This review concludes that there is scope for Japan to work towards a stronger disclosure regime, such as that identified by the TCFD under its recommendations.

This would assist materially in ensuring climate risk mitigation in Japan, facilitating better investment decisions and assisting with the maintenance of financial stability, as Japan and its global trading partners seek to transition to a lower carbon economy.

Practical actions for better climate disclosure in Japan


  • The Government of Japan should endorse the TCFD’s final recommendations, as should the Ministry of the Environment of Japan (MOE) and the Financial Service Agency of Japan (FSA).

Stock exchanges

  • The Tokyo Stock Exchange could reference the TCFD’s recommendations in its existing corporate governance guidance.

Companies and investors

  • Companies and investors should adopt the TCFD recommendations as a practical framework for climate disclosure. Companies and investors should share good practice to help overcome initial implementation challenges, with reporting convergence needed in the longer term.

Produced in collaboration with Baker McKenzie

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TCFD Recommendations: Country reviews