While US exchanges and brokers race to introduce 24-hour trading, Japan Exchange Group (JPX) has quietly built the world's most successful extended trading program, with night sessions now capturing more than 40% of total derivatives volume.

Japan's After-Hours Trading Captures 40% of Derivatives Volume

The ratio climbed from 39% in 2024, with night session volume reaching 168.5 million contracts for the year. In November alone, the night session hit 44.5% of total volume, suggesting the trend continues to accelerate.

Japan's achievement stands in sharp contrast to Interactive Brokers. as Chairman Thomas Peterffy noted overnight trading made up just 2.2% of volume in May 2025.

However, this figure is now much closer to that of the fintech company eToro, which recently reported that one-third of trades take place during extended trading hours.

“Our mission has always been to open the global markets and make trading accessible to everyone, everywhere,” Yossi Brandes, VP of Execution Services at eToro, commented during the November’s launch. “We will continue to add more assets and to expand our 24/5 offering to meet the evolving needs of our global community.”

Equity Trading Hits Record Despite Derivatives Pullback

Japan Exchange Group's cash equity market posted strong gains in 2025, with Prime Market trading value reaching 1,419.6 trillion yen, surpassing the previous all-time high of 1,254.2 trillion yen set in 2024 and records from 2023. The 13.2% increase reflects continued strength in Japan's main stock market segment.

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Domestic ETFs generated 75.3 trillion yen in trading value, ranking second historically but falling short of 2024's record of 77.2 trillion yen. The REIT market produced 12.6 trillion yen in trading value, placing eighth on record compared to fifth place the previous year.

Total derivatives volume declined to 418.8 million contracts in 2025, down 9.8% from 2024's record 464.2 million contracts. Trading value also slipped to 3,742 trillion yen from 4,156 trillion yen. Securities options bucked the trend with 3.4 million contracts, claiming the highest volume on record.

Extended Hours Drive Global Competitiveness

Japan's night session runs from 4:30 PM to 5:30 AM Japan Standard Time, effectively keeping the market open through European and US trading hours. The extended window allows traders to respond to market moves, economic data and news from Europe and America while Japan's cash markets remain closed.

Foreign investors dominate night session activity, though participation by Japanese retail investors has grown with the rise of online brokers. The diverse mix of investor types provides liquidity even during Asian nighttime hours, when most regional markets go dark.

The achievement comes as US exchanges grapple with infrastructure challenges in extending trading hours. Nasdaq's recent filing to add overnight sessions requires industry-wide coordination for clearing and settlement services.

The World Federation of Exchanges has urged caution, recommending 22-hour or 23-hour trading weeks rather than jumping to full continuous trading.

December 2025 saw 31.4 million derivatives contracts change hands, with trading value reaching 418 trillion yen, the second-highest December on record. Night session activity totaled 11.3 million contracts, capturing 36.0% of December volume compared to 34.3% in December 2024.