TOKYO -- Listed Japanese companies have been expanding share buyback programs, which totaled some 9.6 trillion yen ($65 billion) in 2023, setting a new high for a second consecutive year.
Markets
Japan firms' share buybacks expanded to a record $65bn in 2023
Swollen surplus funds were actively used to boost returns to shareholders
Companies are using surplus funds to increase returns to shareholders partly because the Tokyo Stock Exchange has called for listed firms to improve their capital efficiency. Buybacks were especially noticeable among companies with relatively low price-to-book ratios.
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