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Tokyo market stands out globally on need for greater returns, restructuring
The entrance to the former TSE trading floor, now open to the public as TSE Arrows. (Photo by Nozomi Okubo)
AKIRA INUJIMA, YOSHIKAZU IMAHORI and TAKAHISA TAMURA
January 12, 2026 03:05 JST
TOKYO -- Even amid historic highs in the Japanese stock market, around one in three companies have price-to-book (P/B) ratios below 1, suggesting those companies may be undervalued or distressed, with factors including excessive cash reserves and overcompetition.