What is itayose (call auction)?Itayose (Call Auction)

The call auction Japanese markets use at the open, at the close and when trading restarts after a halt: orders are gathered first, then matched all at once at a single price.

Learn “itayose (call auction)” in an animated lesson

Japan Stock Rules
Morning Session, Afternoon Session and Itayose
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.

Related terms

price-time priority
call auction
continuous trading
opening price
trading hours
closing auction
zaraba (continuous session)

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Go to “Morning Session, Afternoon Session and Itayose”