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.

Japan's Governance: Prime Market Standard and Treasury Stock Retirement

Japan's Governance: Considerations Regarding Retirement of Treasury Stock

Japan's Governance: Considerations Regarding the Percentage of Foreign Shareholders

Japan's Governance: From "Status of Compliance with the Corporate Governance Code" Disclosed by TSE

Japan's Governance: About the Article on Holding Shares Contributed to Retirement Benefit Trusts

Japan's Governance: About the Article on the Limited Information Disclosure Published in English

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>This article will focus on TOPIX reform regarding policy shares. The biggest change in the way TOPIX's float ratio is calculated is the exclusion of policy shares from TOPIX float.</li>
<li>Companies with a large cross-shareholdings will see a downward impact on their stock prices. We expect to see a move to reduce policy holdings by the end of March.</li>
<li>It is also expected that there will be a move to transfer policy-holding shares to deemed-holding shares, which are considered floating shares. We should keep close eyes on such moves.</li>
</ul>


This article will focus on TOPIX reform regarding policy shares. The biggest change in the way TOPIX's float ratio is calculated is the exclusion of policy shares from TOPIX float.
Companies with a large cross-shareholdings will see a downward impact on their stock prices. We expect to see a move to reduce policy holdings by the end of March.
It is also expected that there will be a move to transfer policy-holding shares to deemed-holding shares, which are considered floating shares. We should keep close eyes on such moves.


Japan's Governance: TOPIX Reform Update (2) - Change in Calculation Method of Floating Share Ratio

TSE Tokyo Price Index TOPIX

Japan's Governance: TOPIX Reform Update (2) - Change in Calculation Method of Floating Share Ratio