TOKYO, Feb 21, 2026, 15:05 JST — Market closed
- Japan Exchange Group shares last ended Friday up 1.05% at 1,877 yen
- JPX plans to keep derivatives trading open on Feb. 23, a market holiday in Japan
- Traders focus on BOJ-linked volatility catalysts, including nominations expected Feb. 25
Japan Exchange Group shares ended higher on Friday, as the Tokyo Stock Exchange operator prepared for a market holiday next week with its derivatives venues set to stay open on Emperor’s Birthday.
That matters now because JPX’s revenue is closely linked to activity — the more investors trade and hedge, the more fee and data income flows through the exchange. A holiday session can pull forward positioning, especially when rate expectations are shifting.
Investors are also trying to price Japan’s next central bank move after fresh inflation data, while politics is back in the rates conversation. Both can move the yen and bond yields and spill into futures and options trading.
JPX shares closed at 1,877 yen on Friday, up 19.5 yen, after trading between 1,841.5 and 1,879.5 yen. About 3.69 million shares changed hands, according to data compiled by Stock Analysis. (StockAnalysis)
JPX said the derivatives market will be open for holiday trading on Monday, Feb. 23 (Emperor’s Birthday). JPX’s own calendar lists Feb. 23 as a market holiday, when Tokyo’s cash equity market is shut. (Japan Exchange Group)
Tokyo Stock Exchange also said it will broaden daily price limits on EDP Corporation from Feb. 24 after two consecutive sessions meeting conditions that can include limit moves with zero volume. Daily price limits are caps that restrict how far a stock can move in a day. (Japan Exchange Group)
On the macro side, Japan’s “core” inflation — consumer prices excluding fresh food — slowed to a two-year low of 2.0% in January, matching the Bank of Japan’s target, Reuters reported on Friday. “The Bank of Japan won’t be in a rush to resume its hiking cycle,” Abhijit Surya, senior APAC economist at Capital Economics, said. (Reuters)
Separately, Japan’s government is likely to submit nominees next week for two upcoming vacancies on the BOJ board, Reuters reported, with parliament approval required. “The personnel choices will be a big factor in scrutinising the administration’s stance on monetary policy,” said Tsuyoshi Ueno, an economist at NLI Research Institute. (Reuters)
The fiscal backdrop is also unsettled. Prime Minister Sanae Takaichi told parliament on Friday Japan should not hesitate to increase spending to support private investment, while also saying the government would avoid “reckless” policy that undermines market confidence, Reuters reported. (Reuters)
There is a downside case for JPX: if rates and FX markets settle down, volatility can fade and hedging demand can drop, taking some air out of derivatives turnover. A quiet holiday session would do little to change that.
The BOJ’s release schedule shows a speech by board member Hajime Takata due Feb. 26, and the next scheduled policy meeting set for March 18–19. (Bank of Japan)
