JPX CEO Hiromi Yamaji says crypto ETFs may list by 2026, earlier than expected. Meanwhile, TOPIX proposes to exclude firms holding over 50% crypto assets, facing opposition from Metaplanet and others.

JPX CEO Hiromi Yamaji said Japan's first crypto ETF could list as early as 2027, earlier than the 2028 consensus. Meanwhile, Metaplanet's head of Bitcoin strategy urged opposition to a proposal that would exclude companies with over 50% crypto assets from TOPIX. Tax reforms and regulatory changes are key.

JPX CEO Hiromi Yamaji says Japan's first crypto ETF could list as early as 2027, accelerating previous 2028 timeline. Meanwhile, a TOPIX proposal to exclude firms with >50% crypto assets faces industry backlash. Market impact hinges on regulatory decisions and tax reform.

JPX Market Innovation & Research (JPXI) is consulting on a new rule that would defer companies whose principal asset is cryptoassets from new inclusion in TOPIX and other periodic indices. This article examines seven critical flaws in the proposal: it introduces a balance-sheet test foreign to TOPIX's objective methodology; the definition of "principal asset is cryptoassets" is vague and leaves key administrative questions unanswered; the rule could be easily circumvented through indirect exposure structures (e.g., ETFs, miner stocks); the carve-out for existing constituents creates internal inconsistency; the open-ended "for the time being" deferral lacks a review timetable or sunset clause; global peers such as MSCI and FTSE Russell have not adopted blanket exclusions; and an asset-neutral concentration framework would be more durable and less prone to arbitrage. The public comment period closes May 7, 2026, and the Bitcoin For Corporations coalition letter urges JPXI to withdraw the exclusion. This article provides a comprehensive analysis for issuers, investors, and index users.

On June 23, Asian markets suffered a severe selloff. South Korea's KOSPI plunged nearly 10% triggering a circuit breaker, while Japan's Nikkei 225 fell 3.5% ending an eight-day winning streak. Tech and semiconductor stocks led the decline amid foreign capital outflows. Analysts attribute the rout to US tech weakness, hawkish Fed signals, and structural vulnerabilities, but the long-term AI capex narrative remains intact, suggesting the correction may offer entry points.