2025 Survey on English Disclosure by Japanese Companies

Tokyo Stock Exchange, Inc. (TSE) is conducting a survey on disclosures in English by listed companies to investors and your cooperation would be greatly appreciated.
This survey aims to assess overseas investors' opinions on the English disclosure requirements for the TSE Prime Market, which came into effect in April 2025, and to promote English disclosure that meets the demand of overseas investors by providing feedback on the survey results to listed companies.

Estimated time required for responses: 5-10 minutes (approx. 15 minutes if answered in detail)
Please note that the data entered cannot be saved temporarily.
The maximum length of the free-text field for reasons, etc. is 1,000 characters.
Fields with ＊ must be filled in.

Questions

1. Please tell us about your assessment of English disclosures by listed Japanese companies.
*In the TSE Prime Market, starting April 2025, companies are required to disclose financial results and timely disclosure information in English simultaneously with Japanese disclosure (an excerpt or summary of the Japanese disclosure is acceptable). Additionally, for other documents (such as annual securities reports and notices of general shareholders meetings), it is stipulated in TSE's Listing Rules that Prime Market listed companies should endeavor to simultaneously disclose the same corporate information in Japanese and English as far as possible.

(1) Do you think that the level of English disclosures by listed Japanese companies has improved in recent years? ＊
Improved
Slightly improved
Neutral
Not improved much
Hasn't improved
(2) Are you satisfied with the level of English disclosure of financial results by listed Japanese companies? ＊
Satisfied
Somewhat satisfied
Neutral
Somewhat dissatisfied
Dissatisfied
(3) Are you satisfied with the level of English disclosure of timely disclosure information by listed Japanese companies? ＊
Satisfied
Somewhat satisfied
Neutral
Somewhat dissatisfied
Dissatisfied
(4) Are you satisfied with the level of the English disclosure of other documents (such as annual securities reports and notices of general shareholders meetings) by listed Japanese companies? ＊
Satisfied
Somewhat satisfied
Neutral
Somewhat dissatisfied
Dissatisfied
(5) Please state the reasons for your selections in the above from (1) to (4):
2. What improvements would you like to see in the English disclosure of listed Japanese companies in the future? (multiple selections acceptable) ＊
(a) Improving the quality of translations
(b) Translating earnings reports† and timely disclosure documents in full, rather than translating only an excerpt or summary
(c) Increasing the number of documents subject to English disclosure
(d) Increasing the number of listed companies providing English disclosure
(e) None (currently satisfied with English disclosure by listed Japanese companies)

†(earnings release in accordance with TSE's Listing Rules)
Please state the reasons for your selections in the above from (a) to (e). If there are any other matters you wish to address beyond the options listed above, please specify them below.
* If you selected "(c) Increasing the number of documents subject to English disclosure," please list the top three disclosure documents that you believe listed Japanese companies should prioritize for English disclosure, excluding earnings reports and timely disclosure documents, and explain the reasons for your selection.
Options: IR presentations, Annual Securities Reports (annual reports in accordance with the Financial Instruments and Exchange Act), Notices of general shareholders meetings, Corporate Governance Reports (i.e., reports disclosed according to rules of TSE that describe matters such as fundamental views on corporate governance), Integrated reports/Annual reports (voluntary disclosure annual reports that are not based on laws and regulations), ESG reports, Transcripts of IR briefings

First:
Second:
Third:
Reasons:
3. Please provide names of companies with excellent English disclosure as well as the reasons. (Multiple responses acceptable)

Large-cap Stock
　Company name(s):
　Reason(s):
Mid- and Small-cap Stock
　Company name(s):

　Reason(s):
4. Please provide names of companies where a more complete disclosure in English is needed (or disclosure in English is inadequate) and the reasons. Please provide, if any, document names for which specific improvements to disclosures is necessary. (Multiple responses acceptable)

Large-cap Stock
　Company name(s):
　Reason(s):
Mid- and Small-cap Stock
　Company name(s):
　Reason(s):
5. Please provide, if any, comments regarding IR activities conducted in English by listed Japanese companies.
Comments:
6. Please provide, if any, comments on disclosure and provision of English information in relation to investment in the TSE market (including, but not limited to, information provided by listed companies, the provision of translations of Japanese information by third parties, and requests regarding the specifications and functions of systems provided by TSE).
(Example: We would like a function that allows users to view the original Japanese document (in full) with a single click from the page where the English document (excerpt or summary) is posted.)
Comments:
7. Please provide information about the respondent.
(1) Company name: ＊
(2) Department/section:
(3) Title:
(4) Main role: ＊
Investment decision maker (e.g. fund manager)
Research (e.g. analyst)
Exercise of voting rights
Others (please describe)
　(In the case of "Others"):
(5) Name of the respondent: ＊
(6) Contact (email address): ＊
(7) Work location (city and country): ＊
(8) Type of your organization: ＊
Pension fund
Sovereign wealth fund
Asset management company
Hedge fund
Family office
Others (please describe)
　(In the case of "Others"):
(9) Your fund's AUM:
Under USD 100 million
USD 100 million or more but less than USD 1 billion
USD 1 billion or more but less than USD 10 billion
USD 10 billion or more
(10) Number of stocks in your fund:
Less than 30 issues
30 to 99 issues
100 to 499 issues
500 or more issues
(11) Number of Japanese stocks held by your fund:
None
1 to 9 issues
10 to 99 issues
100 or more issues
(12) Investment management styles (multiple selections acceptable): ＊
Active　　 Passive　　 Top-down　　 Bottom-up　　 Japanese stocks　　 Asian stocks　　 Global stocks
Value　　 Growth　　 Large-cap　　 Mid/small-cap　　 Long/short　　 Long only　　 Activist　　 Engagement
ESG　　 HFT/quants　　 Others (please describe)
　(In the case of "Others"):
(13) Do you have staff (on your investment team) who can read Japanese disclosure documents? ＊
Yes
No
(14) What is the range of Japanese stocks that you invest in? (Please select the exact or closely matching items. Multiple selections acceptable)
TOPIX 100 (top 100 market-cap and liquidity issues)
TOPIX 500 (top 500 market-cap and liquidity issues)
TOPIX (More than 1,600 issues)
All listed companies (TSE Prime, Standard, and Growth: More than 3,900 issues)
Nikkei Stock Average constituents (225 issues)
MSCI JAPAN constituents
MSCI Japan IMI Index constituents
Markets for emerging companies (TSE Growth)
Others (please describe)
We do not invest in Japanese stocks.
　(In the case of "Others"):
(15) What is your primary source of information in the investment process? ＊
Mainly English disclosure documents of listed companies
Mainly Japanese disclosure documents of listed companies†
Mainly secondary information provided by securities companies and information vendors††
Disclosure documents and secondary information in similar amounts

† (including cases in which my company creates or obtains a translation of the documents)
††(including cases where they provide a translation)
(16) Where do you mainly obtain English-language materials disclosed by listed companies? ＊
Listed companies' websites
TSE website (Company Announcements Service (CAS)† or Listed Company Search††)
Services provided by information vendors
Services provided by securities companies
I do not use English-language materials disclosed by listed companies
Others (please describe)

† https://www.jpx.co.jp/english/listing/disclosure
†† https://www.jpx.co.jp/english/listing/co-search
　(In the case of "Others"):
(17) When making new investments, do you use English-language materials disclosed by listed Japanese companies? ＊
Every time
Usually
Seldomly
Never
(18) How often do you use English-language materials disclosed by listed Japanese companies in which you have already invested? ＊
At least once a quarter
At least once a year
Only if there is a special event
Seldomly
Never
Terms and conditions＊

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Handling of Personal Information
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Contact:
Tokyo Stock Exchange, Inc. Listing Department
Email: jojo@jpx.co.jp

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