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The story
On October 13, 2026, a system outage hit smartphone brokerage PayPay Securities, making it impossible to buy or sell Japanese stocks. Reports poured in on X (formerly Twitter) and 5ch almost immediately from users unable to place sell orders as their SoftBank shares and other holdings dropped in value. Screenshots showing a “no estimated time for recovery” message circulated in the thread, along with worries about margin calls and fears that PayPay Card and PayPay Bank — fellow members of the SoftBank group — might go down too. Meanwhile, some users offered an explanation suggesting the outage stemmed from flaws in PayPay Securities’ own order-execution system, turning the discussion into more than just another “here-we-go-again” outage joke.
A system outage at smartphone brokerage PayPay Securities has made it impossible to trade Japanese stocks.
Source: news.yahoo.co.jp / Original article here
What people said
Lol, the price just keeps tanking and all they can do is sit there helplessly watching, can't even sell
This is making my dinner taste amazing lmaooooo (schadenfreude at its finest)
It's after hours anyway, so who cares
Back then, errors blocking trades were just an everyday thing
Index ETFs can't be sold either, though
Well, once the tech advances enough, of course it'll get misused too
Wonder if there's any compensation for this
And by the way, still no estimated time for recovery
I can't stop eating, this is too good lmaooooooo
Wouldn't that cause bounced payments and failed credit card withdrawals?
It might actually go down too…
That's because Mizuho's teamed up with Rakuten now
They've also been doing layoffs lately, so they're actually competing properly
I can't treat this like someone else's problem at all, I'm shaking
Well, with index funds you should be fine unless unauthorized access starts messing with things
Individual stocks would be scary though
I can't stop eating lmaooooo
Talk about friendly fire then
It's SoftBank, isn't it?
I use PayPay Card myself
Well, it's linked to a regional bank account though
'Well' — why are you talking like being linked to it makes you safe
Even if they're in the same group, the servers are probably separate though…
Please let that be true
I've only spent like 500 yen this month, I don't want people thinking I can't even cover that
All I can do is hope that's true
Even the guys at the company I used to work at were going on about stocks, so it's over
Japan's only recently hit shoeshine-boy levels — overseas has been there for ages already
SBI split off from SoftBank ages ago, they're unrelated now
Yeah, that's basically it
With PayPay Securities, instead of customers placing orders directly on the exchange, the brokerage itself quotes an internal price, executes the trade against that, and then buys/sells the actual shares on the exchange afterward
It's a service where the brokerage takes on the risk in exchange for instant execution, so if a trade ends up executed at a price way out of line with the real market, the brokerage could take a massive loss — that would be a serious problem
So they have to track price movements and reflect them in their quoted price, but when that tracking isn't working properly, they just halt trading instead
Background and Key Points of This Topic
Unlike brokerages such as SBI Securities that route orders directly to an exchange, PayPay Securities uses a system closer to ‘over-the-counter dealing,’ where the brokerage itself quotes an internal price against investor orders and executes the trade that way. As the explanation from commenter No. 106 in the thread lays out, this approach offers the convenience of instant order execution, but if the brokerage can’t reflect real-time market price movements in its quoted price, it has no choice but to halt price quoting altogether. This outage is believed to stem from exactly that kind of price-reflection failure. The thread also saw some confusion over whether this is “the same as SBI Securities,” along with questions about how much system infrastructure PayPay Securities actually shares with PayPay Card and PayPay Bank. However, while these companies share a capital relationship, their systems run on separate infrastructure under separate companies, and nothing in the source material confirms that this outage directly spread to them.
*This article is compiled as an excerpt and summary of the 5ch (Nandemo Jikkyo G) thread “[Breaking] PayPay Securities — Outage Halts Japanese Stock Trading WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW.”
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