Securities trading - Japan
Key market-tradable securities
Denomination currency | Maturity | Interest | Interest/Dividend | Place of settlement | Form |
Daimyo bonds | |||||
JPY | Various | Fixed | Annual | Not applicable | Registered |
Global bonds | |||||
JPY/Non-JPY | Various | Fixed | Semi-annual | DTC | Permanent global; |
Samurai bonds | |||||
JPY | Various | Fixed | Semi-annual | JASDEC | Book-entry or Physical (bearer); registered (immobilised) |
Shogun bonds | |||||
Non-JPY | Various | Fixed | Semi-annual | Not applicable | Registered |
Japanese Government Bonds (JGBs) | |||||
JPY | Various | Fixed a | Semi-annual | BOJ | Book-entry or registered (immobilised) |
Treasury Discount Bills (TDBs) | |||||
JPY | 2, 3, 6 or 12 months | - | - | BOJ | Book-entry |
ETFs/REITs b | |||||
JPY | - | - | Semi-annual or annual | JASDEC | Book entry |
Equities | |||||
JPY | - | - | Quarterly or | JASDEC | Book entry |
a. For JGBs with a maturity of 15 years and CPI linked JGBs with a maturity of 10 years, the interest rate is Floating.
b. Exchange Traded Funds (ETFs) / Real Estate Investment Trusts (REITs).
Important note on registered JGBs
The BOJ upgraded its systems in 2016, and ceased to operate registered JGBs within the BOJNet system. Registered JGBs are accepted for physical registration via an account opening and application process. Since 2003, all newly issued JGBs have been in dematerialised (book-entry) form.
Trading platforms
Arrowhead
Arrowhead is the trading system developed by the TSE for the next generation cash market in order to meet the needs of investors with high speed order placement and execution processing and to respond to reductions in sizes of orders and rapid increases in the number of transactions. Arrowhead was last enhanced in November 2019, and is used for auction trading of stock and corporate bonds of listed companies on the TSE.
Tokyo Stock Exchange Trading Network System (ToSTNeT)
ToSTNeT is an additional TSE facility that also supports off-hours trading that is, maximum 08:20 to 17:30 and for certain types of trade.
Board lots and odd lots
Odd-lot shares (that is, a quantity of stock smaller than the standard unit of trading (board lot), which in Japan is 100 shares for listed equities may arise as a result of corporate action entitlements such as stock split, rights issues or exercise of conversion or warrant rights.