Japan

FSA Publishes Results of Public Comments on Policy Reserve Calculations for Non-Life Insurers

The FSA published the outcome of public consultations on draft amendments to the regulatory notice determining amounts for calculating policy reserves of non-life insurance companies under Article 70, paragraph (4) of the Regulation for Enforcement of the Insurance Business Act. The amendments came into force immediately upon publication. Date of Release: 1 April 2025 Implementation on: 1 April 2025 Applicable to: Non-life insurance companies Draft Amendment on Tender Offer Funds under Client Asset Segregation Rules

Proposed revisions to the Cabinet Office Ordinance on Financial Instruments Business were issued by the FSA, introducing a requirement for funds received in tender offers to be included in customer segregated trust contracts, with provisions for cancellation or partial cancellation on the payment date within the amount received. Public comments are invited until 2 May 2025. Date of Release: 2 April 2025 Implementation on: N/A (public consultation ongoing) Public Consultation Deadline: 2 May 2025 Applicable to: Financial instruments business operators FSA Reports on Failed Financial Institutions (April–September 2023)

A report on measures taken for failed financial institutions between April and September 2023 was submitted by the FSA to the House of Councilors’ Committee on Financial Affairs. The report confirmed that no administrative orders for financial administrators were issued, and no grants or asset purchases were made. The Deposit Insurance Corporation reported cumulative totals of ¥19.0319 trillion in grants and ¥6.5192 trillion in asset purchases, with government-guaranteed borrowings standing at ¥890 billion as of 30 September 2023. Date of Release: 8 April 2025 Implementation on: N/A Applicable to: Financial sector, legislative oversight bodies

FSA Revises Business Continuity Plan (BCP) for Pandemics

Updates to its Business Continuity Plan for pandemic influenza were announced by the FSA, aligning with recent changes to the Government Action Plan and the Business Continuity Guidelines for Central Government Ministries and Agencies. Date of Release: 10 April 2025 Implementation on: Immediate Applicable to: FSA departments, related government agencies FSA and Ministry of Finance Announce Support for Businesses Affected by U.S. Tariffs

Jointly with the Ministry of Finance, the FSA introduced support measures for businesses impacted by recent U.S. tariffs, urging financial institutions to extend flexible assistance to affected SMEs through consultation services and lenient loan terms. Reporting frequencies on loan conditions were also adjusted—monthly for banks and government institutions, and quarterly for cooperatives—and a dedicated consultation hotline will be established. Date of Release: 22 April 2025 Implementation on: Immediate Applicable to: Financial institutions, SMEs

FSA Issues Warning on Surge in Online Trading Account Frauds

Investor cybersecurity risks were brought into focus as the FSA warned of a surge in unauthorised access and fraudulent transactions in online trading accounts, with over 6,000 cases reported between January and April 2025. The alert highlighted phishing scams imitating securities firms’ websites to capture login credentials and urged investors to adopt measures such as multi-factor authentication and safe browsing practices. Date of Release: 8 May 2025 Implementation on: Immediate advisory Applicable to: Securities brokers, general investors

FSA Panel Discusses Strategies to Promote Sustainable Finance

The 27th meeting of the Expert Panel on Sustainable Finance was convened by the FSA to examine strategies for expanding access to sustainability-focused investment products for individual investors. Discussions emphasised improving financial literacy, simplifying product labelling, and adopting principle-based regulatory approaches in line with evolving investor preferences and market trends. Date of Release: 20 May 2025 Implementation on: To be determined (subject to policy developments) Applicable to: Retail investors, asset managers, product distributors

FSA Launches “Japan Weeks 2025” Portal to Promote Asset Management Hub Vision

The launch of the “Japan Weeks 2025” official portal marked the start of promotional events aimed at strengthening Japan’s position as an international asset management hub.

Date of Release: 6 June 2025 Implementation on: 6 June 2025 Applicable to: Global and domestic asset managers, investors, and market stakeholders FSA Issues Alert on Counterfeit Cash Card Fraud

Rising incidents of counterfeit cash card fraud prompted the FSA to issue warnings to both financial institutions and consumers, urging heightened vigilance and preventive measures. Date of Release: 10 June 2025 Implementation on: 10 June 2025 Applicable to: Financial institutions and retail banking customers FSA and National Police Agency Sign Agreement to Combat Special Fraud

An information partnership agreement between the FSA and the National Police Agency was finalised to combat special fraud and related crimes, enabling more effective information sharing with financial institutions. Date of Release: 18 June 2025 Implementation on: 18 June 2025 Applicable to: Financial institutions and law enforcement bodies FSA Engages with Digital Banks on AML/CFT Measures

The FSA hosted an exchange of views with new banks to discuss financial crime countermeasures, with a focus on strengthening AML/CFT frameworks in emerging digital banking models. Date of Release: 24 June 2025 Implementation on: 24 June 2025 Applicable to: Digital banks and fintech-based financial service providers

Trading Overview in FY2024 & March 2025

JPX reported strong trading activity across cash equities, ETFs, and derivatives markets. In FY2024, the average daily value traded in the Prime Market (domestic common stocks) was JPY 5.0631 trillion, while the ETF market saw a total trading value of JPY 75.8562 trillion (avg. JPY 310.9 billion/day). In March 2025 alone, the Prime Market’s daily average was JPY 5.3996 trillion and ETF daily average was JPY 276.9 billion. Derivatives markets also reached record highs: FY2024 saw total trading volume of 455,159,580 contracts and a notional value of JPY 4,019 trillion. Night session trades accounted for 40.5% of volume in FY2024, the second-highest share on record. In March 2025, derivatives volume was 42,399,593 contracts and value was JPY 433 trillion, with night session share rising to 46.3%.

Date of Release: 01 April 2025 Implementation on: — (not applicable; this is a performance report) Applicable to: Market participants (issuers, investors, exchanges, brokers) in Japan’s cash equity, ETF, and derivatives markets

Notice Regarding Potential Leak of Email Information

JPX disclosed that its email security service, IIJ Secure MX Service (provided by Internet Initiative Japan Inc.), was the target of a cyberattack by a third party, potentially exposing some email information. JPX is collaborating with IIJ to investigate the incident, and IIJ has reported countermeasures are completed to prevent further leaks. Date of Release: 15 April 2025 Implementation on: TBC Applicable to: JPX and its group companies using the IIJ Secure MX email service Japan Exchange Group (JPX)

J-Quants Pro Datasets Launch on Snowflake

JPX launched “J-Quants Pro Datasets” on Snowflake, making advanced market and financial data more accessible to users via this cloud data platform.

Date of Release: 07 April 2025 Implementation on: TBC Applicable to: Data users, financial analysts, institutions using market datasets

Release of Results of “Study Group on Small-Size Investments”

JPX published findings from its “Study Group on Small-Size Investments,” examining how to facilitate and improve investment opportunities for small ticket sizes/small investors.

Date of Release: 24 April 2025 Implementation on: TBC Applicable to: Retail investors, policy makers, financial institutions FY2024 Earnings Release

JPX released its financial results for fiscal year 2024 (ending March 2025), summarising performance metrics, revenue, profits, and operational highlights.

Date of Release: 28 April 2025 Implementation on: TBC Applicable to: Investors, analysts, stakeholders in JPX

Publication of Constituents and Methodology for JPX-Nikkei Index Human Capital 100

JPX released the component list and calculation methodology for its new “Human Capital 100” index, which presumably emphasises firms with strong human capital practices.

Date of Release: 08 May 2025 Implementation on: TBC Applicable to: Index users, listed companies, investors following ESG / human capital metrics Index Consultation on Revision to Guidebooks Due to Listing Rule Changes for Spin-Offs

JPX initiated a public consultation for revising index guidebooks to align with upcoming listing rule changes affecting corporate spin-offs.

Date of Release: 12 May 2025 Implementation on: TBC Applicable to: Companies undergoing spin-offs, index providers, investors tracking these indices Collaboration to Align FTSE Blossom Japan Index Series with TOPIX

JPX announced a collaboration to better align the FTSE Blossom Japan index series (an ESG index) with TOPIX, presumably to reduce tracking mismatch and encourage consistency.

Date of Release: 20 May 2025 Implementation on: TBC Applicable to: ESG / index investors, index providers, listed companies in those indices Shanghai Natural Rubber Futures Listing Ceremony & Launch of Wednesday Expiry for Nikkei 225 mini Options

JPX held a listing ceremony for Shanghai Natural Rubber Futures and introduced a new Wednesday-expiry contract for Nikkei 225 mini Options, enhancing flexibility and product variety.

Date of Release: 26 May 2025 Implementation on: TBC Applicable to: Derivatives traders, commodity market participants, option traders

White Label ETF Provider Enters Market A new white-label ETF provider began offering services in Japan’s ETF market, adding to the ecosystem of ETF issuance support.

Date of Release: 12 June 2025 Implementation on: TBC Applicable to: ETF issuers, investment firms, financial intermediaries 24th Annual General Shareholders Meeting JPX held its 24th AGM, addressing routine corporate governance matters and updates to stakeholders.

Date of Release: 20 June 2025 Implementation on: TBC Applicable to: JPX shareholders, governance bodies Limited-Time “Stock Exchange” Establishment Coming Soon to KidZania Tokyo A special “stock exchange” themed exhibit / event will be set up for a limited time in KidZania Tokyo, presumably to engage younger audiences.

Date of Release: 26 June 2025 Implementation on: TBC Applicable to: Public outreach, educational programs

JPX Releases Three Commercials

JPX launched three new commercials (advertisements) to raise awareness or promote its services and initiatives.

Date of Release: 27 June 2025 Implementation on: TBC Applicable to: General public, investors, market participants June (June-August): JPX Kitahama Festa 2025 Opens

The Kitahama Festa 2025 event (a festival / public event) is scheduled from June through August, hosted by JPX.

Date of Release: — (as part of monthly highlights) Implementation on: June 2025 onward Applicable to: JPX group, public, market outreach participants