Pokémon card sales restriction triggers a "roller coaster": Japan's second-hand marketplace Mercari plunges before rebounding, Citigroup calls it "oversold"

Zhitong Finance APP has learned that the share price of Japanese C2C online second-hand trading platform Mercari rose over 4% at one point on Friday, before narrowing gains to close up 0.74%, continuing its rebound momentum.

Previously, this Japanese online second-hand trading platform announced restrictions on the listing of Pokémon 30th Anniversary commemorative merchandise, triggering a round of sell-offs. The company stated that as long as it determines a safe and reliable trading environment cannot be ensured, the relevant restrictions will remain in place. On Wednesday, the day the restrictions took effect, Mercari's share price closed down 6.4%. On Thursday, it rebounded, closing up 1.4%.

Mercari stated that the reason for the temporary listing ban was concern that a surge in trading following the release of the 30th anniversary items could lead to transaction disputes and users involved in the transactions might suffer harassment.

Citi attributed the more than 6% drop on Wednesday to Mercari's announcement of restrictions on the listing of Pokémon cards. The bank said that Mercari's recent share price weakness had driven it to an "overly pessimistic level"—the stock is already "oversold" and this correction is seen as an investment opportunity. The bank added that Mercari's platform gross merchandise sales (GMS) for the second half of the 2026 fiscal year exceeded expectations, and a recovery in multiple categories could support double-digit growth.

Citi also said that the temporary suspension of some product transactions is a negative for Mercari, but its impact is not sufficient to prompt the bank to revise its forecasts.

These restrictions come as a Pokémon card craze sweeps the globe. Online trading platform eBay stated that in July, searches for "Pokémon" on its UK site exceeded 6 million, highlighting the sustained demand for trading cards.

According to earlier reports, based on an index compiled by Collectors, Pokémon card prices have soared 1,350% since 2020. Collectors owns the card authentication agency Professional Sports Authenticator. In February this year, internet celebrity Logan Paul sold a rare "Pikachu Illustrator" card for over $16 million, having purchased it in 2021 for just over $5 million. New cards can sell out in minutes, and people coordinate on X and Discord to find out where to buy them.

Earlier this month, a post on the X platform stated that a Pokémon card fetched $2.7 million at auction, setting a new record.

In 2023, Mercari signed an agreement with The Pokémon Company to promote safer Pokémon transactions on its platform. In 2025, it will launch a policy allowing restrictions on product listings when issues such as fraud, transaction disputes, or sharp price fluctuations threaten platform safety.