Japan Dark Report: June 2026
Want to receive the complete "Dark Report–Japan" each month?
Inform us of your interest to receive the monthly report to keep up to date with key Japan dark market insights.
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.
Japan's average daily notional traded rose +11.1% in June versus its trailing three-month average, avg daily turnover reaching USD 82.8bn. It continues the sharp acceleration and reached a 12-month high.
Financials was the standout performer (+14.3%), largely driven by the BoJ's decision on 16 June to raise its benchmark policy rate by 25bps to 1.00% — the highest level since 1995. IT was the worst-performing sector, falling -16.2% in June. Strong AI-driven momentum peak earlier in the month, supported by global enthusiasm for AI and technology stocks, reversed towards month-end amid a deep sell-off in global tech megacaps and renewed weakness in the yen, which approached 40-year lows.
TOPIX 500 Dark activity declined -7% to 13.5% of total turnover —a 12‑month low—against a backdrop of rising lit market volumes, elevated volatility (22.4% versus 18.9% in May) and directional sector moves.
MS&AD Insurance 8725.T was the most actively traded name, with 44.5% executed in dark and 4x versus May to a record level. Toyota Motor has sold its entire shareholding through a large ¥290 billion discounted block sale.
Notable Movers: Names Exhibiting Strong Positive and Negative Momentum:
Kao (4452.T): 20.4% in dark, +29% above its 12-month average and hitting a record high in June by extending its upward trend for a 2nd consecutive month. Trading interest may have been supported by strong Q1 earnings and positioning ahead of a 2-for-1 stock split effective July 2026.
Inpex (1605.T): 15.8% in dark, up +20% vs. May, extending its growth streak to 3rd consecutive months and reaching a 12-month high. Heightened Middle East tensions drove a structural re-think of a build-up of alternative LNG supply chains, which Japanese LNG stocks, including Inpex, may possibly be identified as direct beneficiaries of the shift.
DIC (4631.T): 16.4% in dark, growing consistently for the 5th month. Following its Q1 earnings release, the stock subsequently rallied to a 52-week high in June.
GMO Payment Gateway (3769.T): 17.2% in dark, near a 12-month low. Following a spike to 39.0% in January, dark activity trended lower throughout the 1H, declining -56% Jan-to-Jun and finishing -31% below its 12-month average.
Kyowa Kirin (4151.T): 9.1% in dark, marking a 4th consecutive month of MoM decline to a 12-month low (-53% vs. its 12-month average). Trading interest reflected broader weakness in Japan's healthcare sector, which underperformed the wider market in 1H26 amid investor preference for banks, energy, AI, and semiconductor-related stocks.
Keikyu (9006.T): 8.9% in dark, hitting a 12-month low. After peaking at 40.0% in December, dark activity declined throughout 1H26 (-71% Jan-to-Jun). The trend appears to reflect improving lit-market liquidity, with average daily lit volume more than doubling (+105%) over the same period.
© 2026 Liquidnet, Inc. is a member of FINRA/SIPC/NFA. Liquidnet Europe Limited is authorised and regulated by the Financial Conduct Authority in the UK. TP ICAP (EUROPE) SA is authorised by the Autorité de Contrôle Prudentiel et de Résolution and regulated by the Autorité des Marchés Financiers and is a remote member of the Warsaw Stock Exchange. TP ICAP Markets Limited is authorised and regulated by the Financial Conduct Authority in the UK. Liquidnet Canada Inc. is a member of the Canadian Investment Regulatory Organization and a member of the Canadian Investor Protection Fund. Liquidnet Asia Limited is regulated by the Hong Kong Securities and Futures Commission for Type 1 and Type 7 regulated activities and is regulated by the Monetary Authority of Singapore as a Recognized Market Operator. Liquidnet Japan Inc. is regulated by the Financial Services Agency of Japan and is a member of JSDA/JIPF. Liquidnet Australia Pty Ltd. is registered with the Australian Securities and Investment Commission as an Australian Financial Services Licensee, AFSL number 312525. Liquidnet Singapore Private Limited is regulated by the Monetary Authority of Singapore as a Capital Markets Services Licensee, CMSL number CMS 100757-1. All of the above entities are part of TP ICAP Group plc.