New rules, public consultations, subsidies and regulator actions in Japan, in English.
Read-through: the FSA’s new September 2025 SSAF report shows Japan discussing IFRS S1 and S2 implementation with peer standard setters, regulators and ISSB participants. The public material is best read as a guide to who was involved and what topics were on the table, not as a record of final decisions.
Japan's FSA added Q&A saying exposures insured by NEXI may be treated as government-guaranteed under Article 129, Paragraph 2, and that banks may recognize certain collateral effects within corporate-value security rights if they can demonstrate how the security interest is maintained and reviewed.
Japan’s Payment Services Act revision comes with practical clarifications for e-payment and crypto-adjacent operators. The FSA says matched safe assets do not automatically satisfy domestic asset holding orders, and changes in the composition of assets backing specific trust beneficiary rights are the kind of changes that must be notified.
FSA materials sketch a three-bucket SSBJ rollout for larger Prime Market issuers, starting with companies averaging ¥3 trillion or more in market cap in the year ending March 2027. Assurance would become mandatory from the following year, stay limited for the first two years, and Prime companies below ¥500 billion are still left for later consideration.
Japan’s FSA has asked financial institutions to take short-term cybersecurity measures under direct management oversight, warning that frontier AI could accelerate vulnerability discovery and shorten the gap between a flaw being found and being exploited. The request is linked to the broader Project YATA-Shield response.