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.

Despite BoJ's Post of ETF Sales, the Path to Normalization in Corporate Governance Remains Distant

To Raise a Company's ROE and OP Margin, Significant Restructuring of Business Portfolio Is Necessary

Share Buyback Likely to Grow over Growth Investment Hoped for by Corporate Governance Code Revision

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

The Situation Is Different for REITs that Rely on Capital Increase, Despite the Same Low P/B Issue

Is the High Volatility of Japanese Equities Only Due to Their Small Market Capitalization?

Companies Have Begun to Be Aware of Cash Flow, but the Reality Is that It Doesn't Produce Results

Shareholder Activism Plays a Significant Role in Companies that Are Slow to Change

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>The actual ratio of tradable shares, excluding ETFs held by BoJ, is low, as a result, the number of Japanese equities available for investment by large institutional investors is limited.</li>
<li>ETFs owned by BoJ may be treated as being in favor of company-proposed proposals and against shareholder-proposed proposals, thus BOJ-owned ETFs are hindering the improvement of corporate governance.</li>
<li>It is good that BoJ has begun to consider an exit from ETFs, but with several variables and unknowns, it is not easy for investors to predict the timing.</li>
</ul>


The actual ratio of tradable shares, excluding ETFs held by BoJ, is low, as a result, the number of Japanese equities available for investment by large institutional investors is limited.
ETFs owned by BoJ may be treated as being in favor of company-proposed proposals and against shareholder-proposed proposals, thus BOJ-owned ETFs are hindering the improvement of corporate governance.
It is good that BoJ has begun to consider an exit from ETFs, but with several variables and unknowns, it is not easy for investors to predict the timing.


Will the Timing of the BOJ ETF Exit Be Revealed in December?

TSE Tokyo Price Index TOPIX

Will the Timing of the BOJ ETF Exit Be Revealed in December?