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Japan's IPO market slumped to a 15-year low in the first half of this year, even as Tokyo stocks surged — and analysts see no rapid rebound coming.
The disconnect between a buoyant secondary market and a near-dormant new issuance calendar is the defining feature of Japan's equity landscape as the year turns to its second half.
The Rally That Wasn't Enough A rising stock market is typically a reliable catalyst for IPO activity: higher prices lift valuations, reduce issuer hesitation, and draw allocators toward new paper.
In Japan, that transmission mechanism has broken down. Tokyo equities rose sharply in the first half, yet the listings market remained lacklustre, producing the fewest new offerings in 15 years.
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