Tokyo Stock Exchange (TSE) daily price limits set the maximum price range in which a domestic stock can trade during a day. The range is not one universal percentage: TSE sets it in absolute yen, generally from the previous day’s closing price or another base price such as a special quote. A share with a ¥700 base price, for example, normally has a ¥150 band in each direction, giving an illustrative range of ¥550 to ¥850.
That is why an apparent “limit up” or “limit down” needs more context than a percentage move. The useful checks are the day’s TSE base price, the applicable yen band, whether a special quote is in force, and whether the exchange has formally broadened one side of the limit. The official TSE daily-price-limit table is the source for the bands; a broker screen is not a substitute for the rule.
Key takeaways
- TSE daily price limits are absolute-yen bands, not a fixed percentage for every stock.
- Start with TSE’s base price, then use the row that contains that amount. A boundary row matters: ¥700 uses the `less than ¥1,000` row, not the `less than ¥700` row.
- A special quote is a separate intraday safeguard based on the last execution price. It is not the same thing as the full-day price limit.
- An ordinary domestic stock can have one side broadened after two qualifying consecutive business days. The next session is the third business day in that sequence.
- Reaching a limit does not guarantee an execution, liquidity or a next-day price direction.
Daily price limits are a band, not a percentage
TSE calls the permitted range a Daily Price Limit. It says the limits are set in absolute yen, basically according to a base price such as the previous day’s close. The official table runs from ±¥30 for a base price below ¥100 to ±¥10 million for a base price of ¥50 million or more.
The practical implication is that two stocks with different base prices can have very different percentage ranges. Use the base-price row; do not apply a remembered percentage.
Swipe horizontally to view all columns.
| TSE base price / special quote | Normal daily limit | Illustrative lower price | Illustrative upper price |
|---|---|---|---|
| Less than ¥100 | ±¥30 | Base price − ¥30 | Base price + ¥30 |
| ¥500 to less than ¥700 | ±¥100 | Base price − ¥100 | Base price + ¥100 |
| ¥700 to less than ¥1,000 | ±¥150 | Base price − ¥150 | Base price + ¥150 |
| ¥1,000 to less than ¥1,500 | ±¥300 | Base price − ¥300 | Base price + ¥300 |
| ¥3,000 to less than ¥5,000 | ±¥700 | Base price − ¥700 | Base price + ¥700 |
| ¥10,000 to less than ¥15,000 | ±¥3,000 | Base price − ¥3,000 | Base price + ¥3,000 |
| ¥50,000 to less than ¥70,000 | ±¥10,000 | Base price − ¥10,000 | Base price + ¥10,000 |
| ¥1 million to less than ¥1.5 million | ±¥300,000 | Base price − ¥300,000 | Base price + ¥300,000 |
This is a selected reading aid, not a replacement for the complete TSE schedule. Check the full current table, especially for a base price near a boundary or above the rows shown here.
For example, a ¥700 base price falls in the less than ¥1,000 row, so the normal band is ±¥150. The illustrative range is ¥550 to ¥850. The calculation says where trades may occur under the normal rule; it does not say that a buyer or seller will be available at either edge.
Why a special quote is different
A daily price limit is the day’s outer range. A special quote is a separate intraday price-discovery mechanism. TSE says it is indicated when a price appears likely to move beyond a special-quote parameter from the last execution price, with the purpose of preventing short-term wild fluctuations. Its special-quote parameter table is therefore a different table from the daily-limit schedule.
For international readers, the distinction prevents two common errors:
1. A special quote does not itself mean that the security has reached the day’s upper or lower daily limit. 2. A daily limit does not mean that every order at that price will execute. An imbalance can remain, and an order’s handling depends on the exchange’s auction and matching rules.
ATG Press’s special-quote guide explains the intraday mechanism in more detail. Read it alongside this page rather than treating the terms as synonyms.
When a daily price limit can widen
For ordinary domestic stocks, TSE says that it will in principle broaden the relevant daily limit on the following business day—the third business day—when either qualifying condition occurs for two consecutive business days:
1. The price reaches the upper or lower limit, no closing auction at the limit price is conducted, and trading volume is zero; or 2. No shares trade until the end of the afternoon session, then shares trade at the afternoon closing auction at the limit price while orders remain on that side.
The wording is deliberately narrow. A limit-up close alone is not enough to assume an expanded band next session. The conditions concern both the sequence of days and the trading or auction outcome.
TSE’s June 16, 2026 notice gives a useful official example. For ATOM Corporation (code 7412), the notice listed a ¥481 base price. Under the ordinary table, that price has a ±¥80 band. TSE said it would broaden the lower daily limit to ¥320 for the next session, while the normal ¥80 upper-side limit remained. That means the stated range was ¥161 to ¥561, not a symmetric widening on both sides.
The same notice also cautioned that a market order can execute at an unexpected price when limits have been broadened. The reader-safe conclusion is procedural: when a price range looks unusual, check the exchange notice and the side being broadened before interpreting a screen or deciding how to place an order.
Exceptions and a repeatable check
The standard ordinary-stock rule is not the only treatment. TSE says ETFs, exchange-traded notes and leveraged products can have the relevant side broadened from the next business day when the auction closes at the upper or lower price. It also says multiply-listed foreign issues are generally not subject to daily-limit expansion. Those classifications matter, so do not carry an ordinary-share example across every product.
Use this short sequence whenever a Tokyo-listed security appears to be at a daily boundary:
1. Identify the product. Confirm whether it is an ordinary domestic stock, ETF, ETN, leveraged product or multiply-listed foreign issue. 2. Find the base price. Use the official TSE context for the session rather than assuming the displayed last price is the relevant base. 3. Apply the absolute-yen row. Use the exact bracket in the official table. 4. Separate a special quote from the daily band. Check the special-quote rules if price discovery is still in progress. 5. Look for an exchange notice before assuming a widened range. It can apply to only one side, and the conditions are specific.
For the rest of the session’s framework, ATG Press’s Tokyo Stock Exchange trading-hours guide explains the two cash-equity sessions, while the Prime, Standard and Growth guide explains the market-segment labels that are separate from a daily price band.
Sources
- Tokyo Stock Exchange: Daily Price Limits — official definition, table, ordinary-share conditions and product-specific exceptions; accessed 2026-10-09.
- Tokyo Stock Exchange: Special Quotes Parameters — official special-quote definition and separate parameter table; accessed 2026-10-09.
- Tokyo Stock Exchange: Daily Price Limits to be Broadened, June 16, 2026 — official examples of broadened one-side limits; published 2026-06-16; accessed 2026-10-09.
Disclaimer
This article is for informational purposes only and does not constitute investment advice. Exchange trading rules, displayed prices and order handling can change; verify current conditions with the Tokyo Stock Exchange and your broker before acting.
