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.

Compared to the TOPIX, Which Has Clear Criteria, the TSE Prime Market Appears Vague

Japan's Governance: TOPIX Reform Update (2) - Change in Calculation Method of Floating Share Ratio

Criteria for TOPIX Components and Prime Market Listing Criteria Should Be Discussed Separately

Shareholder Returns Offered by Companies that Do Not Meet Prime Market Listing Criteria Are.....

More Companies Are Hiring Women Directors, but to Solve the Fundamental Problem of Diversity

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Because AUM of TOPIX-linked products is enormous, removal from TOPIX has significant impact. Since excluded stocks aren't researched unless there's solid prospective returns, institutional investors pay little attention to them.</li>
<li>Even if a stock is selected for inclusion in TOPIX from Growth Market, if it's moving from Growth Market to Prime Market, nothing will change from how things were before.</li>
<li>If Standard Market-listed companies can reap benefits like TOPIX inclusion without being required to adhere to the high standards of Prime Market, that will lead to decline in corporate practices.</li>
</ul>


Because AUM of TOPIX-linked products is enormous, removal from TOPIX has significant impact. Since excluded stocks aren't researched unless there's solid prospective returns, institutional investors pay little attention to them.
Even if a stock is selected for inclusion in TOPIX from Growth Market, if it's moving from Growth Market to Prime Market, nothing will change from how things were before.
If Standard Market-listed companies can reap benefits like TOPIX inclusion without being required to adhere to the high standards of Prime Market, that will lead to decline in corporate practices.


The Expansion of TOPIX Components into Standard Market May Lead to a Decline in Practices

TSE Tokyo Price Index TOPIX

The Expansion of TOPIX Components into Standard Market May Lead to a Decline in Practices