In response to Japan's decline as a centre for foreign investment in Asia, the Financial Services Agency established a Disclosure System Working Group ( DSWG) is to consider expanding the scope of disclosures that may be made in English by foreign companies whose securities are transacted in Japan's market. The DSWG's report was published on 17 December 2010 and strongly urges an increase in the scope of disclosures that may be made in English.

At present, only continuous disclosure documents (for example, annual assets securities reports, semi-annual securities reports) are permitted to be filed in English under Japanese law. However, the report suggests that not only continuous disclosure but also disclosure related to the issuance of securities should be permitted to be made in English. With respect to issuance disclosure documents, the report argues for allowing the company information in such documents to be written in English if securities issued by the relevant foreign company have been listed or publicly offered in a foreign market, and if the company information has been disclosed in English in such foreign market. However, the report draws the line at information regarding the securities themselves and suggests that such information be written in Japanese due to its significance to the decision to invest and may be material in the context of any issue regarding the manner of solicitation of the securities.

In response to the report, Japan's FSA has indicated that a bill of amendment to the relevant securities laws will be submitted to the Parliament within fiscal year 2011.