[13] M-Wave was constructed at a cost of 348 billion yen [14] as a speed skating venue for the 1998 Winter Olympics.

The two movable stands, each of which have seating for 1,210 spectators, allow the arena to be converted into various configurations including concert hall or a football field.

[21] The economic ripple effect from the National Junior High School Skating Championships, which have taken place at M-Wave and Big Hat every year since 2008, alone brings in 250 million yen.

The women's medalists were Gunda Niemann - gold, Claudia Pechstein - silver, and Tonny de Jong - bronze.

The men's medalists were Ids Postma - gold, Keiji Shirahata - silver, and Frank Dittrich - bronze.

Other multiple medal winners were Catriona Le May Doan, Claudia Pechstein, Chris Witty, Ids Postma, and Hiroyasu Shimizu.

The world records were set by Marianne Timmer (1500m), Claudia Pechstein (5000m), Gianni Romme (5000m and 10000m), and Ådne Søndrål (1500m).

During the 1998 Winter Paralympics, M-Wave hosted the opening and closing ceremonies and the ice sledge speed racing events between 5 and 14 March.

Japanese female and male skaters won all medals, including Maki Tabata who finished first in the 500, 3000m, 1500m, and second in the 5000m.

In the men's 1500 won by Denny Morrison, no bronze medal was awarded as Sven Kramer and Shani Davis tied for silver.

The women's medalists were Marianne Timmer - gold, Anni Friesinger - silver, and Jennifer Rodriguez - bronze.

The men's medalists were Erben Wennemars - gold, Jeremy Wotherspoon - silver, and Mike Ireland - bronze.

The women's medalists were Yu Jing - gold, Zhang Hong - silver, and Heather Richardson - bronze.

The men's medalists were Michel Mulder - gold, Shani Davis - silver, and Daniel Greig - bronze.

The All Japan Speed Skating Distance Championships (全日本スピードスケート距離別選手権大会, Zennihon supi-dosuke-to kyori betsu senshuken taikai) have been held in autumn at the M-Wave.

One day per month, usually a Sunday, during skating season, the arena is open to the general public for free.

[32] Directly across the street from the M-Wave is a four-block 10-12 storey apartment complex named Asahi Danchi (朝陽団地).