How Will Growth Market Reforms Reshape Japan’s Startup Ecosystem—and What Will It Take to Create the Next Big IPO?

In 2025, Japan’s startup ecosystem finds itself in the eye of a major “rule change”: revisions to the listing criteria for the Growth Market. Is this change merely another hurdle — or an opportunity to raise market quality and attract overseas investors? This session will rigorously discuss the conditions under which Japan can produce the next Big IPO at this crucial inflection point. Speakers include: Mr. Nagai of Nomura Securities, who understands the market frontlines; Mr. Yuasa of Globis, offering a VC’s ecosystem-wide perspective; Mr. Mera of READYFOR and Mr. Miyata of Nstock, founders who are confronting non-linear growth in this new environment. From the viewpoints of the market, investors, and founders, we will examine the real impacts of the criteria change on capital strategy, incentive design, and growth plans — and explore fundamental strategies to produce Japan’s next unicorns and decacorns.