Japan Exchange Group (8697): IR Day and recent media reports

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Japan Exchange Group (8697): IR Day and recent media reports

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Japan Exchange Group (8697)

IR Day and recent media reports

Reiterate Rating: BUY | PO: 2,500 JPY | Price: 2,125 JPY

02 July 2026

Impact of TSE’s capacity expansion costs will be limited Equity

On 25 June, the Nikkei reported that the Tokyo Stock Exchange (TSE) plans to double its

order-processing capacity. The project reportedly involves spending several hundred Natsumu Tsujino, CFA >>

Research Analyst

million yen on measures such as expanding memory capacity at data centres. At the IR BofAS Japan

Day on 2 July, management provided the following explanation. Under the medium-term natsumu.tsujino@bofa.com

management plan through FY3/28, JPX expects to invest ¥45bn in IT-related projects.

While a significant portion of this will be allocated to areas such as cybersecurity, the

planned increase in processing capacity is unlikely to have a material impact on the Stock Data

overall investment plan. Management also noted that the record for peak order volume

was reached in April 2025 and has not been surpassed since. Following April last year, Price 2,125 JPY

JPX began evaluating capacity expansion options, arranging components, and Price Objective 2,500 JPY

establishing a framework that will enable the upgrade to be implemented this autumn. Date Established 2-Jun-2026

Immediate revisions to transaction fees appear unlikely Investment Opinion B-1-7

Regarding the possibility of revising transaction fees linked to trading value, 52-Week Range 1,440-2,267 JPY

management stated that there are currently no plans to do so and noted that the Market Value (mn) 2,192,028 JPY

existing framework is structured such that the burden declines as trading volumes Market Value ($mn) 13,497 USD

increase.