On 22 May 2024, ACGA released the Japan chapter of the CG Watch 2023 report. Titled "Ramping up CG Reform: Japan leaps to second in ACGA rankings," the report is written by former Secretary General Jamie Allen and co-published with CLSA.

Japan - “A” for effort, “C” for disclosure

• Japan leaps into second place in our rankings from equal fifth in 2020. This its best showing in 20 years of CG Watch and primarily reflects the effort being made by multiple stakeholders. Disclosure on board governance still mediocre
• Robust TSE focus on capital efficiency and profitability to address low valuations of listed companies
• New FSA “Action Program” to accelerate CG reform and resolve some entrenched weaknesses in shareholder rights
• Government driving gender diversity and women’s empowerment; new TSE listing rules on gender diversity
• New METI guidelines promoting fairer and more transparent takeovers
• Companies improving CG disclosure, but poor by regional standards
• Investors strengthening individual company engagement and tactical voting, but collaborative engagement on CG remains limited
• Breadth and depth of activism and active ownership increasing
• Director training quality high, but quantity vastly insufficient
• Media coverage of CG is broadening and deepening