Japan’s tokenized-stock plan becomes market plumbing

Japan’s April 2026 tokenized-stock and START market-rule materials move tokenized securities into a more concrete market-design lane, while leaving law, live scale and cash-leg finality unresolved.

Japan now has a more concrete design path for tokenized listed-equity exposure and secondary liquidity.

The April 2026 sources show named institutions working through book-entry linkage, on-chain records, PTS trading, ST lending, record-date treatment and proposed legal changes; they do not show that the legal regime, tokenized-stock market or cash-settlement layer is complete.

Progmat and the Digital Asset Co-Creation Consortium have moved tokenized Japanese equities into a named market-design workstream, while ODX’s START updates add lending and record-date mechanics. The evidence is meaningful, but it still stops short of enacted tokenization law, live tokenized-stock trading at scale, or stablecoin cash-leg finality.