#Taiwan #Taipei #Nomura Asset Management #TWSE #ETF Cross-Listing

Historic Milestone for Taiwan and Japan's Financial Partnership

On September 19, 2025, a momentous occasion occurred in the world of finance as the Taiwan Stock Exchange (TWSE) announced the first cross-border exchange-traded fund (ETF) listing between Taiwan and Japan. This listing, which took place on both the TWSE and the Tokyo Stock Exchange (TSE), serves as a pivotal advancement in regional financial integration and bolsters Taiwan's aspirations to establish itself as an Asian asset management center.

In Taiwan, the well-known global ETF provider Nomura Asset Management introduced the "NEXT FUNDS – Nomura TOPIX Feeder ETF" (TWSE listing code: 009812). This new ETF enhances opportunities for investors to access the Japanese equity market. Its main investment focus is the "NEXT FUNDS TOPIX Linked ETF" (TSE listing code: 1306), which boasts one of the largest asset management figures in Asia and is widely held by individual investors benefiting from Japan's new NISA (Nippon Individual Savings Account) growth investment framework.

Meanwhile, Japan's listing featured the "NEXT FUNDS TIP FactSet Taiwan Innovative Technology 50 Index Linked ETF" (TSE listing code: 412A). This innovative ETF reflects the robust strength and dynamism of Taiwan's technology-driven economy, with companies related to artificial intelligence (AI) and semiconductors accounting for 72% of its constituents. Since 2020, Taiwan's primary stock market index has more than doubled, recently achieving an all-time high in September and exhibiting solid growth with the foreign ownership ratio approaching 46%.

Chairman Lin Hsiu-Ming of TWSE emphasized that this cross-listing marks the beginning of a new chapter in Taiwan-Japan financial cooperation. He noted the growing trust in the market and Taiwan's commitment to driving innovation and global integration. He also commented on the symbolic significance of the gold ties worn by him and TSE President Iwanaga during the ceremony, reflecting the collaboration between the two capital markets stepping into a new, vibrant stage.

A joint ceremony to commemorate the listing took place simultaneously in Taiwan and Japan. In Taiwan, the event was attended by notable figures such as Lin Hsiu-Ming, Deputy Director-General Chen Yen-Liang of the Financial Supervisory Commission, and Executive Director Suzuki Nobuo of Nomura Asset Management. In Tokyo, President Iwanaga of TSE was joined by executives from both exchanges and their respective financial regulatory authorities.

Comments from key representatives further highlighted the cross-listing’s significance. Deputy Director-General Chen Yen-Liang stated, “This initiative underscores Taiwan’s strategic role in the regional financial landscape, enhancing its presence in Asian asset management. It also showcases the importance of cross-border innovation in promoting sustainable growth.”

Executive Director Suzuki of Nomura Asset Management remarked, “The cross-listing of ETFs enables seamless access for investors in both markets to diversify their portfolios. Our goal is to strengthen market linkages while expanding investor participation and providing attractive financial products to global investors.”

Additionally, President Iwanaga of TSE pointed out, “This partnership reinforces the connection between our capital markets and clearly positions Taiwan and Japan as crucial partners in the Asian financial ecosystem.”

Furthermore, President Lee Ai-Ling of TWSE noted, “The NISA system in Japan is gaining attention for its role in expanding the investor base and enhancing market liquidity. Underpinned by the robust growth of Taiwan’s capital markets, this ETF represents our technological prowess to global investors.”

The recent cross-listing not only serves as a significant milestone in Taiwan-Japan financial cooperation but also expands access to cross-border investments, further solidifying Taiwan’s role in the Asian asset management sector. The welcoming of these ETFs is seen as an essential progression towards fostering closer economic ties between the two nations and improving the overall investment landscape in Asia.

About TWSE

Founded on February 9, 1962, the Taiwan Stock Exchange (TWSE) plays a crucial role in the operation and development of Taiwan's securities market, providing essential services such as listing, trading, settlement, supervision, and monitoring. TWSE is dedicated to public investor protection and maintaining market order, while actively promoting a robust, transparent, and dynamic investment environment.

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Taiwan Stock Exchange
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Joy Jung
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Ayako Nakayama
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