TSE Cash Markets

Tokyo Stock Exchange, Inc. (TSE) has promoted English disclosure by listed companies in order to enhance convenience for overseas investors and enable them to make appropriate investment decisions based on the disclosed information. As part of this effort, since 2019, TSE has been conducting surveys on the English disclosure implementation status of listed companies and providing a list of the results on 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 2023.

The percentage of English disclosure by Prime-listed companies, which are expected to center their business on constructive dialogue with global investors, reached 98.2% based on number of companies (up 1.1 percentage points from the end of the previous year). By type of document, the percentage of Prime-listed companies disclosing earnings reports was 91.7% (up 2.9 percentage points), and that of Prime-listed companies disclosing notices of general shareholders’ meetings (notices and reference documents) in English was 90.9% (up 3.5 percentage points). Both figures exceeded 90% for the first time since the survey began, which indicates that listed companies are taking positive action toward English disclosure.

On the other hand, there are a considerable number of companies that have limited English disclosure or that do not time their English disclosures to be released concurrently with their Japanese disclosures. Given this, we expect a greater expansion of the scope of English disclosure documents that will serve as dialogue with global investors and form the basis for their investment decisions, as well as further progress to improve the timing of the disclosures going forward.