Tokyo Game Show 2026 prompted Japanese equities' capital to move from semiconductors into game and content stocks, while the decline in the N-T ratio points to a shift in capital flows. Nintendo, Capcom and other stocks attracted buying, broadening the market's focus.
Tokyo Game Show (TGS) 2026, one of the world's largest gaming trade shows, was held at Makuhari Messe, attracting more than 1,100 companies from 53 countries and regions and drawing large crowds. Against this backdrop, Japanese equity markets saw signs of capital flowing back into game and content-related stocks.
The N-T ratio had fallen to 15.64x as of 14 September, its lowest level in about a month and a half. While the Nikkei 225 remained weak, the TOPIX rebounded, indicating that market breadth was expanding. Capital flows are shifting away from a phase in which they tended to be concentrated in high-tech and semiconductor stocks and toward a broader range of industries.
Game-related stocks rose on renewed buying on the opening day of TGS. Nintendo reached ¥8,472 at one point, up 4.25% from the previous day. Capcom, Konami Group, Bandai Namco Holdings and Koei Tecmo Holdings also attracted buying, drawing the attention of market participants.
Capcom was the particular focus of attention, with investors valuing its ability to continue developing AAA-class titles. Its expansion content, “Ascendance,” for the latest release, Monster Hunter Wilds, scheduled for launch in 2027, drew crowds to the demo booth, while plans to release the title for Nintendo Switch 2 in December have also been announced.