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 2024.
The English disclosure rate of Prime-listed companies was 99.0% (up 0.8% year-on-year). By type of document, the English disclosure rates of Prime-listed companies rose to 93.8% (up 2.1% year-on-year) for earnings reports, 76.4% (up 5.0% year-on-year) for IR presentations, and 59.2% (up 7.1% year-on-year) for timely disclosure documents.
In April 2025, it will become mandatory for companies listed on the Prime Market to disclose financial results and timely disclosure information simultaneously in Japanese and English. Although some companies have made efforts in this regard, there are still a considerable number of them that need to take further action, such as ensuring that the timing of English-language disclosure is the same as that of Japanese-language disclosure.
The Prime Market is positioned as a market for companies that place a high value on constructive dialogue with global investors. Given that English-language disclosure is the basis for dialogue with global investors and investment decisions, it is expected that companies will take proactive measures to improve the scope and content of English-language disclosure and the timing of disclosure, rather than simply complying with the new disclosure requirements.
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