Japan Dark Report: September 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 activities surged to a new peak again in September, reaching 16.2% of total market turnover

  • JTEKT 6473.T was the most actively traded name. 37.4% traded in dark, +135% above 12-month average

    • Showed strong upward momentum and hit a 5-year high of ¥1,562 during the month

    • Six blocky trades with avg trade size of US$14.7M were done on 25th Sep

  • Industries sector was the exclusive one with a decline in dark activities. Largely attributed to:  

    • Nishi Nippon Railroad 9031.T: 6.5% in dark. Retraced from the previous record high in Aug, -66% MoM.

    • TechnoPro 6028.T: 13.3% in dark, -54% MoM. Blackstone announced a tender offer valued at US$3.5Bn to take TechnoPro private, its largest investment ever in Japan.

    • Fujitec 6406.T: 10.9% in dark, -52.4% MoM. EQT, announced in Jul end, intends to make a US$2.7bn tender off to privatize Fujitec, expected to commence in late Jan 2026

    • Keio 9008.T: 10.8% in dark. Retraced from the previous record high in Aug, -49% MoM. It posted a significantly high short-sell margin volume (97,300 shs) on 26th Sep.


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