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.

The Raising of Listing Criteria in the Growth Market Will Lead to Increased Investment Opportunities

Shareholder Returns Will Increase over June AGM, but Will Companies Hold up with Sluggish ROE?

Since Cash on Hand Will Not Decrease in FY2024, Shareholder Returns Remain a Hot Topic

Challenges in Using Cash, Even in Companies with 30%+ Female Board Members, with Excellent Practices

What Is A "Growth Market" Where Many Companies Do Not Grow in Market Cap or Raise Capital?

Few Companies Have Started to Move Yet, but Can They Raise R & D Investment to Regain Pricing Power?

More Companies Will Choose to Go Private Because They Can't Find an Effective Use for Their Cash

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Many companies have low liquidity since listing, with nearly half of companies having major shareholders with over 20% ownership. Raising listing criteria should considered to improve quality of the market.</li>
<li>TSE seems to raise the listing criteria for Growth Market in 2025, when the transitional measures expire, but for Prime Market, TSE is likely to respond with a "request."</li>
<li>Although TSE's "request" may be the catalyst for increasing MBOs and dissolution of parent-subsidiary listings, engagement with overseas investors over years to resolve management issues was foundation of this trend.</li>
</ul>


Many companies have low liquidity since listing, with nearly half of companies having major shareholders with over 20% ownership. Raising listing criteria should considered to improve quality of the market.
TSE seems to raise the listing criteria for Growth Market in 2025, when the transitional measures expire, but for Prime Market, TSE is likely to respond with a "request."
Although TSE's "request" may be the catalyst for increasing MBOs and dissolution of parent-subsidiary listings, engagement with overseas investors over years to resolve management issues was foundation of this trend.


TSE's "Request" Is a Catalyst for a Final Decision on the Foundation of Years of Engagement

TSE Tokyo Price Index TOPIX

TSE's "Request" Is a Catalyst for a Final Decision on the Foundation of Years of Engagement