Japan Dark Report: January 2025
Japan Dark Report is a tool to help the buy side understand and navigate the Japan dark market structure on a per stock basis. The full report highlights dark market data points including dark % of turnover and trends, dark trade sizes, and statistical highlights, amongst others.
Upward trend of dark turnover across TOPIX500 continued to the first month of the year. 12.4% of total market hit the 2nd highest in past 12 months.
Materials took over Health Care to be the hottest sector with a record high of 13.4%. Gained +7% from prior month, driven by Aica Kogyo 4206.T, Daido Steel 5471.T and Toagosei 4045.T
Industrials and Energy sectors were also getting increase of interests in dark since Aug 2024.
Topcon 7732.T was the most active name at 50%. Oasis Management has increased its stake two times during the month to 10.58% and Topcon was reportedly considering takeover offers in Dec last year.
Out of our Top House names, Taiyo 4626.T was the highest (1,521%ADV traded), followed by Riken Keiki 7734.T (1,166%ADV) and Nippon Thompson 6480.T (888% ADV).
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