Overview
Other Financing Business

Japan Exchange Group,Inc.

Japan Exchange Group (JPX) is a financial instruments exchange holding company that operates Japan's core market infrastructure, including the Tokyo Stock Exchange and Osaka Exchange. The Group provides a comprehensive suite of services spanning securities and derivatives listing, trading venue operation, clearing and settlement (through Japan Securities Clearing Corporation), and index and market information services. Key products include equities, ETFs, REITs, JGBs, index futures and options (Nikkei 225, TOPIX), and commodity futures, supported by proprietary trading systems 'arrowhead' and 'J-GATE'.

Market Cap
¥2,263B
US$14.4B
EV
¥—B
Stock¥2,218.5▼-0.29%
US$1 = ¥156.80 (2026-10-23)
ROE
28.5%
* LTM NI / end-of-period equity
PBR
7.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+4.4%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
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Performance & Balance
Revenue 5Y (¥B)
135US$864M'22/3134US$855M'23/3153US$975M'24/3162US$1.03B'25/3199US$1.27B'26/3
EBITDA 5Y (¥B)
91.0US$580M'22/387.2US$556M'23/3106US$674M'24/3108US$692M'25/3134US$857M'26/3
Net Income 5Y (¥B)
50.0US$319M'22/346.3US$296M'23/360.8US$388M'24/361.1US$390M'25/379.1US$505M'26/3
Capital Structure
85%
EquityD/E 0.18xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
94.5US$603M72.5US$462M'22/3100US$639M73.0US$465M'23/3129US$823M72.5US$462M'24/399.6US$635M53.1US$338M'25/3110US$705M57.0US$364M'26/3
Shareholders
Top 10 hold 35.5%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
17.04%
2
Custody Bank of Japan, Ltd. (Trust Account)
5.52%
3
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
2.59%
4
STATE STREET BANK AND TRUST COMPANY 505301 (Standing Proxy: Mizuho Bank, Ltd.)
1.73%
5
JPMorgan Securities Japan Co., Ltd.
1.48%
6
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
1.47%
7
MUFG Bank, Ltd.
1.46%
8
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
1.45%
9
HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.40%
10
J.P. MORGAN BANK LUXEMBOURG S.A. 384513 (Standing Proxy: Mizuho Bank, Ltd.)
1.36%
Management
12 officers
Yasushi KINOSHITA
Director, Chairman of the Board of Directors
Apr 1979 Joined Ministry of Finance (now Ministry of Finance) May 1994 Japanese Government Mission to the European Union Jul 1997 Director, Credit Institutions Division, Banking Bureau, Ministry of Finance Jul 1999 Budget Examiner, Budget Bureau, Ministry of Finance (in charge of Transport and Postal Services) Oct 1999 Secretary to the Chief Cabinet Secretary (concurrent) Jul 2001 Budget Examiner, Budget Bureau, Ministry of Finance (General Affairs Division) Jul 2004 Director, Comprehensive Policy Division, Minister's Secretariat, Ministry of Finance Jul 2006 Director, Document Division, Minister's Secretariat, Ministry of Finance Jul 2007 Deputy Director-General, Budget Bureau, Ministry of Finance Jul 2010 Chief Deputy Director-General, Minister's Secretariat, Ministry of Finance Aug 2011 Director-General, International Bureau, Ministry of Finance Aug 2012 Director-General, Budget Bureau, Ministry of Finance Jun 2013 Vice Minister of Finance Jul 2014 Retired from Ministry of Finance Jun 2015 Representative Director, Deputy President, Development Bank of Japan Inc. Jun 2018 Representative Director, Chairman, Development Bank of Japan Inc. Jun 2023 Outside Director of the Company; Chairman of the Board of Directors (current)
1957-03-28
Hiroki YAMAMICHI
Director and Representative Executive Officer, Group CEO
Apr 1977 Joined Nomura Securities Co., Ltd. (now Nomura Holdings, Inc.) Jun 1997 General Manager, Human Resources Department, Nomura Securities Jun 1998 Director, Investment Banking Product Division, Nomura Securities Jun 2000 Managing Director, Global Investment Banking Division, Nomura Securities Apr 2002 President, Nomura Europe Holdings PLC (London); Chairman, Nomura Holding America Inc. (New York) Apr 2007 Senior Managing Executive Officer, Investment Banking and Corporate Finance, Nomura Securities Jun 2013 Director of the Company (current) Jun 2013 President, Osaka Securities Exchange Co., Ltd. (now Osaka Exchange, Inc.) Nov 2015 Executive Officer of the Company Oct 2019 Representative Executive Officer, Tokyo Commodity Exchange, Inc. Dec 2019 Representative Director, Chairman and Chairman of the Board, Tokyo Commodity Exchange, Inc. Jun 2020 Representative Executive Co-Chief Operating Officer of the Company Dec 2020 Representative Executive Chief Operating Officer of the Company Apr 2021 President, Tokyo Stock Exchange, Inc. Apr 2023 Representative Executive Officer, Group CEO of the Company (current) Apr 2023 Director, Tokyo Stock Exchange, Inc. (current)
1955-03-08
Philippe AVRIL
Director
Aug 1985 Joined Indosuez Bank (now Crédit Agricole Group) May 1993 Managing Director, Tokyo Branch, Deutsche Securities Inc. Jan 1998 Senior Vice President, Dai-Ichi Kangyo Bank (now Mizuho Bank, Ltd.) Jan 2000 Business Manager, Tokyo Branch, Commerzbank Securities Jan 2005 Branch Manager, Tokyo Branch, RBS Securities Japan Limited Mar 2008 Branch Manager, Tokyo Branch, Royal Bank of Scotland Sep 2009 Branch Manager, Tokyo Branch, BNP Paribas Securities (Japan) Limited May 2011 Representative Director, President, BNP Paribas Securities (Japan) Limited Jan 2012 Japan Representative, BNP Paribas Group (securities, banking, asset management and insurance) Nov 2017 Representative Director, Chairman, BNP Paribas Securities (Japan) Limited Nov 2019 Senior Advisor, Tokyo Branch, BNP Paribas Bank; Non-Executive Director, BNP Paribas Securities (Japan) Limited Jun 2024 Outside Director of the Company (current)
1960-04-27
Hiroko OTA
Director
May 1981 Researcher, Life Insurance Culture Center (public interest foundation) Apr 1993 Visiting Associate Professor, Faculty of Economics, Osaka University Apr 1996 Associate Professor, Saitama University Oct 1997 Associate Professor, National Graduate Institute for Policy Studies (GRIPS) Apr 2001 Professor, GRIPS Apr 2002 Counselor, Cabinet Office Mar 2003 Deputy Director-General, Minister's Secretariat, Cabinet Office Apr 2004 Director-General for Policy Planning (Economic and Fiscal Analysis), Cabinet Office Aug 2005 Professor, GRIPS Sep 2006 Minister of State for Economic and Fiscal Policy, Cabinet Office Aug 2008 Professor, GRIPS Apr 2019 Special Professor, GRIPS Jun 2022 Outside Director of the Company (current) Sep 2022 President, GRIPS (current)
1954-02-02
Kazuaki KAMA
Director
Jul 1971 Joined Ishikawajima-Harima Heavy Industries Co., Ltd. (now IHI Corporation) Jun 2004 Executive Officer, General Manager, Finance Division, IHI Apr 2005 Managing Executive Officer, General Manager, Finance Division, IHI Jun 2005 Director, Managing Executive Officer, General Manager, Finance Division, IHI Apr 2007 Representative Director, President and COO, IHI Apr 2012 Representative Director, Chairman, IHI Apr 2016 Director, IHI Jun 2016 Senior Adviser, IHI Jun 2019 Outside Audit & Supervisory Board Member, Tokyo Stock Exchange, Inc. Apr 2020 Special Adviser, IHI Apr 2022 Outside Audit & Supervisory Board Member, JPX Research Institute, Inc. Jun 2023 Outside Director of the Company (current) Jul 2024 Honorary Adviser, IHI (current)
1948-12-26
Jun SAWADA
Director
Apr 1978 Joined Nippon Telegraph and Telephone Public Corporation (now NTT, Inc.) Jun 2008 Director, General Manager, Corporate Planning Division, NTT Communications Corporation (now NTT Docomo Business, Inc.) Jun 2011 Managing Director, General Manager, Corporate Planning Division, NTT Communications Jun 2012 Representative Director, Executive Vice President, General Manager, Corporate Planning Division, NTT Communications Jun 2013 Representative Director, Executive Vice President, NTT Communications Jun 2014 Representative Director, Executive Vice President, Nippon Telegraph and Telephone Corporation (now NTT, Inc.) Jun 2018 Representative Director, President, Nippon Telegraph and Telephone Corporation Jun 2020 Representative Director, President and Executive Officer, Nippon Telegraph and Telephone Corporation Jun 2022 Representative Director, Chairman, Nippon Telegraph and Telephone Corporation Jan 2024 Co-Representative Director, Kyoto Philosophy Research Institute (general incorporated association) (current) Jun 2024 Director, Chairman of the Board, Nippon Telegraph and Telephone Corporation (current) Jun 2025 Outside Director, Sumitomo Mitsui Financial Group, Inc. (current) Jun 2026 Outside Director of the Company (current) Jun 2026 Outside Director, Nippon Steel Corporation (scheduled to assume office)
1955-07-30
Kiyome SUMIDA
Director
Oct 1984 Joined Asahi Accounting Firm (now Azusa Audit LLC) May 2006 Partner, Azusa Audit LLC Aug 2007 Chairman, Auditing Standards Committee, Japanese Institute of Certified Public Accountants (JICPA) Jul 2010 Managing Director, JICPA (in charge of quality control standards and auditing standards) Jan 2015 Board Member, International Auditing and Assurance Standards Board (IAASB), International Federation of Accountants (IFAC) Feb 2017 Member, Business Accounting Council, Financial Services Agency Jun 2020 Outside Director (Audit and Supervisory Committee Member), Advantest Corporation (current) Outside Audit & Supervisory Board Member, Furukawa Electric Co., Ltd. Jun 2024 Outside Director of the Company (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), Furukawa Electric Co., Ltd. (current)
1961-01-28
Kozo TAKENO
Director
Apr 1987 Registered as attorney; joined Hamada & Matsumoto (now Mori Hamada & Matsumoto, Foreign Law Joint Enterprise) Mar 1989 Stationed in London at Mori Hamada & Matsumoto Jan 1998 Partner, Hamada & Matsumoto Dec 2002 Partner, Mori Hamada & Matsumoto (Foreign Law Joint Enterprise) Jan 2007 Member, Management Committee, Mori Hamada & Matsumoto Jun 2021 Outside Director of the Company (current) Jan 2025 Representative, Kozo Takeno Law Office (current)
1959-06-09
Yayoi TANAKA
Director
Apr 1982 Joined Nippon Kogaku K.K. (now Nikon Corporation) Dec 1986 Researcher, Sasakawa Peace Foundation Jan 2002 Senior Adviser, Project Development Department, Japan Bank for International Cooperation Jun 2002 Doctor of Public Policy (International Public Policy), Osaka University Oct 2003 Visiting Associate Professor, Endowed Course, Graduate School of Engineering, University of Tokyo Sep 2006 Associate Professor, National Institution for Academic Degrees and University Evaluation (now National Institution for Academic Degrees and Quality Enhancement of Higher Education) Apr 2013 Professor, Research and Development Department, same institution Apr 2017 Specially Appointed Professor, Research and Development Department, same institution Jun 2017 Outside Director, IHI Corporation Sep 2019 Auditor, Board of Audit of Japan Apr 2020 Visiting Professor, Graduate School of Public Policy, University of Tokyo (current) Jan 2024 President, Board of Audit of Japan Jun 2025 Outside Director of the Company (current) Outside Director, IHI Corporation (current)
1960-03-20
Isao TESHIROGI
Director
Apr 1982 Joined Shionogi & Co., Ltd. Jan 1999 Head of Secretariat and General Manager, Corporate Planning Department, Shionogi Mar 2000 Doctor of Pharmaceutical Sciences, University of Tokyo Jun 2002 Director, Shionogi & Co., Ltd. Oct 2002 General Manager, Corporate Planning Department, Shionogi Apr 2004 Managing Executive Officer, Head of Pharmaceutical R&D, Shionogi Apr 2006 Senior Managing Executive Officer, Head of Pharmaceutical R&D, Shionogi Apr 2007 Senior Managing Executive Officer, Shionogi Apr 2008 Representative Director, President, Shionogi Jun 2021 Outside Director, Sumitomo Mitsui Banking Corporation Mar 2022 Outside Director, AGC Inc. (current) Jul 2022 Representative Director, Chairman, President and CEO, Shionogi & Co., Ltd. (current) Jun 2024 Outside Director of the Company (current) Jun 2025 Outside Director, Sumitomo Mitsui Financial Group, Inc. (current)
1959-12-12
Mitsuhiro MATSUMOTO
Director
Apr 1983 Joined National Police Agency Oct 2009 Chief, Fukushima Prefectural Police Headquarters Apr 2012 Director, Personnel Division, Secretariat, National Police Agency Apr 2013 Director, Public Security Bureau, Metropolitan Police Department Apr 2014 Chief, Kanagawa Prefectural Police Headquarters Aug 2015 Director, Foreign Affairs and Intelligence Division, National Police Agency Sep 2016 Director-General, Security Bureau, National Police Agency Jan 2018 Chief Secretary, National Police Agency Sep 2018 Deputy Commissioner General, National Police Agency Jan 2020 Commissioner General, National Police Agency Sep 2021 Retired from National Police Agency Jun 2022 Outside Audit & Supervisory Board Member, Daiichi Sankyo Company, Limited (scheduled to retire Jun 22, 2026) Jun 2023 Outside Director of the Company (current) Jun 2026 Outside Director, Tobu Railway Co., Ltd. (scheduled to assume office Jun 23, 2026)
1961-03-21
Keitei HAYASHI
Director
Apr 1990 Joined Nomura Securities Co., Ltd. (now Nomura Holdings, Inc.) Nov 1996 Joined Taiwan Depository & Clearing Corporation (now Taiwan Depository & Clearing Corporation Co., Ltd.) Nov 2007 Deputy Manager, Planning Department, Taiwan Depository & Clearing Corporation Mar 2009 Joined Tokyo Stock Exchange, Inc. Apr 2020 General Manager, Client Relations, Equities Department, Tokyo Stock Exchange Apr 2021 General Manager, Public Relations and Investor Relations Department of the Company Apr 2022 Executive Officer of the Company Jun 2024 Director of the Company (current)
1966-04-08
Large Shareholding Reports
J.P. Morgan Investment Management Inc.
2026-10-20
1.34%→1.34%
J.P. Morgan Securities Japan Co., Ltd.
2026-10-05
2.01%
J.P. Morgan Investment Management Inc.
2026-03-18
2.94%→2.46%
J.P. Morgan Investment Management Inc.
2026-02-18
3.60%→2.94%
Mitsubishi UFJ Trust and Banking Corporation
2026-02-17
3.18%→3.15%
J.P. Morgan Investment Management Inc.
2026-01-06
4.76%→3.60%
J.P. Morgan Investment Management Inc.
2025-12-18
4.61%→4.76%
Nomura Asset Management Co., Ltd.
2025-12-04
5.70%→5.41%
J.P. Morgan Investment Management Inc.
2025-11-19
4.49%→4.61%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-09-19
3.37%→3.13%
J.P. Morgan Investment Management Inc.
2025-09-18
3.93%→4.49%
J.P. Morgan Investment Management Inc.
—
2.46%→1.96%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-20
Large Shareholding Report
EDINET
2026-10-05
Large Shareholding Report
TDnet
2026-07-28
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-11
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-04-20
Large Shareholding Report
EDINET
2026-03-18
Large Shareholding Report
EDINET
2026-02-18
Large Shareholding Report
EDINET
2026-02-17
Large Shareholding Report
TDnet
2026-01-29
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-06
Large Shareholding Report
EDINET
2025-12-18
Large Shareholding Report
EDINET
2025-12-04
Large Shareholding Report
EDINET
2025-11-19
Large Shareholding Report
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-19
Large Shareholding Report
EDINET
2025-09-18
Large Shareholding Report
TDnet
2025-07-30
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-13
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-03-26
中期経営計画
TDnet
2025-01-30
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-07-30
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-12
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-09
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
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