FinCity.tokyo

Interview: Strengthening the English IR skills of Japanese listed companies

Ryuichi Takemura, Head of FinCity.Tokyo’s Disclosure G Program

Japan is back on global investors’ radar, yet opportunities on the Tokyo Stock Exchange can remain undiscovered due to a lack of global standard, high-quality investor communication in English. We speak to Ryuichi Takemura, who leads FinCity.Tokyo successful Disclosure G Program to enhance English-language communications by listed firms.

Can you please introduce the Disclosure G program briefly?

The English Disclosure Support Program is a key initiative led by the Tokyo Metropolitan Government and FinCity.Tokyo, launched in 2021. Its mission is to empower Japanese listed companies, particularly small to mid-cap companies, to enhance the quality of their English-
language disclosures and investor relations (IR).
Each year, we select approximately 15 companies to receive comprehensive, hands-on support from IR experts. Since its inception, we have supported a total of around 60 companies in developing the skills and materials needed to communicate effectively with the global investment community.

Japan is getting a lot of attention from global investors. Why is Disclosure G important right now?

You are absolutely right. With the Tokyo Stock Exchange’s reforms and a renewed government focus on transforming Japan into a leading asset management nation, global investor attention is at a high.
This program is critical right now because it directly tackles the barrier that prevents this attention from turning into investment: the information gap.
As you rightly pointed out, global investors want to find “hidden gems” but many of Japan’s most promising small and mid-cap companies have historically lacked the resources or know-how for world-class English IR. The Disclosure G program acts as a vital bridge. We provide the specific tools and expertise these companies need to articulate their growth stories, thereby increasing their transparency and making them more accessible to investors who are seeking new opportunities in Japan.

How do you select the companies that join the training?

Our selection process is focused on identifying companies with strong growth potential and a genuine commitment from management to engage with global investors. The procedure is as follows:
Public Application: We conduct a public call for applications targeting listed companies, with a particular focus on small and mid-cap companies aiming for global growth.
Screening & Interviews: Applicants are first screened based on their business and financial situation. Shortlisted companies then proceed to an interview stage, where we assess the top management’s enthusiasm and commitment to enhancing their English disclosure as a core part of their corporate strategy.
The final selection is made based on this comprehensive evaluation of both potential and intent.

What has been the outcome of this training so far?

The results have been very encouraging. Many participants join the program with challenges, such as not knowing what information global investors truly value, or how to structure a compelling narrative in their presentations and reports.
Through the program, they gain significant confidence and practical skills. We have received powerful feedback from past participants who report:

•  A deeper understanding of global investor expectations.
• The ability to create high-quality English materials, such as integrated reports and earnings presentations, from scratch.
• A significant increase in confidence during one-on-one meetings with foreign investors.
• Positive reception from the market on their improved disclosures.

How do you see this program evolving in the future?

Our vision is to continue building on this success. In the future, we plan to:

• Strengthen the Alumni Network: We are fostering a community among past participants to enable them to share best practices and continue supporting each other’s global IR efforts long after they complete the program.
• Enhance Program Content: We will continue to update our curriculum to include emerging topics of high importance to investors, such as best practices in ESG disclosure.
• Expand our Reach: We hope to gradually increase our capacity to support even more of Japan’s high-potential companies.

Where can companies find out more about this program?

Certainly. All information, including details about the program and how to apply, is available on our official websites.
Disclosure G Official Program Website:  https://disclosure-g.tokyo/en/
FinCity.Tokyo Website (Japanese): https://fincity.tokyo/activities/2654/