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.

Managers Should Prepare Long-Term Vision and Management Strategy Before Facing Activist Investors

To Raise the P/B of Listed Companies, the ROE of Half of Them Must Be Lifted Above the Threshold

Updating the Relationship Between P/B and ROE

Criticism of Shareholder Proposals from Activist Investors Is a Comforting Word for Management

Big Gap Between Companies that “don't Have a Gap in Investors' Viewpoints” and Those that Don't

Unless Companies Are Delisted Even if They Change Markets, the Quality of Tokyo Market Won't Improve

TSE Standard Market Is a Collection of All the Challenges Facing the Tokyo Stock Exchange

The Valuation Criteria for Stocks Remain Unchanged, but Polarization Continues to Advance

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Financial institutions' policy holdings of shares are expected to be addressed through share buybacks and subsequent cancellation by companies, with such share buybacks anticipated to continue beyond 2026.</li>
<li>Overseas investors continued to net buyers in 2025, suggesting that the foreign ownership ratio of Japanese stocks is expected to remain at its current level.</li>
<li>For large-cap companies with foreign ownership in 30% range, the positive impact of engagement by overseas investors will continue, driving sustained efforts to improve the companies' capital profitability.</li>
</ul>


Financial institutions' policy holdings of shares are expected to be addressed through share buybacks and subsequent cancellation by companies, with such share buybacks anticipated to continue beyond 2026.
Overseas investors continued to net buyers in 2025, suggesting that the foreign ownership ratio of Japanese stocks is expected to remain at its current level.
For large-cap companies with foreign ownership in 30% range, the positive impact of engagement by overseas investors will continue, driving sustained efforts to improve the companies' capital profitability.


How Long the Time-Killing Tactics of Companies with Average Foreign Ownership Can Last?

TSE Tokyo Price Index TOPIX

How Long the Time-Killing Tactics of Companies with Average Foreign Ownership Can Last?