TSE Cash Markets

Tokyo Stock Exchange, Inc. (TSE) has promoted listed company English disclosure 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 by listed companies and providing a list of the results through its website to a wide range of people including overseas investors.

TSE has now published the results for the survey as of the end of December 2022. This time, in order to reflect the disclosure situation more precisely, it has added new survey questions so that listed companies report the scope and the timing of English disclosure for all the documents included in the survey.

The proportion of English disclosure by Prime-listed companies, which are expected to center their business on constructive dialogue with global investors, reached 97.1% based on number of companies (up 11.3 percentage points from the end of the previous year), which shows how the transition to the new market segments has been a catalyst for progress in listed companies’ work to disclose information in English.

By type of document, the proportions of Prime-listed companies disclosing earnings reports and notices of general shareholders’ meetings (notices and reference documents) in English were, respectively, 88.8% (up 21.0 percentage points) and 87.4% (up 23.2 percentage points) based on number of companies, which indicates an active trend toward disclosure. Based on market capitalization, the proportions for these documents over all market segments reached 95.4% and 95.1%.

On the other hand, even documents which are in high demand from overseas investors are not disclosed in English by some companies, and even documents for which speedy disclosure is valued are not disclosed in English by some companies until a day or more after the Japanese. Given this, we expect greater enhancement of the scope of English disclosure for documents that will be the basis of dialogue with global investors, as well as further progress to improve disclosure timings going forward.