Tokyo Stock Exchange (TSE)

The Tokyo Stock Exchange, or TSE, is one of the largest stock markets in all of Asia, with over 3.3 billion shares exchanging hands each trading day.  The exchange 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 TSE.

On July 1, 1969, the TSE 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.

The TSE is a member of the Japan Exchange Group, Inc., which a is holding company with subsidiaries that also include the Osaka Securities Exchange Co., Ltd. (OSE), as well as Tokyo Stock Exchange Regulation (TSER), and Japan Securities Clearing Corporation (JSCC).

Facts and Figures

The latest report (August 2018) on the Tokyo Stock Exchange indicates there are approximately 3,636 companies listed on the exchange.  Some of the other facts and figures associated with the Tokyo Stock Exchange include:

  • Those same 3,636 listed companies have a total market capitalization of $6.05 trillion (USD).
  • Nearly 800 million trades of stock are exchanged annually on the TSE (August 2018).
  • In August 2018, an average of 3.3 billion shares, worth $21.5 billion (USD) was exchanged 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 in the world today.

Tdex+ System

In November 2011, the TSE launched the Tdex+ System, which is an options and futures trading platform.  This system claims to be able to process as many as 36,000 orders per second.

Tokyo Stock Exchange Holidays

The Tokyo Stock Exchange is open from Monday through Friday, and observes the following holiday schedule for the calendar years 2018 and 2019.

TSE 2019 Holiday Schedule

Date Holiday
January 1, 2019 New Year's Day
January 2 2019 Exchange Holiday
January 8, 2019 Coming of Age Day
March 31, 2019 Vernal Equinox
April 30, 2019 Showa Day
May 3, 2019 Constitution Memorial Day
May 4, 2019 Greenery Day
July 16, 2019 Marine Day
September 17, 2019 Respect for the Aged Day
September 24, 2019 Autumnal Equinox
October 8, 2019 Health and Sports Day
November 23, 2019 Labor Thanksgiving Day
December 24, 2019 Emperor's Birthday
December 31, 2019 Exchange Holiday

TSE 2018 Holiday Schedule

Date Holiday
January 1, 2018 New Year's Day
January 2, 2018 Exchange Holiday
January 3, 2018 Exchange Holiday
January 8, 2018 Coming of Age Day
February 11, 2018 National Foundation Day
March 21, 2018 Vernal Equinox
April 29, 2018 Showa Day
May 3, 2018 Constitution Memorial Day
May 4, 2018 Greenery Day
May 5, 2018 Children's Day
July 16, 2018 Marine Day
August 11, 2018 Mountain Day
September 17, 2018 Respect for the Aged Day
September 23, 2018 Autumnal Equinox
October 8, 2018 Health and Sports Day
November 3, 2018 Culture Day
November 23, 2018 Labor Thanksgiving Day
December 23, 2018 Emperor's Birthday
December 31, 2018 Exchange Holiday

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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