9023 on Tokyo Stock Exchange

Tokyo Metro

Logo: Imagener, Public domain, via Wikimedia Commons3

Subway system in Greater Tokyo, Japan

The Tokyo Metro (Japanese: 東京メトロ) is a major rapid transit system in Tokyo, Japan, operated by the Tokyo Metro Co., Ltd. The system opened in 1927 as the Tokyo Underground Railway, becoming the first subway system in Asia. It is the larger of Tokyo's two subway operators, with an average daily ridership of 6.52 million; the other operator, the Toei Subway, carries approximately 2.85 million passengers per day as of 2023.2 It is headquartered in Higashi-Ueno.1 It employed about 11,800 people in 2022.1 Its shares trade on Tokyo Stock Exchange under the symbol 9023.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

Apr 1, 2004Founded1

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  • Ticker9023 on Tokyo Stock Exchange1
  • Industrypublic transport1
  • HeadquartersHigashi-Ueno1
  • Founded inTokyo1
  • Websitewww.tokyometro.jp/lang_es
  • Legal formSpecially designated public corporation, kabushiki gaisha1
Tokyo Metro headquarters 2024-03-07
Photo: Asanagi, CC0, via Wikimedia Commons5

The Tokyo Metro (Japanese: 東京メトロ) is a major rapid transit system in Tokyo, Japan, operated by the Tokyo Metro Co., Ltd. The system opened in 1927 as the Tokyo Underground Railway, becoming the first subway system in Asia. It is the larger of Tokyo's two subway operators, with an average daily ridership of 6.52 million; the other operator, the Toei Subway, carries approximately 2.85 million passengers per day as of 2023.2

Corporate structure

Tokyo Metro sits at the top of its group. 4 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Tokyo Metro Higashi-Ueno
    • GTS Rail Operations Subsidiary
    • Metro Commerce Subsidiary · Higashi-Ueno, Japan
    • Metro Cultural Foundation Subsidiary · Japan
    • Chiyoda Line Owned · Tokyo, Japan
    • Fukutoshin Line Owned · Saitama Prefecture, Japan
    • Ginza Line Owned · Tokyo, Japan
    • Hanzōmon Line Owned · Tokyo, Japan
    • Hibiya Line Owned · Tokyo, Japan
    • Marunouchi Line Owned · Tokyo, Japan
    • Namboku Line Owned · Tokyo, Japan
    • Tōzai Line Owned · Tokyo, Japan
    • Yūrakuchō Line Owned · Tokyo, Japan

Built from subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Tokyo Metro reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Stakes and holdings (Wikidata)

  • Chiyoda Line
  • Fukutoshin Line
  • GTS Rail Operations
  • Ginza Line
  • Hanzōmon Line
  • Hibiya Line
  • Marunouchi Line
  • Namboku Line
  • Tōzai Line
  • Yūrakuchō Line

Things Wikidata records the company as owning, with the share when stated.1

The story

Early years

The first plan to build a subway in Tokyo dates to 1906, when the Tokyo Underground Electric Railway (東京地下電気鉄道), founded by Momosuke Fukuzawa, applied for licenses to construct lines between Takanawa and Asakusa and between Ginza and Shinjuku. However, the proposal was rejected by the Tokyo City government due to budgetary constraints. In 1915, an underground railway exclusively for mail transport was opened beneath Tokyo Station by the Ministry of Communications.

In 1917, the Imperial Railway Association and the Japan Society of Civil Engineers, acting on commission from the Ministry of Home Affairs, established the Tokyo City and Area Transportation Research Committee (東京市内外交通調査委員会). The committee proposed five subway lines connecting major private railway terminals along the Yamanote Line.

Tokyo Underground Railway era

The origin of Tokyo Metro traces back to the Tokyo Underground Light Rail (東京軽便地下鉄道) which was officially established in 1917. On November 17, 1919, the Tokyo Underground Light Rail was granted licenses with other private railway companies for its proposed sections, Takanawa-Minamimachi and Asakusa Kōen Hirokōji, as well as between Kurumazaka and Minamisenju. In August 1920, the Tokyo Underground Railway (東京地下鉄道) was established by Noritsugu Hayakawa, inheriting the original licenses.

The Great Kantō Earthquake of 1923 profoundly altered subway planning. Several private operators abandoned their plans, and their licenses expired by 1924. The Tokyo Underground Railway submitted new applications to build an expanded network, but most were withdrawn or rejected, and some existing licenses expired due to missed deadlines. In 1925, Tokyo City asserted control over subway development and secured licenses for most planned routes, leaving the Tokyo Underground Railway with only Ueno–Asakusa section.

Following a period of preparation, construction on the city's first subway tunnel commenced on September 27, 1925. This section, connecting Asakusa and Ueno stations opened on December 30, 1927. Marketed as "the only underground railway in the Orient," it became the foundation of what is known today as the Ginza Line. Later that year, the line was extended to Kanda in 1931 and to Kyobashi in 1932. Subsequently, the line was extended to Shimbashi Station on June 21, 1934.

Tokyo Rapid Railway

Encouraged by the commercial success of the Tokyo Underground Railway, a group of private entrepreneurs concluded that subway operations in Tokyo could be profitable and petitioned for the transfer of subway construction licenses held by Tokyo City. The city approved the request, and on September 5, 1934, Tokyo Rapid Railway (東京高速鉄道) was established to construct and operate the lines. Although the license conditions required the company’s establishment by the previous year, its founding was delayed due to funding difficulties. Keita Gotō, president of the Tokyo–Yokohama Electric Railway, later joined as a promoter and assumed a central role in the company’s management.

The transferred licenses covered the Shibuya–Tokyo (Marunouchi) and the Shinjuku–Tokyo (Tsukiji). Construction began from Shibuya, where the Tokyo–Yokohama Electric Railway terminated. On November 18, 1938, the section between Aoyama-Rokuchōme and Toranomon opened, followed by the Shibuya–Aoyama-Rokuchōme section on December 20. Due to financial constraints, stations were built to accommodate only three-car trains, leading to operational issues when train lengths increased after World War II. Plans for through service with the Tokyo Underground Railway initially met resistance, but government mediation resulted in an agreement in the mid-1930s. On January 15, 1939, the extension to Shimbashi was completed.

On September 16, 1939, through services between the Tokyo Underground Railway and the Tokyo Rapid Railway commenced via Shimbashi Station, effectively forming what is now the Tokyo Metro Ginza Line.

Read the full text

Teito Rapid Transit Authority era

Under the State General Mobilization Law of 1938, enacted to consolidate transport during the Second Sino-Japanese War, bus and tram services were transferred to the Tokyo Metropolitan Government. Its establishment was originally conceived as a form of “transportation adjustment,” a system intended to integrate and stabilize transportation operators struggling with competition during the Great Depression. On September 1, 1941, the city's two private subway companies, Tokyo Underground Railway and Tokyo Rapid Railway were absorbed by the newly established Teito Rapid Transit Authority (TRTA).

While most other government organizations were dissolved by the Supreme Commander for the Allied Powers (SCAP/GHQ) after Japan's defeat in the World War II, the TRTA was permitted to continue. This exemption was granted because its purpose was recognized as the long-term development of urban transit rather than purely for military objectives. In the postwar era, the TRTA functioned as a unique public corporation, utilizing fiscal investment and loans to fund the expansion of new subway lines. Uniquely for a state-affiliated body, it also joined the Japan Private Railway Association (Mintetsukyo), reflecting its hybrid nature of public mission and private-style management.

In the post-war period, the TRTA operated as a special corporation jointly funded by the Japanese government (initially via the Japanese National Railways, later directly) and the Tokyo Metropolitan Government, leading to rapid expansion in the post-World War II era, including the construction of key lines in the 50s and 60s like the Marunouchi (1954), Hibiya (1961), Tozai (1964) and Chiyoda (1969). By 1969, TRTA's network exceeded 100 kilometers, and further growth in the 1970s.

The process for the privatization of the TRTA was initiated by a report from the Temporary Council for Administrative Reform Promotion on June 10, 1986. Following subsequent cabinet decisions in February 1995 and December 2001, the necessary legislation was prepared.

Tokyo Metro Co., Ltd. era

The Tokyo Metro Co., Ltd. Act was promulgated on December 18, 2002. This act facilitated the transition of the TRTA into a private entity, which officially became Tokyo Metro Co., Ltd. on April 1, 2004.

Tokyo Metro Co., Ltd., a joint-stock company majority-owned by national and Tokyo metropolitan governments to enhance operational flexibility and service quality. Significant milestones followed, including the opening of the Fukutoshin Line on June 14, 2008, extending connectivity in central Tokyo, and the start of through-service operations with Sotetsu and Tokyu lines on March 18, 2023, improving regional connectivity. In a major financial step, Tokyo Metro conducted an initial public offering on October 23, 2024, raising ¥348.6 billion (approximately $2.3 billion) through 2.32 billion shares priced at ¥1,200 each, marking Japan's largest IPO since 2018 and signaling confidence in its role serving an average of 6.84 million daily passengers.

The logo was designed by the British brand consultancy agency Wolff Olins.

Chronology

August 29, 1920 – Tokyo Underground Railway Co., Ltd. is founded.

September 27, 1925 – Construction begins on the Tokyo Subway between Asakusa and Ueno.

December 30, 1927 – Tokyo Underground Railway begins the first subway service between Asakusa and Ueno.

September 5, 1934 – Tokyo Rapid Railway Co., Ltd. is founded.

November 18, 1938 – Tokyo Rapid Railway begins the first subway service between Aoyama-rokuchome and Toranomon.

September 16, 1939 – Tokyo Underground Railway and Tokyo Rapid Railway begin direct through service between Asakusa and Shibuya.

July 4, 1941 – The Teito Rapid Transit Authority is established.

April 20, 1951 – Civil engineering work begins on the Marunouchi Line between Ikebukuro and Shinjuku.

January 20, 1954 – The Marunouchi Line opens between Ikebukuro and Ochanomizu.

March 15, 1959 – The Marunouchi Line opens between Kasumigaseki and Shinjuku, completing the full line between Ikebukuro and Shinjuku.

March 28, 1961 – The Hibiya Line opens between Minamisenju and Naka-Okachimachi.

March 23, 1962 – The Ogikubo Line branch opens between Nakano-Fujimicho and Honancho.

May 31, 1962 – The Hibiya Line opens between Kita-Senju and Minami-Senju, and between Naka-Okachimachi and Ningyocho; through service begins with the Tobu Isesaki Line to Kita-Koshigaya.

August 29, 1964 – The Hibiya Line opens between Higashi-Ginza and Kasumigaseki, completing the full line between Kita-Senju and Naka-Meguro; through service begins with the Tokyu Toyoko Line, and Nishi-Ginza Station on the Marunouchi Line is renamed Ginza Station.

December 23, 1964 – The Tozai Line opens between Takadanobaba and Kudanshita.

October 1, 1966 – Mutual through service begins between the Tozai Line and the Chuo Line at Ogikubo.

March 29, 1969 – The Tozai Line opens between Toyocho and Nishi-Funabashi, completing the section between Nakano and Nishi-Funabashi.

April 8, 1969 – Through service begins between Mitaka on the Chūō Line, the Tōzai Line, and Tsudanuma on the Sōbu Line.

December 20, 1969 – The Chiyoda Line opens between Kita-Senju and Otemachi, with the operating distance exceeding 100km.

April 20, 1971 – The Chiyoda Line opens between Ayase and Kita-Senju; through service begins with the Jōban Line to Abiko.

October 30, 1974 – The Yurakucho Line opens between Ikebukuro and Ginza-itchome.

February 28, 1978 – A Tōzai Line train is derailed and overturned on the Arakawa and Nakagawa bridges due to a tornado.

March 31, 1978 – The Chiyoda Line opens between Yoyogi-koen and Yoyogi-Uehara, completing the line between Ayase and Yoyogi-Uehara; direct service begins with the Odakyu Odawara Line to Hon-Atsugi.

August 1, 1978 – The Hanzōmon Line opens between Shibuya and Aoyama-itchome; direct service begins with the Tokyu Shin-Tamagawa Line to Futako-Tamagawa-en.

December 20, 1979 – The Chiyoda Line opens between Ayase and Kita-Ayase.

August 25, 1987 – The Yurakucho Line opens between Wakoshi and Narimasu; through service begins with the Tobu Tojo Line in Kawagoe City.

June 8, 1988 – The Yurakucho Line opens between Shintomicho and Shinkiba, completing the line between Wakoshi and Shinkiba.

November 29, 1991 – The Namboku Line opens between Komagome and Akabane-Iwabuchi.

April 27, 1996 – Mutual through service begins between the Tozai Line and the Toyo Rapid Line to Toyo-Katsutadai.

March 26, 1998 – Direct service begins between the Yurakucho Line and the Seibu Ikebukuro Line to Hanno.

September 26, 2000 – The Namboku Line opens between Meguro and Tameike-Sanno, completing the line between Meguro and Akabane-Iwabuchi; through service begins with the Tokyu Meguro Line to Musashi-Kosugi.

March 28, 2001 – Mutual through service begins between the Namboku Line and the Saitama Rapid Railway to Urawa-Misono.

March 19, 2003 – The Hanzōmon Line opens between Suitengumae and Oshiage, completing the line between Shibuya and Oshiage; through service begins with the Tobu Nikko Line to Minami-Kurihashi.

March 15, 2008 – Romancecar and MSE direct services begin operating on the Chiyoda Line.

June 14, 2008 – The Fukutoshin Line opens between Wakoshi and Shibuya.

From Wikipedia’s article on Tokyo Metro, shared under CC BY-SA 4.0.4

Products and brands

Through services to other lines

Through-running operations allow Tokyo Metro trains to continue beyond their own network and travel directly onto tracks owned by other railway companies. This arrangement enables passengers to ride seamlessly from suburban districts, through central Tokyo, and onward without the need to change trains. Such services are made possible through cooperative agreements among Tokyo Metro, East Japan Railway Company (JR East), the Tokyo Metropolitan Bureau of Transportation (Toei Subway), and several private railway operators, including Seibu Railway, Tobu Railway, and Tokyu Corporation.

One example is the Chiyoda Line, which runs northeast onto JR East’s Jōban Line as far as Ayase Station, providing a direct link between residential neighborhoods in northern Tokyo and Saitama Prefecture and the city’s major employment centers. The Tōzai Line similarly offers through services eastward onto the JR East Sōbu Line to Nishi-Funabashi in Chiba Prefecture, using 10-car train sets to handle heavy passenger volumes. On the western side, the Yūrakuchō Line extends onto the Seibu Ikebukuro Line, reaching Kotesashi Station and serving commuters from western Tokyo and Saitama.

The Hanzōmon Line also participates in through-running, continuing south onto Tokyu’s Den-en-toshi Line toward Chūō-Rinkan, which connects Shibuya with southern suburban areas and supports large residential developments such as Tama New Town. A particularly significant expansion of this practice occurred in March 2013, when the Fukutoshin Line began operating through services with the Seibu, Tobu, Tokyu Toyoko, and Yokohama Minatomirai lines, creating Japan’s first interconnection involving five separate railway companies.

These extensions enhance connectivity across Greater Tokyo's approximately 1,000 km of shared tracks involving 18 operators, reducing travel times, alleviating congestion at transfer stations, and promoting regional economic integration by enabling direct access to employment centers. Operationally, through services require compatible infrastructure, such as standardized 1,435 mm gauge tracks and voltage systems, with Tokyo Metro coordinating schedules to ensure seamless integration.

Read the full text

Namboku Line shares 2.3 km (1.4 mi) of track of between Meguro and Shirokane-Takanawa with Toei Mita Line.

Some of the Tōkyū Tōyoko Line express trains, instead of continuing towards Yokohama/Motomachi-Chūkagai, change course at Hiyoshi for Tōkyū Shin-Yokohama Line and share all of the through services downstream just as Tōkyū Meguro Line.

Operation

Fares

Tokyo Metro uses a distance-based fare system. When paying with IC cards such as PASMO or Suica, adult fares range from ¥178 to ¥324, while fares for paper tickets are slightly higher, ranging from ¥180 to ¥330. Fare levels are determined by distance traveled, calculated in set kilometer brackets. Discounted fares apply to children aged 6 to 11, who are charged approximately half the adult fare, rounded down to the nearest whole yen. IC card payments are deducted in 1-yen increments, whereas paper tickets are sold in fixed denominations and include a ¥10 barrier-free surcharge. PASMO and Suica cards are accepted throughout the Tokyo Metro network, enabling contactless entry and exit at all ticket gates.

In addition, passengers transferring between Tokyo Metro and Toei Subway services at designated interchange stations within a 120-minute window receive a ¥70 transfer discount, which lowers the combined fare. For example, a journey costing ¥252 on Tokyo Metro and ¥220 on the Toei Subway is reduced to a total of ¥402 rather than ¥472. The same proportional transfer discount applies to child fares.

For visitors, the Tokyo Subway Ticket provides unlimited travel on all Tokyo Metro and Toei Subway lines for fixed periods of 24 hours (¥800 for adults; ¥400 for children), 48 hours (¥1,200 / ¥600), or 72 hours (¥1,500 / ¥750). Validity begins at the time of first use, and tickets may be purchased in advance. As of 2025, standard Tokyo Metro fares have remained unchanged; however, JR East announced an average fare increase of 7.1% on its lines, including the Yamanote Line, effective from March 2026, with short-distance fares rising by ¥10 (for example, from ¥150 to ¥160). Tickets and passes are available through multilingual ticket vending machines at all stations, as well as via mobile applications such as Mobile PASMO and Mobile Suica, which support IC card issuance and balance recharging. Certain products can also be purchased at Metro Pass Offices. Discounted fares are offered for organized groups consisting of eight or more passengers (or nine or more in the case of student groups), providing reductions of approximately 17–30% when arrangements are made in advance at a station office. Larger groups may also receive complimentary tickets, typically at a rate of one free ticket for every 25 to 50 paying passengers.

Overcrowding

Overcrowding is a persistent issue on the Tokyo Metro, particularly during weekday peak commuting hours, due to the high population density of the Tokyo metropolitan area and the concentration of employment and educational institutions in central Tokyo. Tokyo Metro, which serves millions of passengers daily, routinely experiences passenger loads well above its designed capacity on several lines.

Congestion rates in Japan are measured as the ratio of passenger load to designed capacity, with 100% representing full occupancy where all passengers can sit or stand while holding onto a strap or handrail. Higher percentages indicate increasingly crowded conditions. Sustained congestion rates above 150% are typical during rush hours on many Tokyo Metro lines, with some segments historically reaching extreme levels. The Tokyo Metro Tōzai Line has long been notorious for overcrowding, with pre-pandemic surveys recording peak congestion rates approaching 199%, indicating conditions where passengers are pressed tightly together with limited mobility. Other busy lines such as the Hibiya Line also frequently exceed 150% capacity during morning peak periods.

According to government data, sections of the Tokyo Metro network remain among the most crowded in the Tokyo area. For example, the section of the Hibiya Line between Minowa and Iriya stations was measured at approximately 163% congestion during morning rush hours in a 2024 survey. In the broader Tokyo metropolitan rail network—of which Tokyo Metro is a major part—average congestion rates across key commuter sections hovered around 136% in 2023, nearing levels typical before the COVID-19 pandemic as ridership recovered.

To mitigate overcrowding, Tokyo Metro has implemented measures such as increasing service frequency during peak hours, introducing women-only cars, installing platform screen doors, deploying station staff to manage passenger flow, and promoting off-peak travel through demand-management initiatives.

Traffic

According to the company, an average of 6.33 million people used the company's nine subway routes each day in 2009. The company made a profit of ¥63.5 billion in 2009.

In fiscal year 2024 (April 2023–March 2024), Tokyo Metro averaged approximately 6.84 million passenger trips per day, representing a year-on-year increase of about 5% from the 6.52 million daily average recorded in FY2023. This rise in usage resulted in a total annual ridership of roughly 2.5 billion journeys across the network.

Passenger numbers continued to recover following the COVID-19 pandemic, reaching around 95% of pre-pandemic (FY2019) levels by early 2025. This rebound has been attributed largely to the return of regular office commuting as well as increased leisure travel. Peak usage occurs during the morning rush period between 7:00 and 9:00 a.m., which accounts for approximately 40% of total daily ridership, underscoring the system’s importance to Tokyo’s commuter population. By line, the Tōzai Line carries the largest volume of passengers, with about 1.2 million daily users, whereas the Ginza Line records the lowest usage at roughly 0.6 million per day.

Operational reliability remains high, with on-time performance reported at 99.8% and mean delays averaging under one minute per train. Ridership by overseas visitors has increased, partly due to external factors such as the surge in tourism in 2025, when inbound arrivals to Japan surpassed 31 million during the first nine months of the year; this contributed to an estimated 10% rise in foreign passenger usage. Despite this growth, congestion levels on heavily used sections during peak hours averaged around 139%, indicating continued capacity constraints.

According to official forecasts published in the FY2025 Fact Book, average daily ridership is expected to reach approximately 7 million passengers by 2027, driven by planned network expansions and a continuing economic recovery.

From Wikipedia’s article on Tokyo Metro, shared under CC BY-SA 4.0.4

Subsidiaries and ownership

Owners

  • Minister of Finance 53.4%
  • Tokyo 46.6%

Subsidiaries

Also owns

  • Chiyoda Line
  • Fukutoshin Line
  • GTS Rail Operations
  • Ginza Line
  • Hanzōmon Line
  • Hibiya Line
  • Marunouchi Line
  • Namboku Line
  • Tōzai Line
  • Yūrakuchō Line

From Wikidata.1

Acquisitions

  1. Succeeded Teito Rapid Transit Authority1

Employees over time

  • 202211,7941

Timeline

  1. Oct 23, 2024Went public Listed on Tokyo Stock Exchange1
  2. Apr 1, 2004Founded Founded in Tokyo1

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
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  5. 5