Tokyo Stock Exchange

The Tokyo Stock Exchange, or TSE, is one of the largest stock exchanges in all of Asia, with over 1 billion shares exchanging hands each trading day. The Tokyo Stock Exchange itself supports the trading of bonds and derivatives in addition to equities.

History of the TSE

The history of the TSE dates back to the 1870's, when a securities system was established in Japan and public negotiating for bonds first began.  The Tokyo Stock Exchange Co., LTD was established on May 15, 1878, and trading on the exchange began in June of that same year.

Between August 10, 1945 and April 1, 1949, official trading on the exchange was suspended due to the war.  After several post-war reorganizations, the TSE emerged as the largest of the five stock exchanges in Japan, including the Sapporo Securities Exchange, Osaka Securities Exchange, Nagoya Stock Exchange, and Fukuoka Stock Exchange in addition to the Tokyo Stock Exchange.

On July 1, 1969, the Tokyo Stock Exchange introduced the TOPIX (Tokyo Stock Price Index), which is a composite index of all the domestic common stocks listed on the exchange.  The TOPIX is considered the best indicator of the financial condition of the Japanese stock market.

Tokyo Stock Exchange Facts and Figures

The latest report (September 2011) on the Tokyo Stock Exchange indicates there are approximately 2,279 domestic and 30 foreign companies listed on the exchange.  Some of the other facts and figures associated with the Tokyo Stock Exchange include:

• Those same 2,300 listed companies have a total market capitalization of nearly 295 trillion yen ($3.8 trillion USD).
• Nearly 350 billion shares of stock are exchanged annually on the TSE (September 2011).
• In September 2011, an average of 1.4 billion shares, worth 1.2 trillion yen was traded daily.
• The most important index traded on the TSE is the TOPIX, which includes the TOPIX, TOPIX 1000, TOPIX Small, TOPIX 500, TOPIX Mid, TOPIX Core 30, and TOPIX Large 70.

In addition to the TOPIX, the Nikkei 225 is recognized as one of the major international stock indices on the market today.

Tokyo Stock Exchange Holidays

The Tokyo Stock Exchange is open from Monday through Friday, and observes the following holiday schedule for the calendar years 2011 and 2012.

TSE 2012 Holiday Schedule

TSE 2011 Holiday Schedule

Note:  In addition to the Japanese national holidays mentioned above, the Tokyo Stock Exchange will be closed for market holidays on January 2, 3 and December 31, 2011.

TSE Hours of Operation

The standard trading hours for most stock exchange products listed on TSE are 09:00 to 11:00 and 12:30 to15:00.  Product-specific trading hours include:

• Japanese Government Bonds (JGBs) 13:00 to13:30 (09:30 to10:00)
• Foreign currency-denominated foreign bonds 13:30 to14:00 (10:00 to 10:30)
• Straight bonds 10:00 to11:00
• Equity derivatives 09:00 to11:00 and 12:30 to15:10 (09:00 to11:10)
• JGB derivatives 09:00 to11:00, 12:30 to15:00, and 15:30 to18:00

Note:  The trading hours mentioned above are stated in local time Tokyo, Japan.  The Standard time zone for Tokyo is UTC / GMT +9 hours.

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