Market News

Apr. 07, 2020 TSE Disclosure by Listed Companies to Continue after the Declaration of a State of Emergency


As separately announced, after the Declaration of State of Emergency, the trading at Tokyo Stock Exchange, Inc. (TSE) is scheduled to continue. Therefore TSE has informed listed companies, as below, that the timely disclosure will continue to be required after the Declaration of State of Emergency.

The government of Japan has today declared a state of emergency over the Covid-19 outbreak, which is to be effective after April 8th. Despite this, trading on all markets of the Tokyo Stock Exchange is scheduled to continue as normal tomorrow and beyond.
Japan Exchange Group remains committed to stable market operations. We deeply appreciate your continued understanding and support.

TSE understands the first response of listed companies is to ensure the health and safety of executives, employees and other stakeholders, but in such a time as this, in order to avoid distorted price formation based on inaccurate and unclear information in the market and to foster sound and proper investment decisions by investors, TSE asks listed companies to carefully consider and continue timely and appropriate disclosure of important company information.

In addition, as the uncertainty of the impact of the Covid-19 outbreak on business activities and business performance of listed companies increases, and practical challenges of day to day operations are expected to be increase as well, in connection with the requirement of the declaration of emergency, listed companies and audit professionals might be faced with difficulty in closing the accounts and audit procedures. As already announced, in light of the current circumstances, the financial results are expected to be disclosed as soon as finalized, regardless of the "within 45 days" practices, Additionally in the event that it becomes difficult to complete the necessary procedures, TSE asks that listed companies reconsider the financial results announcement schedule regardless of the original schedule.

If you have any further questions regarding the information disclosure regarding the Covid-19 or listing rules, please contact the Listing Department.

  • ・Please note, in preparation for the start of the New Market Segments expected in April 2022, TSE has previously announced the publication of the outline regarding the revision of current rules, however, this revision process will resume after the State of Emergency Declaration is canceled.
(Reference) JPX response to spread of novel coronavirus


Listing Department