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Reduction of Investment Unit / Mechanism and Effects of Share Split

Desirable Investment Unit Level (Less than JPY 500,000)

In order to create an environment in which individual investors can easily invest, TSE has indicated that the desirable investment unit level for listed companies should be less than JPY 500,000.

In addition, if a stock’s investment unit size is set at or above the desirable investment level (JPY 500,000 or more), TSE requires issuers of listed domestic stock certificates to disclose, within three months of the end of their fiscal years, the company's views, policies and other information concerning the reduction of the investment unit. This disclosure is required under TSE listing rules.

Corporate disclosures for individual companies can be found on the “Listed Company Search” page of the TSE website.

 

Reduction of Investment Units

The percentage of “high investment unit companies” (companies with investment units of JPY 500,000 or more) has remained below 10% in recent years. As of March 31, 2024, 93.3% of TSE-listed companies had investment units less than JPY 500,000.

As of end-March

 

As of end-March 2024

 

Status by Market Segment

As of end-March 2024

 

Investment Unit Distribution by Number of Companies

As of end-March 2024

 

Request for Consideration of Reduction of Investment Unit

On October 27, 2022, TSE issued a request to companies with investment units of JPY 500,000 or more, asking them to consider reducing their investment units.

Request for Consideration of Reducing the Investment Unit
(Notice to Representatives of Listed Companies)
(in Japanese only)		 icon-pdf
Attachment 1: Background to the Reduction of Investment Units
(in Japanese only)		 icon-pdf
Attachment 2: Companies with Investment Units of at least JPY 1 million (as of October 26)
(in Japanese only)		 icon-pdf