Japan Exchange Group, which operates the Tokyo Stock Exchange, raised its full-year earnings and dividend forecasts for the year ending March 2027, citing sustained strength in Japanese equity trading. Operating revenue is now projected at ¥241.5bn, up from a prior estimate of ¥205.0bn, a 17.8% increase. Operating profit guidance rose 26.5% to ¥145.5bn, and net profit attributable to parent-company owners is now expected at ¥98.5bn, up 27.1% from the earlier ¥77.5bn estimate.
| Metric | Previous Forecast | Revised Forecast | Change |
|---|---|---|---|
| Operating revenue | ¥205.0bn | ¥241.5bn | +17.8% |
| Operating profit | ¥115.0bn | ¥145.5bn | +26.5% |
| Pre-tax profit | ¥116.0bn | ¥147.0bn | +26.7% |
| Net profit (parent-company owners) | ¥77.5bn | ¥98.5bn | +27.1% |
| Annual dividend per share | ¥61.00 | ¥77.00 | +26.2% |
The revision rests on higher assumptions for daily trading volume. JPX now expects average daily equity trading value of ¥10.2tn for the full year, ¥2.7tn above its previous planning assumption. It also nudged up its assumption for TOPIX futures volume to 87,000 units a day and for Nikkei 225 options trading value to ¥30.0bn a day, up ¥4.5bn. Assumptions for Nikkei 225 futures and long-term Japanese government bond futures volumes were left unchanged.
The guidance bump follows a strong first quarter, covering April to June 2026, in which operating revenue jumped 50.8% year-on-year to ¥65.5bn and net profit attributable to parent-company owners rose 73.6% to ¥29.6bn. Cash equity trading fees rose 86.7% to ¥21.9bn as daily average equity turnover hit ¥12.39tn, more than double the ¥6.01tn recorded a year earlier; trading on the Prime market segment alone averaged ¥10.01tn a day, up 120.1%. Clearing-related revenue jumped 88.9% to ¥20.2bn, helped by fees from managing collateral on interest-rate swap trades.
JPX also raised its annual dividend forecast to ¥77.00 a share from a prior estimate of ¥61.00, split between an interim payment of ¥38.00, up from ¥30.00, and a year-end payment of ¥39.00, up from ¥31.00. The exchange operator targets a payout ratio of 60% or higher, and it said the dividend increase reflects the expected rise in profit attributable to parent-company owners.
Basic earnings per share guidance rises to ¥96.40 from ¥75.85, against ¥76.81 actually earned in the year to March 2026. JPX's own disclosure carries the standard caveat that these forecasts rest on current information and reasonable assumptions, and could still move before the fiscal year closes at the end of March 2027.