Japan's stock market debuts have now suffered losses on their first trading day for the longest stretch in six years, a pattern stretching back to 2020. This persistent weakness underscores how the Iran conflict is eroding investor confidence in new equity offerings. The trend reflects broader concerns about global economic stability and corporate governance standards in Japanese markets. The six-year duration of these failures marks a significant shift from pre-pandemic performance, where IPOs typically saw gains on listing day. This streak suggests companies may face tougher conditions when seeking public funding, potentially delaying expansion plans and reducing capital available for innovation. The Iran war's impact on oil prices and supply chains appears to be amplifying risk aversion among institutional investors, making them more cautious about committing capital to unproven ventures. Market analysts view this as a critical indicator of deteriorating sentiment, with implications for both domestic and international investors considering exposure to Japanese equities.