Trading Hours

Morning session……… 9:00 a.m. - 11:30 a.m.
Afternoon session……… 12:30 p.m. - 3:00 p.m.

Trading Unit

How trading units are determined

Trading units of 1, 10, 50, 100, 500, and 1,000 shares are determined based on the stock price according to TSE rules *.

  • The trading unit is determined as in the following table. The average of the closing price or quotes in the main foreign securities market of the issue (including an organized over-the-counter market) in the one year period before its initial listing on the TSE market is used. This price is converted into yen based on the middle rate of the TTS and TTB in the Tokyo foreign exchange market on the listing application day. If it is a directly-listed issue, it shall be determined based on the price specified by TSE in consideration of the public offering price before listing.
    Less than 100 yen 1,000 shares
    100 yen or more but less than 500 yen 500 shares
    500 yen or more but less than 5000 yen 100 shares
    5000 yen or more but less than 10,000 yen 50 shares
    10,000 yen or more but less than 50,000 yen 10 shares
    50,000 yen or more 1 share

Change in trading unit

TSE may change the trading unit if TSE deems the price per trading unit to be inappropriate.

Base Price

  1. Issues listed solely on TSE In the same way as for domestic stocks, the base price is the final price, etc. on the TSE market on the previous day (where this is a non-business day, it shall be moved up accordingly; the same shall apply hereinafter).
  2. Issues which are also Listed on a Foreign Financial Instruments Exchange (Multiply-Listed Issues)
    For issues which are also listed on other markets (multiply-listed issue), as a general rule, the last price on its main foreign financial instruments market (such as New York) at the end of auction trading on the previous day converted into yen is used as the base price. For issues which TSE designates based on the number of active trading days on the TSE market, the base price shall be the final price, etc. on the TSE market on the previous day.

Please refer to the link below for the method of determining the base price of multiply-listed foreign issues and "Issues Designated by TSE based on the Number of Active Trading Days".

Handling of Determination of Base Prices of Multiply-Listed Foreign Issues icon-pdf
List of Multiply-Listed Foreign Issues icon-xls

Types of Trading

In addition to regular transactions and when-issued transactions, foreign stocks have also become eligible for margin trading since April 2007.

Regular transactions
When-issued transactions
Margin trading of foreign stocks


In the same way as for domestic stocks, this depends on the rate set by a securities company.

Management Fees for Foreign Securities Trading Account

The management fees for a foreign securities trading account depends on the rate set by a securities company.


Trading on a Foreign Market

Even though foreign stocks purchased on the TSE market exist physically in its foreign market, when an investor purchases foreign stocks, once they are transferred from a local JASDEC account to another securities company's (for example, if the securities company which is the trade counterparty has an account at a depository in the foreign country, such securities company) account in the foreign country, they will be able to sell the stocks in the foreign securities exchange.

"Ensuring Smooth Trading of Foreign Stocks, etc." (Business Regulations, Rule 68)

A trading participant that is the managing securities company of an initial listing applicant shall make efforts to ensure smooth trading of such stocks on the TSE market. Specific operations, in accordance with operation guidelines specified by TSE, include placing bid and offer quotes as far as possible within the scope of actual operations with the aim of ensuring smooth trading.

Transaction with Due Bill

Transaction with due bill: In a case where new rights such as those for stock splits, etc. are given, if there is a certain gap between the record date for such rights and the actual issuance date, during this period, trading will be conducted through transaction with a due bill. In general, such trading is conducted in parallel with trading in the home market.