AI fever and off-exchange boom grip Japanese retail traders

The FT piece (paywalled) describes a surge in activity among Japanese retail traders driven by AI-related excitement and a growth in off-exchange trading venues. The trend has lifted interest and turnover tied to the Japan 225, shifting some liquidity away from lit markets and raising the potential for higher intraday volatility and price dislocations. The article frames the phenomenon as a market-structure and behaviour story — retail speculation and off-exchange execution are amplifying moves in benchmark Japanese equities, drawing scrutiny from market participants and regulators and creating mixed implications for price discovery and systemic risk.