Tokyo Stock Market Today, November 24, 2025: Holiday Shutdown, Nikkei Futures Signal Cautious Rebound as Yen Stays Under Pressure

Tokyo’s cash equity market is dark today, but Japan is still right at the center of the global market story.

The Tokyo Stock Exchange (TSE) is closed on Monday, November 24, 2025, as Japan observes Labor Thanksgiving Day (substitute holiday), yet Nikkei 225 futures, the yen, Japanese government bonds and fresh wage headlines are giving investors plenty to watch ahead of Tuesday’s reopen. ^[1]

Last week’s steep sell‑off left the Nikkei 225 about 5% below its late‑October record above 51,000, after a bruising Friday session where the index dropped roughly 2.4% to around 48,626 and the TOPIX eased to about 3,298. ^[2] Today’s holiday pause comes as investors reassess Japan’s “sell Japan” narrative, driven by a weak yen, surging long‑term bond yields and concerns over Prime Minister Sanae Takaichi’s huge new stimulus package. ^[3]

At the same time, global stocks are rising on renewed bets that the U.S. Federal Reserve will cut rates in December, while the yen remains stuck near ¥156–157 per dollar, keeping markets on alert for possible intervention and further Bank of Japan (BOJ) tightening. ^[4]

Key Takeaways for Tokyo Stock Market Today (24 November 2025)

Tokyo Stock Exchange is closed for the Labor Thanksgiving Day (Nov. 23) observed holiday; cash trading in stocks and ETFs will resume on Tuesday, November 25, 2025. ^[5]
Derivatives are still trading: Osaka Exchange (OSE) derivatives markets are open, with Nikkei 225 futures for December hovering just below ¥49,000, modestly higher (around +0.3–0.4%) on the day, hinting at a cautious rebound after last week’s sell‑off. ^[6]
The last cash session (Friday) saw the Nikkei 225 fall about 2.4% to ~48,626 and TOPIX slip to ~3,298, leaving the Nikkei roughly 5% below late‑October record highs above 51,000. ^[7]
Japan’s yen remains under heavy pressure around ¥156–157 per dollar, with strategists highlighting a growing risk of FX intervention if the currency slides toward the ¥158–160 zone. ^[8]
Fresh wage headlines today show early signs that 2026 pay talks will bring another strong round of hikes, reinforcing expectations that the BOJ will raise rates further from its current 0.5% policy rate. ^[9]
Globally, Asian and European shares are trading higher, and U.S. futures are up as traders price in roughly a 60% chance of a 25 bp Fed rate cut in December, though volatility after the recent AI‑driven tech rout remains elevated. ^[10]

Why Tokyo’s Cash Market Is Closed Today

November 24, 2025 is not a normal trading Monday for Japan:

Japan’s Labor Thanksgiving Day (Kinrō Kansha no Hi) falls on November 23. Because that date is a Sunday this year, the holiday is observed on Monday, November 24. ^[11]
The official JPX calendar lists Monday, Nov. 24 as a full market holiday for the Tokyo Stock Exchange, labeled “Labor Thanksgiving Day (Nov. 23) observed.” ^[12]
However, derivatives trading continues: JPX announced that OSE/TOCOM derivatives markets remain open for “holiday trading” on Nov. 24, even though the cash equity market is shut. ^[13]

That means:

No new cash prices today for the Nikkei 225, TOPIX, J‑REITs or individual Japanese stocks.
Price discovery instead comes via futures (Nikkei 225 on OSE, SGX and CME), FX markets, and Japanese government bonds traded offshore.

For traders and journalists, “Tokyo stock market today” on November 24 is really a story about futures, currencies, bonds and expectations, not a cash-session close.

Where Tokyo Stocks Left Off: Friday’s Sharp Sell‑Off

Before the three‑day weekend, Tokyo closed on a sour note:

On Friday, November 21, the Nikkei 225 dropped about 2.4% to roughly 48,625–48,626 points, its sharpest daily loss of the week. ^[14]
The TOPIX index slipped to about 3,297.7 (-0.06%), according to exchange data and index providers. ^[15]
The Nikkei is now about 5% below its late‑October record highs above 51,000, reached on a wave of enthusiasm for AI and chip‑related shares. TechStock²+1

Several overlapping shocks have driven this reversal:

AI and tech valuation jitters
- Earlier this month, a global tech sell‑off knocked equity markets from Tokyo to Frankfurt as investors questioned whether the AI boom had pushed valuations too far. ^[16]
- Japan, with heavyweight chip and semiconductor‑equipment stocks, was among the hardest hit markets in that sell‑off. ^[17]
“Sell Japan” trade: weak yen + surging yields + fiscal worries
- A 21.3 trillion yen stimulus package unveiled by Prime Minister Sanae Takaichi — the biggest since the pandemic — has spooked bond investors, who worry about even more government borrowing on top of a debt pile exceeding a quadrillion yen. AP News+3TechStock²+3TechStock²+3
- Super‑long JGB yields (30–40 years) have jumped to or near record highs, while the 10‑year yield has climbed to around 1.8%, the highest since the 2000s. ^[18]
- At the same time, the yen has slumped into the mid‑¥150s per dollar, prompting talk of a “scramble to sell Japan” as investors dump yen, super‑long JGBs and Japanese equitiessimultaneously. ^[19]
Geopolitics and tourism hit
- China’s travel advisory discouraging trips to Japan has battered tourism and retail names — reports cite double‑digit percentage drops in department‑store operator Isetan Mitsukoshi, significant losses for Tokyo Disneyland operator Oriental Land, and declines in airlines such as Japan Airlines in recent sessions. TechStock²+1

Put together, these forces left the Tokyo market looking fragile heading into the holiday.

Monday’s Action: Nikkei Futures, Yen and Bonds

Even with cash equities closed, Japan is still trading on screens.

Nikkei futures point to a mild rebound

Nikkei 225 December futures on the Osaka Exchange were last seen just under ¥49,000, up roughly 0.3–0.4%and modestly above Friday’s cash close, according to OSE pricing and real‑time derivatives feeds. ^[20]
That suggests some bargain hunting after last week’s slide, but no decisive shift—more of a tentative stabilisation than a V‑shaped rebound.
Trading volumes are thinner than usual, as global desks adjust positions with Japan’s cash market closed, a theme highlighted in multiple global‑markets roundups today. ^[21]

Yen stuck near intervention zone

The dollar–yen pair is trading around ¥156–157, leaving the currency under sustained downside pressure. ^[22]
An economic adviser to Prime Minister Takaichi signaled over the weekend that Tokyo is prepared to intervene directly in FX markets if the weak yen starts to inflict serious damage on the economy. ^[23]
A widely read “Morning Bid” note from Reuters today points out that this holiday‑thinned week — with both Japan and the U.S. observing holidays — could be an opportune window for yen intervention if authorities choose to act. ^[24]

For equities, a still‑weak yen is a double‑edged sword: helpful for exporters when it stabilises, but destabilising when it slides quickly and pushes up imported inflation.

JGB yields and BOJ expectations

The BOJ’s policy rate currently stands at 0.5%, after two hikes this cycle (ending negative rates in 2024 and raising again in January 2025). ^[25]
Long‑term yields remain elevated after the BOJ’s move toward quantitative tightening and its decision to cut purchases of super‑long JGBs earlier this year. ^[26]
Markets now see the December 18–19 BOJ meeting as “live,” with a meaningful chance of another rate hike to 0.75%, according to recent BOJ commentary and analyst surveys. ^[27]

Rising yields pressure rate‑sensitive sectors such as real estate, utilities and high‑dividend “bond‑proxy” stocks, while banks and insurers feel both the benefit of higher rates and the pain of mark‑to‑market bond losses.

Macro Backdrop: Wages, Inflation and Tariffs

Strong wage signals bolster case for more BOJ hikes

A major new headline for November 24 is about wages:

Reuters reports today that early signs from 2026 wage negotiations point to another year of large pay hikes, even for companies hit by U.S. tariffs. Labour unions are pressing for “bumper” increases, and a tight labour market is giving workers leverage. ^[28]
BOJ Governor Kazuo Ueda has said he wants “more data” on the momentum of next year’s pay talks before committing to further rate hikes — and these early signals tilt the balance toward additional tightening sooner rather than later. ^[29]

For stock investors, continued wage growth is a mixed bag: it supports consumption but also raises the odds of higher interest rates and lower equity valuations.

Inflation: still above target

Core CPI (excluding fresh food) rose 3.0% year‑on‑year in October, according to data released late last week, marking more than three years above the BOJ’s 2% target. An even narrower “core‑core” measure that strips out both fresh food and fuel rose 3.1%. ^[30]
This reinforces the view that inflation is persistent and broad‑based, giving hawkish BOJ board members ammunition to argue for lifting rates beyond 0.5%. ^[31]

GDP shock and U.S. tariffs

Japan is digesting a Q3 growth shock:

Japan’s economy contracted 0.4% q/q in Q3 2025, equivalent to about ‑1.8% annualised, marking the first decline in six quarters. ^[32]
The main culprit: a sharp drop in exports as U.S. tariffs — now set at a baseline 15% on nearly all Japanese imports — bite into demand, especially for autos. ^[33]
Private consumption, which makes up over half of GDP, rose only about 0.1%, highlighting the squeeze from higher prices and slow real income growth. ^[34]

This mix of slowing growth but sticky inflation is what makes the BOJ’s task so delicate — and why each new wage and price datapoint is moving Japanese assets.

Politics, China and Tourism: Additional Japan Headlines Today

Beyond economics and markets, political and geopolitical news on November 24 also matters for investors:

Opposition parties plan to grill PM Takaichi in parliament over her China policy and fiscal stance, according to Jiji Press reporting via Nippon.com. Lawmakers are expected to question both the scale of the new stimulus and the handling of rising tensions with Beijing. ^[35]
Travel and tourism are under further strain. A diplomatic spat between China and Japan has already triggered a travel warning from Beijing; today, Chinese airline stocks dipped on reports of outsized cancellations on routes to Japan, underscoring the risk to Japan’s inbound tourism industry. ^[36]

For Tokyo‑listed stocks, that combination of political uncertainty, China risk and tourism weakness keeps pressure on:

Department stores and duty‑free retailers
Theme park operators
Airlines and hotels
China‑sensitive consumer brands

Even with no cash trading today, these themes are shaping how investors will position when the market reopens.

Global Market Mood While Tokyo Is Dark

Tokyo may be shut, but the world is still trading — and that matters for Tuesday’s open.

A Reuters global‑markets piece notes that world stocks started the week on a positive footing, with traders now pricing around a 60% chance of a Fed rate cut in December, helping both European bourses and U.S. equity futures edge higher. ^[37]
Across Asia, shares in Hong Kong, Australia and South Korea are up, while mainland Chinese markets are flat to slightly weaker, as reported by outlets like Moneycontrol, the Associated Press and other regional media — and nearly all of them point out that Japan’s markets are closed for a holiday. ^[38]
A Bloomberg‑based market wrap highlights that Nikkei 225 futures on OSE are up about 0.5% as part of a broader rebound in global risk sentiment, even as concerns about an AI bubble persist. ^[39]

At the same time, oil prices have eased on hopes for progress toward a Russia–Ukraine peace framework and signs of softer demand, which is generally supportive for energy‑importing Japan — but also a signal that global growth expectations are cooling. TechStock²+1

What to Watch When Tokyo Reopens on Tuesday

When cash trading resumes on Tuesday, November 25, investors will open their terminals to a market shaped by three days of news flow and offshore trading. Key questions:

1. Does the Nikkei follow futures higher or fade the bounce?

With Nikkei futures modestly above Friday’s close, an initial bounce is possible. ^[40]
But technicals still show an index well below recent record highs and coming off one of its worst weeks this year, so any early gains could meet selling from investors looking to reduce risk into year‑end. TechStock²+2TechStock²+2

2. Yen path and intervention risk

If the yen drifts nearer to ¥158–160 per dollar, talk of intervention will intensify. Traders are already on alert for surprise action during thin U.S. Thanksgiving liquidity later this week. ^[41]
A sudden yen spike higher on intervention could hit exporters and boost domestic demand plays, while a continuation of yen weakness would likely help autos and machinery but hurt import‑reliant and consumer names. TechStock²+2Reuters+2

3. BOJ expectations and long‑term yields

Today’s wage headlines strengthen the case for a near‑term BOJ hike, even as Q3 GDP data highlight economic fragility. ^[42]
If super‑long JGB yields continue to push higher, investors may rotate out of bond‑proxy equities (utilities, REITs, high‑dividend defensives) into financials and cyclicals that benefit from higher rates—unless equity‑market stress itself becomes severe enough to trigger a policy rethink. ^[43]

4. Sector themes: AI, tourism and China

AI and chip names will remain volatile, trading off global tech sentiment and any fresh headlines around U.S. megacaps this week. ^[44]
Tourism and retail stocks tied to inbound Chinese demand are likely to stay under pressure as travel advisories and flight cancellations weigh on expectations for winter tourism. ^[45]
Companies heavily exposed to China‑related demand or viewed as vulnerable in the event of further diplomatic deterioration will also be in focus.

Quick FAQ: Tokyo Stock Market on 24 November 2025

Is the Tokyo Stock Exchange open today?
No. The TSE is closed on Monday, November 24, 2025, for the Labor Thanksgiving Day (Nov. 23) observed national holiday. ^[46]

What was the last close for the Nikkei 225 and TOPIX?
At the last cash session before the holiday, the Nikkei 225 closed around 48,626, down about 2.4% on the day, while the TOPIX ended near 3,298, off around 0.06%. ^[47]

Are Nikkei futures trading today?
Yes. Nikkei 225 futures are trading on Osaka Exchange, SGX and CME, with the main December contract roughly flat to slightly higher — just under ¥49,000 — as of Monday afternoon Tokyo time. ^[48]

What’s happening with the yen?
The yen is trading around ¥156–157 per dollar, under pressure from the gap between Japanese and U.S. interest rates and concerns over Japan’s fiscal path. Authorities have signaled they may intervene if the slide worsens. ^[49]

When does Tokyo reopen?
Normal cash trading hours (9:00–11:30 and 12:30–15:00 JST) resume on Tuesday, November 25, 2025, per the Tokyo Stock Exchange’s 2025 holiday schedule. ^[50]

For investors tracking “Tokyo stock market today” on November 24, 2025, the message is simple: no new closing levels yet, but the stage is being set. Futures hint at a cautious bounce, the yen and JGBs are flashing warning lights, and BOJ, wages, tariffs and China remain the forces that will shape how Japan trades when the lights come back on in Tokyo tomorrow.

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