Tokyo, Feb 22, 2026, 15:15 JST — Market closed.
- JPX plans to keep its derivatives market running on Feb. 23, despite Japan observing the Emperor’s Birthday holiday.
- Japan Exchange Group ended Friday’s session up 1.05%.
- Later this week, Tokyo inflation readings and factory/output data could jolt yen trading, sparking volatility.
Japan Exchange Group said it plans to hold a holiday trading session at its Osaka Exchange and TOCOM derivatives markets on Monday, Feb. 23. The timing drops right as investors juggle fresh tariff headlines, shifts in the yen, and upcoming Japanese economic releases.
JPX runs both the Tokyo Stock Exchange and Osaka Exchange, and its revenue comes from trading, clearing, and settlement activity, along with index and data services. For JPX’s stock, trading volumes, particularly in futures and options, usually have a bigger impact than the actual level of the Nikkei.
Japan’s markets kick off the week on a shorter run. With Feb. 23 marked as the Emperor’s Birthday holiday, the next cash-equity trading won’t pick up until Tuesday.
Japan Exchange Group finished Friday at 1,877 yen, climbing 19.5 yen, or 1.05%, from the previous close.
Global markets took another turn last week. U.S. equities climbed after the Supreme Court tossed out President Donald Trump’s tariffs. But hours later, Trump vowed to slap on a new 10% tariff. “Striking down of these tariffs will benefit corporate bottom lines,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder. Still, he noted, “we’ll have to see the reaction from the White House.” The dollar stood at 155.03 yen, with Japan’s Nikkei sliding 1.12% on Friday. Reuters
Japan’s core inflation for January eased to 2.0%, lining up with the Bank of Japan’s target. Take out fresh food and fuel, and the figure climbs to 2.6%. “With price pressures showing signs of softening, the Bank of Japan won’t be in a rush to resume its hiking cycle,” said Abhijit Surya, senior APAC economist at Capital Economics. Investors are trying to pin down when the BOJ might move next, as headline inflation dropped to 1.5%. Reuters
It’s not all moving in one direction on the growth front. Japan’s flash manufacturing PMI jumped to 52.8 in February, up from 51.5 in January—marking the highest reading since May 2022. Annabel Fiddes, economics associate director at S&P Global Market Intelligence, pointed to “a notable improvement in growth momentum” for manufacturers. Reuters
JPX investors are left to weigh if the holiday derivatives session will draw sufficient activity to make a difference, or if a lack of liquidity leaves prices swinging around. Derivatives—contracts like futures and options—allow traders to hedge risk or bet on indices and rates without owning the underlying stocks.
The Bank of Japan’s schedule is packed, too. Board member Takata is set to deliver a speech in Kyoto on Feb. 26. The bank has also marked March 18-19 for its next monetary policy meeting—key dates traders watch closely, since rate wagers often ripple through equities and index futures.
The focus shifts to Friday, when the Tokyo-area CPI lands—February’s numbers drop on Feb. 27, according to the Statistics Bureau schedule. This data is widely watched as an early pulse on nationwide inflation.
Japan’s industry ministry will put out its preliminary industrial production numbers for January and the current commerce survey at 8:50 a.m. JST on Feb. 27. These figures tend to spark swift shifts in the yen and bond yields, which then filter straight into Nikkei futures and rate-sensitive derivatives.
Still, JPX bulls have a risk to watch. Should the tariff spat ease off, volatility could retreat, the yen might stabilize—and turnover may slip just as quickly as it climbed. A low-key holiday session would drive that home.
