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NameJapan Exchange Group
Number of listed companies3,924
Domestic market capitalization6,066,496 million US$
SSE Partner ExchangeYes
Has annual sustainability reportYes
ESG reporting required as a listing ruleYes
  • The Exchange requires every listed company to prepare a report on corporate governance, including some ESG issues, which provides investors with information on corporate governance in a comparable format.
  • If any environmental or social information is deemed to have a material effect on investors investment decisions, it must be immediately disclosed using TDnet as required by the Exchanges Listing Rule and the issuer must file a material change report on TDnet if a change or correction should be made to the information disclosed.
  • Japan's Financial Services Agency has made reporting on sustainability, including initiatives on climate change and human capital, mandatory in Annual Securities Reports, starting from those covering fiscal years ending March 2023. (Japanese)
Has written guidance on ESG reportingYes

Offers ESG related trainingYes

Market covered by sustainability-related indexYes

Has sustainability bond listing segmentYes
  • JPX launched a dedicated platform for Green and Social bonds on January 22, 2018. The platform allows issuers, at their discretion, to post information pertaining to Green and Social bonds, from among those listed on TOKYO PRO-BOND Market. If an issuer wishes to post information pertaining to a bond listed on TOKYO PRO-BOND Market through the platform for Green and Social bonds, the issuer is required to submit to TSE the information about green or social use of proceeds pertaining to said bond, and such information will be posted on the platform. In addition, issuers can post such information as external reviews, continued reporting after bond issuance, and other related information.
  • Japan's Environmental Ministry issued Green bond guidelines in 2017, found here.

Has SME listing platformYes
Women on boards mandatory minimum ruleNo
Additional information
  • TSE and the Ministry of Economy, Trade and Industry (METI) annually select listed companies in recognition of outstanding efforts in promoting women empowerment and employee health and productivity.
  • TSE operates an infrastructure fund market to facilitate investment in renewable energy facilities and other infrastructure.
  • Sustainability section of the website
  • List of partners can be found here.

Organizational model of stock exchange
  • Listed company for profit; TSE & OSE demutualized in 2001.

Regulatory bodies

Regulatory modelStrong Exchange SRO Model

  • The Financial Instruments and Exchange Act (FIEA) requires financial instruments exchanges to fulfill self-regulatory functions. Japan Exchange Regulation (JPX-R) is a self-regulatory organization established by JPX, to perform self-regulation on behalf of TSE and Osaka Exchange. Independence and fairness of JPX-R is assured by many arrangements, including its organization structure where a majority of board of governors is comprised of outside governors. At the same time, JPX-R can leverage its proximity to the market operators and expertise across corporate group, and this enables JPX-R to respond swiftly to new market developments.

About the stock exchangeLocation: Tokyo, Japan.

  • JPX offers Japan's most comprehensive integrated market infrastructure, with its business domain covering cash and derivatives market operation, self-regulation, and clearing. Tokyo Stock Exchange is home to more than 3,600 companies and a wide variety of ETP and REIT products, while Osaka Exchange provides highly liquid derivative products. In addition to efficient, stable and transparent market mechanisms offered by two bourses, self-regulation at Japan Exchange Regulation and CCP functions provided by Japan Securities Clearing Corporation also contribute to trust and confidence in its market infrastructure. JPX also drives efforts to enhance corporate value and sustainability, through advancing corporate governance reforms and offering ESG related indices and products. For more information about JPX and JPX subsidiaries: