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January 29, 2004

English Financial Statements to be OK'ed

The Financial Services Agency plans to allow foreign companies listed on Japanese stock exchanges to disclose their financial statements in English by fiscal 2006. By lifting the burden of translating such reports into Japanese, the agency hopes to reverse the decline in foreign firms on the exchanges. There are specific rules on form and vocabulary for listed firms' financial statements, which have been required to be in Japanese to protect domestic investors who cannot read English. The number of foreign firms listed on the Tokyo Stock Exchange fell from 125 in 1991 to just 32 in 2003.
(From a Nikkei Keizai Shimbun story)

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