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 |
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).
Trading platforms
Arrowhead
"Arrowhead" launched on 4 March 2010 as a cash equity trading system that combined low latency, high reliability, and scalability of the highest global standard. The system handles auction trading of all cash products such as stocks and CBs.
On 5 November 2024, “arrowhead4.0” (fourth generation system since the first system launched in 2010) went live in order to further improve convenience for market users, global competitiveness, and resilience (ability to recover from system failures).
New functionalities such as extension of trading hours and introduction of closing auction session have been added to arrowhead4.0.
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 18:00 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.