Japan Exchange Group, Inc. · TSE:8697
Japan Exchange — Investor Day (July 2026)
11 slides from Japan Exchange's investor day presentation, Jul 2, 2026
Slide 1: Cash Equity Market
JPX Investor Day 2026 Cash Equity Market President & CEO Tokyo Stock Exchange, Inc. Yokoyama Ryusuke July 2, 2026 © 2026 Japan Exchange Group, Inc., and/or its affiliates
Slide 2: Positioning of Each Initiative in the Medium-Term Management Plan 2027
Positioning of Each Initiative in the “Medium-Term Management Plan 2027” Promotion of management that is conscious of cost of capital and stock price Revisions to the Corporate Governance Code Revisions to trading rules for the cash equity market © 2026 Japan Exchange Group, Inc., and/or its affilia
Slide 3: Index
1. Request for Management That Is Conscious of Cost of Capital and Stock Price INDEX 2. Revisions to the Corporate Governance Code 3. Improvement of the Closing Auction Session 4. Revision of Tick Sizes © 2026 Japan Exchange Group, Inc., and/or its affiliates
Slide 4: Request for Management That Is Conscious of Cost of Capital and Stock Price
1. Request for Management That Is Conscious of Cost of Capital and Stock Price ⚫ The number of companies making and updating disclosures has increased significantly in the three years since the request. ➢ Disclosed: 93% of Prime-listed companies and 51% of Standard-listed companies (As of the end of
Slide 5: Distribution of PBR and ROE
1. Distribution of PBR and ROE ⚫ Valuation and capital efficiency of Japanese companies have improved in recent years; however, a considerable gap still exists relative to global peers. PBR & ROE Distribution in Prime Market International Comparison of PBR & ROE 0x-0.5x 0.5-1x 1-2x 2x+ PBR 5.0 July
Slide 6: Update to the Request for Management Conscious of Cost of Capital and Stock Price
1. Update to the Request for Management That is Conscious of Cost of Capital and Stock Price ⚫ The objective of Management That is Conscious of Cost of Capital and Stock Price is to promote medium- to long-term enhancement of corporate value and sustainable growth, while also taking into account the
Slide 7: Approaching Companies Yet to Disclose & Growth Market Companies
1. Approaching Companies Yet to Disclose & Growth Market Companies ⚫ We are working to encourage initiatives among companies that had yet to disclose (46% in Standard Market and 6% in Prime Market as of April 2026). ⚫ Based on the challenges faced by Growth Market companies and startups, we will est
Slide 8: Key Revisions to Corporate Governance Code (Effective July 2026)
2. Key Revisions to Corporate Governance Code (Effective July 2026) ⚫ The Code will be revised to encourage companies to focus on substantive initiatives aimed at sustainable growth and medium- to long-term corporate value enhancement. ➢ Items subject to “comply or explain” will be limited to concep
Slide 9: Improvement of the Closing Auction Session
3. Improvement of the Closing Auction Session ⚫ In light of discussions by the Working Group on Trading Rules—composed of a diverse group of market stakeholders—we plan to introduce a random closing mechanism, which is widely adopted in overseas markets. ✓ Accelerate closing price formation by encou
Slide 10: Revision of Tick Sizes
4. Revision of Tick Sizes ⚫ We will introduce a framework for applying tick size tables based on each stock’s Spread to Tick Ratio (STR),* which will be reviewed annually. * STR: Ratio of the bid-ask spread (difference between highest bid and lowest ask) to the tick size Current Framework Revised Fr
Slide 11: Disclaimer
Disclaimer - This English version is not an official translation of the original Japanese materials. In cases where any differences occur between the English version and the original Japanese version, the Japanese version shall prevail. Japan Exchange Group, Inc. (JPX) and its subsidiaries, includin