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Market rulesBeginner6 lessons · about 37 min

Japan Stock Rules

Morning and afternoon sessions with itayose, 100-share units, price limits set in yen, T+2 and the record date, the new NISA and margin trading (shinyo): the rules to know before you order on the Tokyo Stock Exchange.

For: Learners about to buy Japanese stocks, or who want to understand the Japanese market and the new NISA

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This course uses ideas from the courses below (optional; you can start right away).

  1. 1

    Morning Session, Afternoon Session and Itayose

    No sign-up needed

    The Tokyo Stock Exchange trades 9:00–11:30 in the morning and 12:30–15:30 in the afternoon; at both the open and the close, orders are gathered first and then matched all at once at a single price.

  2. 2

    Share Units: Buy from 100 Shares

    Text version

    The minimum trading unit for Japanese stocks is 100 shares, so one unit costs share price × 100; holdings of fewer than 100 shares (odd-lot shares) are traded through brokers' dedicated services.

  3. 3

    Daily Price Limits: Stop High and Stop Low

    Text version

    Japanese price limits aren't percentages: the price band of the previous close sets how many yen a stock can rise or fall that day; if it closes stuck at limit-up, buy orders may be allocated pro rata.

  4. 4

    T+2 Settlement and the Record Date

    Text version

    Japanese trades settle on the 2nd business day after the trade; to get dividends and shareholder perks, you must hold at the close 2 business days before the record date (the last cum-rights day) at the latest.

  5. 5

    The New NISA: How to Use the Tax-Free Allowance

    Text version

    The new NISA from 2024 takes up to ¥3.6 million a year, with a lifetime tax-free holding limit of ¥18 million; allowance freed up by selling comes back the following year.

  6. 6

    Margin Trading (Shinyo): Borrow Money to Buy, Borrow Shares to Sell

    Text version

    In Japan, putting up margin lets you borrow money to buy shares or borrow shares to sell, at about 3.3× leverage; if the maintenance ratio falls below the requirement you must add margin, and standardized margin lasts 6 months at most.

Japan Stock Rules: 6 animated lessons · 72lab