Every listed company in Japan, and some unlisted companies with many shareholders or past public offerings, must file a yuho each year. It is the Japanese equivalent of a US 10-K: audited financial statements plus a long narrative on the business, risks, management's analysis, governance, shareholders and officers. The deadline is three months after the year end, so for the large majority of companies, with March year ends, filing falls in June.
For anyone hiring in Japan, the most useful section is the one on employees. It gives headcount by segment, average age, average length of service and average annual salary, including bonuses, for the filing company itself. Since fiscal years ending on or after 31 March 2023, it also covers human capital strategy and, where the company reports them under the related laws, the female manager ratio, men's childcare leave uptake and the gender pay gap. Directors whose total pay is 100 million yen or more are named individually.
The Cabinet Office Order amended on 20 February 2026 added more for fiscal years ending on or after 31 March 2026: a human resources strategy linked to the group's business strategy, the policy for setting employee pay, and the year-on-year change in average annual salary. Timing has also moved. After the financial services minister asked all listed companies in March 2025 to file before their shareholders' meeting, EY counted 88.5% of March year-end listed companies doing so in 2026, up from 57.9%.
What it means for a foreign employer
- It is the best free salary benchmark you have. Average annual salary by company is a quick read on where a target employer pays. Remember it covers the parent company only and blends every age and grade.
- Read it before you approach a target company's people. Headcount trends, restructuring, voluntary retirement programmes and new strategy all appear here before they appear in the press.
- The new pay-change figure is a recruiting tool. From 2026 you can see which competitors raised average pay and by how much.
- Officer pay disclosure has limits. Only pay above 100 million yen is named, so it shows the top of the market, not the typical executive package.
Sources
- Financial Instruments and Exchange Act, Article 24.
- Cabinet Office Order on Disclosure of Corporate Affairs, as amended 20 February 2026, for fiscal years ending on or after 31 March 2026.
- EY Japan, analysis of pre-AGM filing of annual securities reports for March 2026 year ends, July 2026.