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Follow-up of Market Restructuring

Summary of Discussions of the Follow-up Council and TSE's Future Actions in Response to the Summary of Discussions

In January 2023, Tokyo Stock Exchange (TSE) published the "Summary of Discussions on Measures to Improve the Effectiveness of the Market Restructuring" which summarizes the discussions to date and "TSE's Future Actions in Response to the Summary of Discussions of the Follow-up Council."

Summary of Discussions on Measures to Improve the Effectiveness of the Market Restructuring icon-pdf
TSE's Future Actions in Response to the Summary of Discussions of the Follow-up Council icon-pdf

In addition, TSE published "Handling of Transition Measures and Other Matters Relating to Continued Listing Criteria" and conducted the public consultation (from Jan. 30, 2023 to Mar. 1, 2023).

Public Comments

Action on Cost of Capital-Conscious Management and Other Requests

In March 2023, TSE compiled specific details on the following three of the "TSE's Future Actions in Response to the Summary of Discussions of the Follow-up Council" published in January 2023, and notified them to listed companies:

  • Implementing management that is conscious of cost of capital and stock price (Prime and Standard listed companies)
  • Improvements in dialogue with shareholders and disclosure regarding this (Prime listed companies)
  • Appropriate use of the "explain" of "comply or explain" to contribute to constructive dialogue (TSE has provided key points and examples of this)
(note)
  • ･For more information on implementing management that is conscious of cost of capital and stock price, please see the following page.
Action to Implement Management that is Conscious of Cost of Capital and Stock Price
Better Dialogue with Shareholders and Related Disclosure icon-pdf
Using "Explain" to Contribute to Constructive Dialogue icon-pdf