Tokyo Stock Exchange (JPX): Listing Requirements and IPO Guide

Headquarters

Tokyo, Japan

Region

Asia-Pacific

Market Focus

Large Cap & Growth

Overview

The Tokyo Stock Exchange is operated by Japan Exchange Group, formed in 2013 by combining the Tokyo and Osaka exchange groups. It is one of the largest stock exchanges in the world and the main listing venue for Japanese companies.

In 2022 its sections were reorganised into three markets: Prime, Standard and Growth. Since 2023 the exchange has pressed listed companies to focus on capital efficiency and share price performance, which has drawn renewed attention from international investors.

Known For

Global automotive, electronics, trading house and financial groups
The Growth market for younger, high-growth companies
Corporate governance reform and shareholder return initiatives
An active IPO market for smaller technology companies

Listing Considerations

Each market has its own standards for size, liquidity and governance
The Financial Services Agency is the main regulator
Japanese-language disclosure is standard, with English disclosure increasingly required on Prime
Growth market IPOs are often small compared with US technology listings

Key Facts

Founded

1878 (Japan Exchange Group formed 2013)

Operator

Japan Exchange Group (JPX)

Regulator

Financial Services Agency (FSA)

Main Index

TOPIX, Nikkei 225

Currency

Japanese yen (JPY)

Trading Hours

9:00 – 11:30 a.m. and 12:30 – 3:30 p.m. JST

Market Segments

Prime Market, Standard Market, Growth Market, TOKYO PRO Market

Official website →

Listing Requirements

Prime Market: at least 800 shareholders, 20,000 tradable units, tradable share market capitalisation of ¥10 billion, a tradable share ratio of 35% and total market capitalisation of ¥25 billion
Standard Market: 400 shareholders, 2,000 tradable units, tradable share market capitalisation of ¥1 billion and a tradable share ratio of 25%
Growth Market: 150 shareholders, 1,000 tradable units, tradable share market capitalisation of ¥500 million, and a public offering of 500 units or more
Profit or sales tests apply on Prime and Standard
From March 2030, Growth Market companies must reach ¥10 billion market capitalisation five years after listing

Headline initial listing criteria from JPX, checked November 2026.

Considering a public listing?

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Tokyo Stock Exchange (JPX)