Japan Dark Report: February 2026
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Japan Dark Report is a tool to help the buy side understand and navigate the Japan dark market structure on a per stock basis. The full report highlights dark market data points including dark % of turnover and trends, dark trade sizes, and statistical highlights, amongst others.
TOPIX500 dark activity rose slightly to 14.9% of total market turnover, marking a modest rebound from January’s dip but still sitting below the strong activities seen in 2H 2025. The pickup was primarily driven by month‑on‑month gains in Consumer Staples (+8%), Communication Services (+13%), and Utilities (+33%).
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