The TSE cost of capital disclosure list is one of the most useful official trackers for Japan's corporate-value reform push. It does not tell investors which company will raise dividends, buy back shares or outperform. It does tell investors which Prime and Standard Market companies have disclosed, or are still considering, actions connected to management conscious of cost of capital and stock price.
For international investors, that makes the list a starting point rather than a conclusion. The best use is to identify companies that have put their capital-allocation thinking into a Corporate Governance Report, then test the disclosure against financial statements, dividend policy, buybacks, cross-shareholding reductions and management targets.
This guide complements ATG Press's broader guides to Japan shareholder-return policy, Japan cross-shareholdings, EDINET annual securities reports and Japanese stock tickers and ADRs.
Key Takeaways
- The TSE cost of capital disclosure list covers Prime and Standard Market companies that have disclosed initiatives or consideration status in response to TSE's request.
- JPX says the list is updated monthly based on month-end status; the page accessed for this article was updated on July 15, 2026 and uses end-June 2026 data.
- As of end-June 2026, JPX reported 1,462 Prime Market companies and 877 Standard Market companies on the list, including companies under consideration.
- A "Disclosed" label is not the same as proof of a strong capital policy. Investors still need to read the underlying disclosure, filings and capital-allocation record.
- The April 2026 TSE update moved the discussion beyond simple valuation awareness toward resource allocation, balance-sheet use, growth investment and board oversight.
- For overseas investors, the English-disclosure and institutional-contact fields are practical filters, but they are not quality scores.
What The TSE List Measures
Tokyo Stock Exchange requested all listed companies on the Prime and Standard Markets to take action to implement management conscious of cost of capital and stock price on March 31, 2023. JPX's English follow-up page explains that the list was later published because domestic and foreign shareholders had strong interest in how companies were responding.
The core source is JPX's page for Action to Implement Management that is Conscious of Cost of Capital and Stock Price. JPX says the list is updated monthly based on status as of the end of the month. The version used here is the end-June 2026 Excel file, accessed on August 10, 2026.
The important point is scope. This is not a list of all Japanese listed companies. It is a Prime and Standard Market follow-up list for companies that have selected one of the relevant disclosure statuses in their Corporate Governance Report. Growth Market companies are outside this particular list, even though they may still have capital-efficiency issues.
The list should also not be read as a ranking. It records status fields, update dates and some practical investor-contact information. It does not decide whether the company's plan is convincing.
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| Field in the TSE list | What it means | Investor use | Main caution | Source date |
|---|---|---|---|---|
| Market segment | Whether the company is on Prime or Standard | Separate large-cap global-access names from smaller domestic names | Growth Market companies are not included | End-June 2026 list |
| Securities code | The TSE code, including newer alphanumeric codes | Match the issuer to broker and data-provider symbols | Do not treat codes as numbers only; some include letters | End-June 2026 list |
| Disclosure status | Whether the company is disclosed or under consideration | Start the workflow and filter companies | Status is not a quality score | End-June 2026 list |
| Date of disclosure update | Date shown when the company has updated its disclosure | Find fresh capital-allocation revisions | An update can be cosmetic or substantive | End-June 2026 list |
| English disclosure | Whether English disclosure is marked available | Useful for overseas investors seeking direct source material | English availability does not guarantee depth | End-June 2026 list |
| Institutional-investor contact | Whether the company wishes for more active contact | Useful for engagement-oriented investors | Contact willingness is not a valuation signal | End-June 2026 list |
What The June 2026 Data Shows
JPX's end-June 2026 status appendix, dated July 15, 2026, reports that 94% of Prime Market listed companies and 56% of Standard Market listed companies had disclosed or were under consideration. The same appendix reports 1,242 Prime companies and 503 Standard companies with updated disclosure contents after initial disclosure.
ATG Press also checked the end-June 2026 Excel workbook directly. The workbook contains 1,462 Prime rows and 877 Standard rows on the list, matching the appendix totals. It also shows 1,119 Prime companies and 91 Standard companies with English disclosure marked available.
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| Market segment | Companies on list | Disclosed | Under consideration | Updated disclosures | English disclosure available | Companies seeking more institutional contact | Period and source |
|---|---|---|---|---|---|---|---|
| Prime Market | 1,462 | 1,455 | 7 | 1,242 | 1,119 | 269 | End-June 2026 JPX list and appendix |
| Standard Market | 877 | 844 | 33 | 503 | 91 | 76 | End-June 2026 JPX list and appendix |
| Total | 2,339 | 2,299 | 40 | 1,745 | 1,210 | 345 | End-June 2026 JPX list and appendix |
Two details stand out. First, Prime Market coverage is now broad enough that a Prime company with no useful disclosure may itself be a research question. Second, Standard Market English availability remains limited. For overseas investors, that means a screen that requires English material will exclude many smaller companies before any valuation work begins.
The workbook also includes newer alphanumeric securities codes. That is a small but practical reminder: do not force Japanese securities codes into a numeric-only data model. The ticker workflow in ATG Press's Japanese stock tickers and ADRs guide is relevant here because broker symbols, ADR symbols and official TSE codes can diverge.
Why The 2026 Update Changed The Question
TSE's April 28, 2026 update says the request is entering its fourth year and that further progress depends on companies showing their growth trajectory and how they allocate management resources. The document asks whether the medium- to long-term policy is clearly presented, whether capital use and priorities are clear, whether assets are in an optimal state for value creation, and whether the board is providing discussion and oversight.
That is a higher bar than simply saying "we know our PBR is below 1x" or "we will improve ROE." The update asks companies to connect growth investment, surplus cash, cross-shareholding sales, buybacks, dividends and balance-sheet efficiency into an allocation policy.
The same direction appears in TSE's Key Points Considering The Investor's Point of View, third edition dated December 26, 2025. The document is based on meetings with domestic and overseas investors, and its topics include current-situation analysis, balance-sheet efficacy, targets, resource allocation, dialogue and continuing updates.
FSA and TSE also finalized the Corporate Governance Code 2026 Revision on July 21, 2026, with the page updated on August 3, 2026. The FSA page says the draft was open for public consultation from April 10 to May 15, 2026 and received comments from 147 individuals and entities. That broader governance-code context reinforces why disclosure quality, board oversight and investor dialogue matter as much as the status label.
How To Read Disclosure Status And Updates
JPX explains that status is determined from the company's most recently submitted Corporate Governance Report at the time of data collection. If the company selected "Disclosure of Initiatives (Initial)" or "Disclosure of Initiatives (Update)," the status is listed as "Disclosed." If the company selected "Disclosure of Consideration Status," the status is listed as "Under consideration."
That distinction matters. A company under consideration has not necessarily presented a full plan. A company marked disclosed may have a detailed capital-allocation policy, or it may have a short, high-level statement. The spreadsheet is a map to the disclosure, not the disclosure itself.
The January 2025 list revision also matters for interpretation. JPX says it added a disclosure-update date, added columns for companies that wish to be contacted by institutional investors, and set a six-month limit for "under consideration" status. In January 2026, JPX added the details disclosed by each company in Corporate Governance Reports.
For article research, ATG Press excluded the Japanese-only disclosure-content field from reader-facing quotation. The useful English workflow is to use the list to find the company, then open the underlying Corporate Governance Report, earnings materials and filings.
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| Status or signal | Practical reading | What to check next | Risk of over-reading |
|---|---|---|---|
| Disclosed | The company has reported initial or updated initiatives in the relevant governance-report field | Capital-allocation policy, ROE or ROIC targets, dividend and buyback history | Treating the label as proof that the plan is strong |
| Under consideration | The company has indicated consideration status, within TSE's inclusion rules | When the status started and whether a full disclosure follows | Treating consideration as a likely reform outcome |
| Updated disclosure date | The company has refreshed the relevant disclosure | What changed from the prior plan and whether targets became more concrete | Assuming an update is always material |
| English disclosure available | The list marks English disclosure as available | Whether the English document is complete, current and consistent with Japanese filings | Assuming English availability equals investor-grade disclosure |
| Contact request | The company wants more active institutional-investor contact | IR contact route and investor-meeting materials | Assuming engagement willingness means cheap valuation |
A Practical Investor Workflow
Use the TSE list as a triage tool, then move into primary-company evidence. A simple workflow is enough for most investors:
1. Confirm the issuer and securities code in the JPX list. 2. Check whether the market segment is Prime or Standard. 3. Record the disclosure status and update date. 4. Check whether English disclosure is marked available. 5. Open the company's Corporate Governance Report and investor-relations material. 6. Compare the stated plan with earnings, cash flow, dividend policy, buyback history and cross-shareholding data. 7. Use EDINET annual securities reports for governance and financial detail when English summaries are too thin.
The TSE list becomes much more useful when paired with other official research. A company that says it will improve capital efficiency should be checked against its operating performance, capital expenditure, R&D, payout policy, treasury-share treatment and policy-shareholding reductions. ATG Press's cross-shareholdings guide and EDINET guide are natural next steps.
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| Research question | Use the TSE list for | Use company filings for | Use caution because |
|---|---|---|---|
| Is the company responding to TSE's request? | Status and update date | Corporate Governance Report text | Status does not measure plan quality |
| Is the plan capital-allocation focused? | Disclosure-content lead and update signal | Medium-term plan, cash-flow policy, investment priorities | Companies can use similar language with different substance |
| Is shareholder return central? | None directly, except as a disclosure lead | Dividend policy, buyback releases, cancellation policy | TSE does not require immediate payouts |
| Can overseas investors read the evidence? | English-disclosure field | English IR site, filings and presentations | English availability can be partial |
| Is engagement realistic? | Institutional-contact field | IR calendar and contact route | Contact openness is not an investment thesis |
What Not To Infer From The List
The most common mistake is to turn the TSE list into a buy list. That is not what it is. A disclosure can be vague, late, reactive or disconnected from capital deployment. A company with a strong plan may still face weak demand, margin pressure, poor execution or an expensive share price.
The second mistake is to assume that shareholder returns are the only acceptable answer. TSE's April 2026 update explicitly discusses growth investment, M&A, human capital, intangible assets, cash on hand, cross-shareholding sales, inefficient-asset sales, dividends and buybacks as parts of capital allocation. A company with underinvested businesses may need disciplined growth investment more than an immediate buyback. A mature company with surplus capital may face a different test.
The third mistake is to ignore time. A plan that was updated in 2026 deserves a different reading from a boilerplate initial disclosure with no follow-up. The date field is not the whole story, but it is a good prompt to ask what changed.
For international investors, the best conclusion is modest: the TSE cost of capital disclosure list is a high-quality official starting point for Japan corporate-governance research. It narrows the universe, shows who has responded, and points to companies willing to provide more material. The investment case still has to be built from primary filings, financial results and valuation discipline.
Related Links
- Japan Shareholder Return Policy 2026: Payout Ratio, DOE, Progressive Dividends And Buybacks
- Japan Cross-Shareholdings 2026: How To Read Policy Shareholding Reductions
- EDINET Annual Securities Reports 2026: How To Research Japanese Stocks From Official Filings
- Japanese Stock Tickers And ADRs: How To Match TSE Codes, ISINs And U.S. Symbols
Sources
- Japan Exchange Group / Tokyo Stock Exchange, Action to Implement Management that is Conscious of Cost of Capital and Stock Price, page updated July 15, 2026 and accessed August 10, 2026.
- Japan Exchange Group / Tokyo Stock Exchange, List of Companies That Have Disclosed Information, as of end-June 2026 and accessed August 10, 2026.
- Japan Exchange Group / Tokyo Stock Exchange, Status of Disclosure on Action to Implement Management that is Conscious of Cost of Capital and Stock Price, dated July 15, 2026 and accessed August 10, 2026.
- Japan Exchange Group / Tokyo Stock Exchange, Update to the Request Concerning Management That is Conscious of Cost of Capital and Stock Price, dated April 28, 2026 and accessed August 10, 2026.
- Japan Exchange Group / Tokyo Stock Exchange, Key Points Considering The Investor's Point of View, third edition dated December 26, 2025 and accessed August 10, 2026.
- Financial Services Agency and Tokyo Stock Exchange, Finalization of the Corporate Governance Code (2026 Revision), dated July 21, 2026, updated August 3, 2026 and accessed August 10, 2026.
Investment Disclaimer
This article is for informational purposes only and does not constitute investment advice.
