Nearly 1,100 Tokyo Prime-listed companies to cut cross-held shares

Itochu, Toyota and NTT pledge to drop holdings not generating value

The Tokyo Stock Exchange has urged companies to unwind cross-held shares to boost capital efficiency. (Photo by Yuki Kohara)

TOKIO MURAKAMI, Nikkei staff writers

May 18, 2024 01:58 JST

TOKYO -- Nearly 70% of the companies listed on the Tokyo Stock Exchange's Prime market plan to reduce their holdings of cross-held shares, according to the latest industry data.

As of the end of March, 1,095 out of 1,650 total Prime companies have adopted commitments to cut cross-held shares, according to a survey of corporate governance filings by auditing firm KPMG AZSA.