According to a white paper published by YCP Holdings, the number of companies delisted in 2024 exceeded the number of new listings, while MBOs reportedly reached a record 26 cases in 2025. JPX data show that there were 130 IPOs in 2024.
A white paper by YCP Holdings reportedly points to a reversal in 2024, with the number of companies delisted in the Japanese market exceeding the number of IPOs. JPX disclosures also confirm that 130 companies newly listed in 2024, one of the highest levels of the past 10 years.
MBOs, or management buyouts, reportedly reached a record 26 cases in 2025, and going private is analyzed as becoming a more prominent option for companies.
YCP identifies three factors behind structural changes in the capital markets: Tokyo Stock Exchange market reforms, the rise of activist shareholders and the maturation of private equity funds. Companies are reportedly increasingly weighing the costs of maintaining a listing against the benefits of going private.
A decline in the number of listed companies does not necessarily mean that the market as a whole is shrinking. It has been noted that in the United States, the total market capitalization expanded even as the number of listed companies declined, and reports indicate that the market is shifting from quantity to quality.