Japan Exchange Group on Tuesday reported FY2025 operating revenue of JPY 198,735 million, up 22.5% year on year, driven by a sharp rise in Japanese cash equities turnover.
Operating expenses rose 11.4% to JPY 83,598 million, well below the pace of revenue growth. Operating income climbed 29.0% and net income attributable to owners of the parent company increased 29.5%.
Cash equities grow, derivates volumes softer
The main engine was cash equities. Average daily trading value rose 31.9% to JPY 7.52 trillion from JPY 5.70 trillion in FY2024, JPX said. Cash equity transaction fees followed, rising 28.2% to JPY 55,265 million.
Within the mix, Prime Market domestic stocks auction value rose 30.0% to JPY 5.74 trillion, while off-auction trading surged 47.7% to JPY 1,040.2 billion.
JPX attributed the broad uplift to a “lively Japanese stock market” that lifted all revenue categories.
Stronger cash equity trading more than offset weaker derivatives activity. Financial derivatives volume fell 6.7% to 94 million large-sized contracts, and derivatives transaction fees slipped 1.0% to JPY 9,279 million.
JPX said derivatives volumes were sluggish through the third quarter following a reactionary decline after the volatility spike in April 2025, though activity improved in the fourth quarter. Nikkei 225 options average daily trading value rose 34.8% to JPY 28.8 billion.
Clearing services
Revenue from deposited collateral assets related to interest rate swap transactions contributed significantly to the increase in clearing services revenue, JPX said. However, the amounts returned to clearing participants were recorded as operating expenses, meaning some of the clearing uplift was accompanied by a matching pass-through cost.
Trading services revenue for the full year reached JPY 77,399 million. JPX entered the fourth quarter with improving derivatives activity, but FY2025 ended as a cash equities-led earnings story, with Japanese equity turnover providing the main revenue growth across the business.
