Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

ETFs Held by BOJ with No Prospect of Sale Are Unfortunate for Shareholders

If Profits Cannot Grow, Tokyo Market Will Be Full of PE and Activist Investors

Listing Criteria for the TSE Growth Market Is Expected to Be Raised Starting April 2026

Going Private Is Not an “exit” from the Market, but the Beginning of the Next Step

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Since dividend income and unrealized gains on ETFs have significant impact on BOJ's finances, the sales of ETF will be discussed, considering BOJ's overall balance sheet and income/expenses as well.</li>
<li>There're unexamined issues, whether the central bank's purchase of stocks was really good thing, whether it distorted the secondary market, and whether management reforms were delayed by underpinning the stocks.</li>
<li>BOJ can move on to the issue of ETF disposition when the impact of policy rate hikes is recognized and the market stabilizes, but until then the problems will persist.</li>
</ul>


Since dividend income and unrealized gains on ETFs have significant impact on BOJ's finances, the sales of ETF will be discussed, considering BOJ's overall balance sheet and income/expenses as well.
There're unexamined issues, whether the central bank's purchase of stocks was really good thing, whether it distorted the secondary market, and whether management reforms were delayed by underpinning the stocks.
BOJ can move on to the issue of ETF disposition when the impact of policy rate hikes is recognized and the market stabilizes, but until then the problems will persist.


ETF Sale Won't Be Concluded Soon, but as Long as BOJ Keeps Holding Them, the Problems Will Persist

TSE Tokyo Price Index TOPIX

ETF Sale Won't Be Concluded Soon, but as Long as BOJ Keeps Holding Them, the Problems Will Persist