TSE Cash Markets

Tokyo Stock Exchange, Inc. (TSE) promotes English disclosure by listed companies in order to enhance convenience for overseas investors and allow them to make appropriate investment decisions based on information disclosed by listed companies. As part of this effort, since 2019, TSE has been conducting surveys on the availability of English disclosure information by listed companies and providing a list of the results through its website to a wide range of people including overseas investors.
In order to shed light on the situation after the transition to the new market segments in April 2022, TSE has carried out the survey as of July 2022 and has now published the results.

The proportion of English disclosure by Prime-listed companies, which are expected to center their business on constructive dialogue with global investors, reached 92.1% (85.8% as of the end of December 2021), which shows how the transition to the new market segments is becoming a catalyst for a certain amount of progress in listed companies' work to disclose information in English. On the other hand, although more than 70% of overseas investors responded in the survey conducted last year that timely disclosure documents (excluding earnings reports) and Annual Securities Reports should be disclosed in English, the proportion of English disclosure by Prime-listed companies of said documents remained less than half.

The revised Corporate Governance Code, applied after the transition to the new market segments, stipulates that "In particular, companies listed on the Prime Market should disclose and provide necessary information in their disclosure documents in English." (Supplementary Principle 3.1.2, second paragraph.) Given this, we expect greater enhancement of the scope and contents of English disclosure as well as further progress to resolve the difference in the timings of disclosures going forward.