Tokyo bourse to make simultaneous English disclosure mandatory for top firms
17/01/2024 13:33
By Makiko Yamazaki
TOKYO, Jan 17 (Reuters) - The Tokyo bourse plans to
require all companies listed on its prime section to publish
simultaneously in English and Japanese any information that
could impact investment decisions, in an effort to attract more
overseas investors.
In a document presented to its reform panel on Wednesday,
the Tokyo Stock Exchange (TSE) said it would first make
mandatory the simultaneous English publication of financial
statements and other key items that require timely disclosure.
The rules will be applied to some 1,600 prime-listed
companies, starting in April 2025.
"Simultaneous English disclosure of all documents in full is
preferred, but it shall be sufficient to disclose in English a
part or a summary of the content of the disclosure in Japanese,"
the TSE said in the presentation.
As of last year, 42.3% of companies on the prime section
released their earnings reports in Japanese and English
simultaneously, while only 28.5% published other key items in
both languages at the same time.
The bourse's reform panel has cited foreign investors as
saying that a lack of English disclosure is one of the reasons
for staying away from Japan's stock market.
The new rules are the latest of a series of the TSE's reform
steps to make the bourse more attractive to overseas investors,
including the release this week of a list of companies that have
responded to a call to disclose plans to improve capital
efficiency.
(Reporting by Makiko Yamazaki
Editing by Mark Potter)
((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))