1
1
Amount
Raised
(100mil.)
641
1,570
1,992
1,596
1,526
3,313
6,318
5,867
4,096
5,247
1,145
2,022
1,936
3,029
4,467
5,380
4,092
2,838
3,440
2,436
7,713
1,795
2,905
2,674
2,618
903
4,935
2,237
1,347
908
1,826
694
4,363
7,873
7,262
8,248
2,180
1,106
478
95
956
3,373
729
3
82
320
19
44
42
80
1
1
6
Public Offerings
No. of
Cases
4
36
40
30
50
100
223
171
157
85
19
34
58
80
145
203
147
275
256
193
103
180
238
195
229
218
249
208
72
127
103
76
99
157
227
121
27
3
4
17
8
36
26
12
35
36
18
21
40
80
80
75
69
29
52
52
45
Amount
Raised
(100mil.)
4
43
53
49
103
346
795
195
360
35
1
13
48
95
549
1,380
835
6,651
5,650
2,774
2,215
4,884
6,035
5,653
6,287
8,808
13,962
10,725
4,715
8,150
5,057
3,999
13,937
25,820
58,302
19,753
1,258
40
73
1,366
330
3,054
1,280
2,842
3,709
5,728
12,014
1,562
5,726
7,544
6,661
14,546
4,629
3,419
49,668
33,097
9,678
Preferred Stocks
No. of
Cases
1
1
5
2
5
27
5
6
40
75
55
52
34
13
10
30
11
7
Amount
Raised
(100mil.)
120
300
59
1,000
500
5,390
2,236
4,710
70,122
1,373
2,281
10,293
25,371
14,105
14,312
6,003
8,155
6,437
5,535
865
692
Private
Placements
No. of
Cases
11
11
10
3
3
4
6
9
8
14
8
24
13
12
14
18
24
43
45
31
16
11
48
52
42
28
20
14
23
18
18
16
22
23
22
21
19
22
14
8
19
20
19
35
86
56
71
79
103
142
175
176
141
112
135
101
72
Amount
Raised
(100mil.)
1
21
5
0
1
6
5
27
72
30
26
79
35
23
47
51
441
924
301
228
82
87
285
637
627
808
366
205
1,651
658
334
304
1,092
1,039
1,022
3,146
1,035
1,021
1,504
2,388
1,602
2,186
3,696
6,963
24,448
9,720
5,671
5,015
2,335
6,242
8,101
4,736
6,841
4,101
7,238
5,423
4,219
Exercise of
Warrants
No. of
Cases
4
18
39
70
116
241
316
435
397
309
127
184
180
118
187
88
35
74
94
92
82
126
241
360
409
376
261
189
176
181
Amount
Raised
(100mil.)
24
303
655
1,372
3,726
10,737
13,090
21,898
6,775
3,603
2,030
6,171
4,507
2,994
6,735
3,680
883
2,624
1,077
380
2,763
397
1,041
1,819
1,647
1,716
241
218
278
273
Total
No. of
Cases
141
341
342
180
211
379
695
734
673
533
122
231
261
293
459
537
391
498
478
438
285
294
406
313
325
280
336
272
131
208
231
235
388
536
716
578
395
172
211
208
158
257
144
88
222
193
190
222
347
522
670
694
600
413
407
341
305
Amount
Raised
(100mil.)
647
1,635
2,051
1,645
1,631
3,667
7,123
6,091
4,529
5,314
1,173
2,116
2,021
3,147
5,064
6,812
5,369
10,414
9,392
5,440
10,011
6,887
9,226
8,966
9,534
10,520
19,264
13,493
8,017
10,431
8,591
8,725
30,130
47,823
88,486
37,924
8,077
4,199
8,227
9,357
6,384
20,739
11,623
15,403
100,904
17,982
20,668
19,634
33,850
28,977
30,937
26,933
21,423
14,201
62,662
39,672
14,864
Note: Amount raised excludes companies listed on the Hercules and JASDAQ markets of the Osaka Securities Exchange.
107
STOCK
MARKET
Daily Average
Daily Average
16
2,367
28,553
100
1976
17
2,120
29,164
101
1977
15
1,234
15,040
52
1978
15
846
9,096
31
1979
15
1,477
20,226
70
1980
15
670
7,948
27
1981
15
594
6,351
22
1982
12
1,271
18,257
64
1983
11
4,974
17
126,857
443
1984
11
4,522
15
93,117
324
1985
21
131,423
461
853,336
2,994
1986
52
309,700
1,110
1,151,863
4,128
1987
88
755,203
2,756
3,469,227
12,661
1988
112
216,331
792
795,251
2,913
1989
119
480,193
1,928
2,797,627
11,235
1990
125
256,251
1,041
2,015,601
8,193
1991
125
150,958
613
520,571
2,116
1992
119
86,239
349
157,011
635
1993
110
59,561
242
103,517
420
1994
93
43,746
177
75,148
304
1995
77
39,309
157
97,636
392
1996
67
63,452
256
167,434
677
1997
60
62,655
255
168,819
689
1998
52
22,131
89
88,686
359
1999
43
19,861
81
82,304
336
2000
41
13,407
54
67,614
273
2001
38
11,720
48
47,786
194
2002
34
13,364
54
53,593
217
2003
32
6,419
26
24,386
99
2004
30
8,016
33
62,931
256
2005
28
13,082
53
312,796
1,277
2006
25
14,667
59
153,788
620
2007
25
93,256
381
323,324
1,320
2008
16
178,182
727
70,736
289
2009
15
266,487
1,097
101,144
416
2010
12
70,458
288
62,372
255
2011
11
25,584
104
24,664
101
GLOBAL AND
REGIONAL
ORGANIZATIONS
108
HISTORICAL
DATA
1975
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
105
INVESTORS
467
30,037
COMPLIANCE
4,676
LISTING
35
2,307
SYSTEM &
SERVICES
359
14
STOCK PRICE
INDEX
1974
BOND
MARKET
1973
DERIVATIVES
MARKET
No. of
Listed Companies
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
Year-end
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
12.85
11.57
16.94
33.35
33.30
30.27
39.06
51.21
43.40
60.95
80.00
109.18
101.66
99.67
92.87
90.68
105.68
111.41
100.89
131.31
179.30
148.35
199.45
401.70
306.44
278.34
323.43
383.88
364.08
449.55
459.61
494.10
570.31
593.72
731.82
913.37
1,049.40
1,556.37
1,725.83
2,357.03
2,881.37
1,733.83
1,714.68
1,307.66
1,439.31
1,559.09
1,577.70
1,470.94
1,175.03
1,086.99
1,722.20
1,283.67
1,032.14
843.29
1,043.69
1,149.63
1,649.76
1,681.07
1,475.68
859,24
907.59
898.80
728.61
High
Index
22.06
13.24
17.11
33.55
42.18
33.22
39.06
52.95
54.82
60.95
90.14
112.53
126.59
111.45
122.96
103.77
105.68
114.51
117.60
142.95
179.30
185.70
209.00
401.70
422.48
342.47
333.11
383.88
390.93
452.60
465.24
497.96
603.92
593.72
731.82
913.37
1,058.35
1,583.35
2,258.56
2,357.03
2,884.80
2,867.70
2,028.85
1,763.43
1,698.67
1,712.73
1,585.87
1,722.13
1,560.28
1,300.30
1,722.20
1,754.78
1,440.97
1,139.43
1,105.59
1,217.87
1,663.75
1,783.72
1,816.97
1,430.47
975.59
998.90
974.63
Low
Date
5/16
8/21
10/20
11/22
2/4
1/11
12/28
12/6
1/21
12/27
11/30
11/15
7/14
2/14
5/10
7/3
12/28
3/24
5/31
10/2
12/27
4/8
8/14
12/28
1/24
6/5
7/2
12/28
9/29
12/13
9/29
10/20
8/17
12/28
12/28
12/28
7/27
8/20
6/11
12/28
12/18
1/4
3/18
1/6
9/3
6/13
12/27
6/26
6/26
2/10
12/30
2/7
5/7
5/24
10/20
4/14
12/29
4/7
2/26
6/4
8/26
4/15
2/21
109
Index
11.95
9.59
11.58
17.07
28.46
26.79
30.00
38.81
43.18
43.48
61.11
79.46
90.86
83.39
91.21
87.94
81.29
105.21
99.17
100.00
132.62
147.08
148.05
199.93
284.69
251.96
268.24
326.28
350.49
364.04
435.13
449.01
495.79
511.52
574.51
735.45
916.93
1,025.85
1,557.46
1,690.44
2,364.33
1,523.43
1,638.06
1,102.50
1,250.06
1,445.97
1,193.16
1,448.45
1,130.00
980.11
1,048.33
1,255.16
988.98
815.74
770.62
1,022.61
1,109.19
1,458.30
1,437.38
746.46
700.93
803.12
706.08
Date
12/14
7/3
1/4
1/8
4/1
11/13
3/28
1/25
12/27
1/4
1/9
1/4
12/19
10/30
12/18
11/11
7/15
1/19
12/11
1/4
1/4
12/9
1/6
1/4
12/18
10/9
1/10
1/5
11/24
1/4
7/13
3/10
1/5
8/17
1/25
1/4
1/4
1/21
1/13
1/4
3/27
10/1
12/24
8/18
1/25
1/4
6/13
12/24
12/22
10/15
1/5
12/21
12/17
12/18
3/11
2/4
5/18
6/13
11/22
10/27
3/12
11/2
11/24
Rank Advance %
Date
Background
The central banks of US, Europe and Japan
simultaneously
announce
emergency
measures in response to financial crisis.
9.54
1990 Oct. 2
1,668.83
9.39
1987 Oct. 21
1,962.41
8.32
2008 Oct. 30
899.37
7.56
1992 Aug. 21
1,251.70
7.36
1949 Dec. 15
12.83
7.22
1992 Apr. 10
1,282.56
6.82
1997 Nov. 17
1,257.85
6.64
1994 Jan. 31
1,629.22
10
6.64
2011 Mar. 16
817.63
14.62
1987 Oct. 20
1,793.90
9.52
2008 Oct. 16
864.52
9.47
2011 Mar. 15
766.73
8.75
1953 Mar. 5
32.32
8.04
2008 Oct. 8
899.01
7.52
2008 Oct. 24
806.11
7.49
2011 Mar. 14
846.96
7.47
1970 Apr. 30
159.33
7.40
2008 Oct. 27
746.46
10
7.10
1990 Apr. 2
2,069.33
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
110
Background
TRADING
SECURITIES CROSS BORDER
PARTICIPANTS
CAPITAL FLOW
TAXATION
Decline %
INVESTORS
Rank
COMPLIANCE
LISTING
956.30
SYSTEM &
SERVICES
2008 Oct. 14
STOCK PRICE
INDEX
13.73
BOND
MARKET
DERIVATIVES
MARKET
STOCK
MARKET
STOCK
MARKET
DERIVATIVES
MARKET
BOND
MARKET
STOCK PRICE
INDEX
SYSTEM &
SERVICES
LISTING
COMPLIANCE
INVESTORS
CROSS BORDER SECURITIES
TRADING
CAPITAL FLOW
PARTICIPANTS
TAXATION
HISTORICAL
DATA
GLOBAL AND
REGIONAL
ORGANIZATIONS
Nikkei 225
(yen)
Year-end
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
101.91
166.06
362.64
377.95
356.09
425.69
549.14
474.55
666.54
874.88
1,356.71
1,432.60
1,420.43
1,225.10
1,216.55
1,417.83
1,452.10
1,283.47
1,714.89
2,358.96
1,987.14
2,713.74
5,207.94
4,306.80
3,817.22
4,358.60
4,990.85
4,865.60
6,001.85
6,569.47
7,116.38
7,681.84
8,016.67
9,893.82
11,542.60
13,113.32
18,701.30
21,564.00
30,159.00
38,915.87
23,848.71
22,983.77
16,924.95
17,417.24
19,723.06
19,868.15
19,361.35
15,258.74
13,842.17
18,934.34
13,785.69
10,542.62
8,578.95
10,676.64
11,488.76
16,111.43
17,225.83
15,307.78
8,859.56
10,546.44
10,228.92
8,455.35
High
Index
114.99
170.32
370.55
474.43
377.27
425.69
566.30
595.46
666.54
976.93
1,356.71
1,829.74
1,589.76
1,634.37
1,369.00
1,417.83
1,588.73
1,506.27
1,851.49
2,358.96
2,534.45
2,740.98
5,207.94
5,359.74
4,787.54
4,564.52
4,990.85
5,287.65
6,097.26
6,590.69
7,188.28
8,019.14
8,026.99
9,893.82
11,577.44
13,128.94
18,936.24
26,646.43
30,159.00
38,915.87
38,712.88
27,146.91
23,801.18
21,148.11
21,552.81
20,011.76
22,666.80
20,681.07
17,264.34
18,934.34
20,833.21
14,529.41
11,979.85
11,161.71
12,163.89
16,344.20
17,563.37
18,261.98
14,691.41
10,639.71
11,339.30
10,857.53
Date(mm/dd)
08/21
10/27
12/15
02/04
01/11
12/28
12/06
05/04
12/27
11/30
12/28
07/18
02/14
04/05
07/03
12/28
04/01
03/01
10/02
12/27
04/06
08/14
12/28
01/24
06/01
05/12
12/28
09/05
12/13
09/29
11/06
08/17
12/07
12/28
12/04
12/17
08/20
10/14
12/28
12/29
01/04
03/18
01/06
09/13
06/13
12/27
06/26
06/16
03/02
12/30
04/12
05/07
05/23
10/20
04/26
12/29
04/07
07/09
01/04
08/26
04/05
02/21
Low
Index
85.25
102.10
167.80
295.18
314.08
345.89
420.14
471.53
475.20
664.69
869.34
1,258.00
1,216.04
1,200.64
1,202.69
1,020.49
1,364.34
1,250.14
1,266.27
1,733.64
1,929.64
1,981.74
2,712.31
3,958.57
3,355.13
3,627.04
4,403.06
4,597.26
4,867.91
5,925.87
6,475.93
6,956.52
6,849.78
7,803.18
9,703.35
11,545.16
12,881.50
18,544.05
21,217.04
30,183.79
20,221.86
21,456.76
14,309.41
16,078.71
17,369.74
14,485.41
19,161.71
14,775.22
12,879.97
13,232.74
13,423.21
9,504.41
8,303.39
7,607.88
10,365.40
10,825.39
14,218.60
14,837.66
7,162.90
7,054.98
8,824.06
8,160.01
Note: Copyrights regarding the Nikkei Average are held by the Nihon Keizai Shimbun, Inc.
111
Date(mm/dd)
07/06
01/04
01/04
04/01
03/22
04/27
01/25
12/27
01/04
01/09
01/04
12/19
10/29
12/18
11/09
07/12
12/05
12/11
01/04
01/04
05/27
01/06
01/04
12/18
10/09
01/10
01/05
11/24
01/04
04/10
03/28
03/13
10/01
01/25
07/23
01/05
01/21
01/13
01/04
01/05
10/01
08/19
08/18
11/29
01/04
07/03
12/24
12/29
10/09
01/05
12/21
09/17
11/14
04/28
02/10
05/17
06/13
11/21
10/27
03/10
08/31
11/25
WFE
Established: 1961
BOND
MARKET
Chairman:
Ronald Arculli (HKEx)
Vice Chairman:
Xavier Rolet (LSE)
Working Committee Chairman:
Thomas A. Kloet (TMX)
DERIVATIVES
MARKET
SYSTEM &
SERVICES
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ABN AMRO Clearing Tokyo Co.,Ltd.
03-5425-9900
03-5695-5111
03-3272-3112
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03-6213-8500
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Monex,Inc.
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(Foreign)
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Societe Generale Securities (North Pacific) Ltd. 12-32, Akasaka 1-chome, Minato-ku, Tokyo 107-6015
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Mitsubishi UFJ Morgan Stanley Securities Co.,Ltd. 5-2, Marunouchi 2-chome, Chiyoda-ku, Tokyo 100-6317
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CONTACT
For further information, please contact:
Head Office
Tokyo Stock Exchange Group, Inc.
Corporate Communications
2-1, Nihombashi-Kabuto-cho, Chuo-ku,
Tokyo 103-8224 Japan
Tel: (81) 3-3666-1361
e-mail: wwwadm@tse.or.jp
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45 Broadway,
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e-mail: contact@tsenyrep.com
e-mail: tse@tseldn.co.uk
e-mail: sintse@ntti.net.sg
117