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, 2026, 93.4% of TSE-listed companies had investment units less than JPY 500,000.
Status by Market Segment
Investment Unit Distribution by Number of Companies
Request for Consideration of Reduction of Investment Unit
October 27, 2022
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) |
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| Attachment 1: Background to the Reduction of Investment Units (in Japanese only) |
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| Attachment 2: Companies with Investment Units of at least JPY 1 million (as of October 26, 2022) (in Japanese only) |
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July 28, 2026
On July 28, 2026, Tokyo Stock Exchange once again requested that companies with an investment unit of JPY 500,000 or more consider conducting a stock split to reduce their investment unit.
| “Request for Consideration of Reducing the Investment Unit” (Notice to Representatives of Listed Companies) (in Japanese only) |
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| Attachment 1: Status of Share Splits Following Request (in Japanese only) |
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| Attachment 2: Companies That Implemented Significant Share Splits or Multiple Share Splits (in Japanese only) |
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| Attachment 3: Companies with Investment Units of at Least JPY 1 million (as of June 30, 2026) (in Japanese only) |
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In addition, we have established the “Working Group on Further Promotion of Small-Size Investments” to examine specific measures and other initiatives aimed at further facilitating small-size investments. Please refer here for information on the “Working Group on Further Promotion of Small-Size Investments”.