Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

Japan Exchange Group

Name Japan Exchange Group
Country Japan
Number of listed companies 3924
Domestic market capitalization 6066496.3 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

ESG reporting required as a listing rule Yes

  • 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 reporting Yes

Introductions to ESG Ratings Agencies and Data Providers, and ESG Finance Ratings Providers (Japanese)

Offers ESG related training Yes

For investors, Tokyo Stock Exchange provides articles on ESG investment on its “TSE Manebu!” website (Japanese).

Market covered by sustainability-related index Yes

A list of the ESG indices provided by JPX Market Innovation & Research, including the S&P/JPX 500 ESG Score Tilted Index Series and the FTSE JPX Net Zero Japan 500 Index, can be found here.

Has sustainability bond listing segment Yes

Has SME listing platform Yes

The Growth Market was launched in April 2022 as part of the TSE market restructuring. See here for details.

Previously, growth companies were listed on the Mothers and Jasdaq Growth markets.

Women on boards mandatory minimum rule No

In October 2023, TSE changed its listing rules in line with the targets set out by the Japanese government for the ratio of female executives at Prime Market-listed companies. This requires such companies to “strive to appoint at least one female executive by 2025” and “aim to raise the ratio of female executives to at least 30% by 2030”. For details, see here.

Additional information

List of initiatives supported by JPX can be found here.

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

Regulatory bodies

Regulatory model
Strong 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 exchange
Location: Tokyo, Japan.

  • JPX’s business domain covers 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 and Tokyo Commodity Exchange provide highly liquid financial and commodity derivative products. In addition self-regulation functions are provided by Japan Exchange Regulation and CCP functions are provided by Japan Securities Clearing Corporation. For more information about JPX and JPX subsidiaries:

Japan Securities Clearing Corporation (Company Profile)

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.


Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.