Japan Dark Report: May 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.
Japan's average daily notional traded in May rose 31% versus its trailing three-month average with TOPIX turnover reaching ¥10.6 trillion, indicating a clear step-up in market participation. The elevated average daily was lifted primarily by two high-volume trading sessions. Markets reopened with strong momentum after Golden Week closure, with Japan leading regional gains as Asian equities reached record highs. And a notable volume spike on 29 May (¥16.3 trillion, the highest single session of the month) driven by end-of-month rebalancing/index flows, alongside Iran deal progress headlines.
Realised volatility on the TOPIX 500 compressed to 18.9% annualised in May, meaningfully below the trailing three-month average of 23.6%.
May coincided with Japan's peak corporate earnings reporting season. 64% of TOPIX 100 companies delivered positive earnings surprises, with AI-related names leading the beat rate.
Dark activity in the TOPIX 500 recovered from a six-month low in April and increased +3.6% to 14.4% of total turnover, while seeing bid-ask spreads on TOPIX 500 constituents widening materially in May (4.34 bps, +24% versus April).
Elevated dark activity were observed across several names hitting a YTD price extreme (i.e. record highs and lows) during May:
Daikin Industries (6367.T): 22.0% in dark, up +49% vs. April, marking a 2nd consecutive month of MoM growth to a 12-month high. Price rose to highest after 4Q earning beat, capitalizing on the AI data center boom as surging server densities drive up colling demands.
Amada (6113.T): 20.7% in dark, continuing an upward trajectory since end‑2025 and the stock gaining 52% YTD. Sales revenue and orders reach record highs driven by AI and data center demand. 5 block trades executed, averaging 26% of ADV and US$7.7M notional.
Asahi Intecc (7747.T): 20.4% in dark, marking a 3rd consecutive month of MoM growth. The company delivered another strong earnings quarter, supported by U.S. market share gains and the stock rose 28% YTD.
Toho (Tokyo) (9602.T): 21.1% in dark, sustaining an upward trend through the year and peaking at a record high in May. Selling pressure intensified in April–May, driving the stock to a 52‑week low.
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