Japan Dark Report: August 2025

 

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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 turnover rebounded by +14% and hit a new peak of 2-year horizon at 15.8% in August, over earnings season.

  • Kusuri No Aoki 3549.T was the most actively traded name (43% in dark), tripled from July and reached a record high.

    • Four blocky trades with avg trade size of US$13M were done on 28th Aug

  • All sectors observed gains from prior month. Leading advancers were Industrials (+18%), Information Technology (+15%) and Health Care (+12%) and top drivers were:

    • Alfresa 2784.T: 27.8% in dark, +224% MoM. Two blocky trades with size over US$10m

    • RICOH 7752.T: 25.4% in dark, +124% MoM. Two blocky trades with size over US$50m

    • Seiko Epson 6724.T: 26.5% in dark, +111% MoM

    • Nikkon 9072.T: 27.5% in dark, +102% MoM. 26% trading came from Liquidnet

    • SMS 2175.T: 26.1% in dark, +86% MoM. 17% trading came from Liquidnet


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