Japan's small-cap IPO market just hit its slowest pace in over 10 years. What's driving this shift? The Tokyo Stock Exchange's sweeping reforms have companies pumping the brakes on their listing plans. Private enterprises are now thinking twice before rushing to go public, weighing whether the new listing standards actually align with their growth timelines. It's a stark reminder that even mature markets like Japan's can see dramatic restructuring when exchanges overhaul their frameworks.