Trading Rules of Domestic Stocks
TSE sets a price range, known as the "Daily Price Limit", within which price fluctuations are limited in a single day. Daily Price Limits are set in absolute yen basically according to prices such as the previous day's closing price (Base Price).
Under the current TSE rules, daily price limits are, in principle, broadened on the following business day (the third business day) if either of the following conditions is met for two consecutive business days:
(1) The price reaches the upper (or lower) limit, no "closing auction at the limit price"* is carried out and trading volume remains zero; or
(2) There are no shares traded until the end of the afternoon session, but some shares are traded at the afternoon session closing auction at the upper (or lower) limit with bids (or offers) remaining at the upper (or lower) limit.
*In order to match and execute orders at the daily limit price, instead of the normal Itayose method, TSE uses a special mechanism with relaxed conditions for closing auctions at the limit price to determine the closing price of the afternoon session (the "closing auction at the limit price").
| The issues which fell under (1) or (2) today |  |
|---|
【Type of closing price】
1.Reaching upper price limit 2.Reaching lower price limit 3.Reaching upper price limit(no shares traded) 4.Reaching lower price limit(no shares traded)
For ETFs, ETNs and leveraged products, if the auction closes at the upper (lower) price, the upper (lower) daily price limit will be broadened from the next business day. If there are any ETFs, ETNs and leveraged products subject to this rule, it will be posted in the following file and announced in the Market News as needed.
| The issues which fell under expansion requirements (*) (ETFs, ETNs and leveraged products) | |
|---|
【Type of closing price】
1.Reaching upper price limit 2.Reaching lower price limit 3.Reaching upper price limit(no shares traded) 4.Reaching lower price limit(no shares traded)
- Multiply-Listed Foreign Issues are not subject to the operation of expansion of Daily Price Limits. They will be listed in the file, but as a rule, Dily Price Limits will not be expanded.
| Previous Day's Closing Price/Special Quote (yen) | Daily Price Limits (yen) | |
| Less than | 100 | ±30 |
| Less than | 200 | 50 |
| Less than | 500 | 80 |
| Less than | 700 | 100 |
| Less than | 1,000 | 150 |
| Less than | 1,500 | 300 |
| Less than | 2,000 | 400 |
| Less than | 3,000 | 500 |
| Less than | 5,000 | 700 |
| Less than | 7,000 | 1,000 |
| Less than | 10,000 | 1,500 |
| Less than | 15,000 | 3,000 |
| Less than | 20,000 | 4,000 |
| Less than | 30,000 | 5,000 |
| Less than | 50,000 | 7,000 |
| Less than | 70,000 | 10,000 |
| Less than | 100,000 | 15,000 |
| Less than | 150,000 | 30,000 |
| Less than | 200,000 | 40,000 |
| Less than | 300,000 | 50,000 |
| Less than | 500,000 | 70,000 |
| Less than | 700,000 | 100,000 |
| Less than | 1 million | 150,000 |
| Less than | 1.5 million | 300,000 |
| Less than | 2 million | 400,000 |
| Less than | 3 million | 500,000 |
| Less than | 5 million | 700,000 |
| Less than | 7 million | 1 million |
| Less than | 10 million | 1.5 million |
| Less than | 15 million | 3 million |
| Less than | 20 million | 4 million |
| Less than | 30 million | 5 million |
| Less than | 50 million | 7 million |
| 50 million or more | 10 million | |