日经亚洲报道：2026年东证退市公司达128家，连续第三年创纪录，上市公司总数降至3,705家（七年最少）

TOKYO -- A record number of companies will delist from the Tokyo Stock Exchange for the third consecutive year, as some partner with investment funds to go private while others fail to meet tougher standards for remaining listed.
As of Friday, 128 companies already have delisted or are set to delist this year, exceeding the 125 for all of 2025. The figure appears likely to grow, as 29 have been placed under supervision with a possibility of delisting.
About one-fifth of those going private -- 28 businesses -- sought the assistance of investment funds. The financial resources will help streamline complex shareholder structures and enable more agile management decisions, including restructuring. Many cases were triggered by activist shareholders pressuring companies to improve management.
European investment fund EQT acquired elevator manufacturer Fujitec, and online printing company Raksul pursued a management buyout sponsored by Goldman Sachs. Raksul's management team now holds half of the voting rights and will seek growth investments in areas such as finance.
Some startups are opting for privatization in response to the changing business environment. Mamezo, which partnered with EQT to go private, had listed on the TSE Growth market only recently, in June 2024. Though its earnings have been strong, Mamezo chose to go private to make bold investments in artificial-intelligence-related fields without being constrained by short-term results.
The TSE's market restructuring four years ago also forces some businesses to exit. In April 2022, the bourse reorganized its four divisions into three, changing the market capitalization criteria required for listing. With the transitional period ending, 10 companies that do not meet the conditions will be delisted Oct. 1, with others expected to follow in 2027.
Investors who contribute money to startups can profit from initial public offerings. This has prompted many cases of companies rushing to list while still growing, only to stagnate afterward. The TSE sought to stop that trend by requiring small companies that remain small to exit the exchange.
The TSE's listed companies totaled 3,705 as of the end of August -- excluding the Tokyo Pro market for professional investors -- down from 3,782 at the end of 2025. This is 4% lower than the peak at the end of 2023, and the fewest in seven years. The 22 IPOs during the first eight months of 2026 also represent a decline on the year.
Some companies hoping to stay listed are finding opportunities on regional stock exchanges with more lenient listing requirements. The number of companies newly listed on the Nagoya, Fukuoka and Sapporo exchanges -- excluding markets for professionals, but including unlisted businesses approved for listing -- surged to 47 in 2025, up from three in 2020. This year, 21 companies have listed as of the end of August.
The TSE once competed fiercely with the former Osaka Securities Exchange to attract listings, but now prioritizes corporate reforms. Hiromi Yamaji, CEO of TSE parent Japan Exchange Group, has said the number of listed companies is not a major concern.
Listed companies on U.S. exchanges such as the New York Stock Exchange and Nasdaq have fallen by half in the past 30 years, totaling around 3,900 at the end of 2025. Many businesses continue to grow while remaining private. But notable listings of large-cap stocks have occurred recently, such as SpaceX, which had a record-breaking IPO with a market capitalization of $1.7 trillion.