Companies listed on the Tokyo Stock Exchange will face more stringent requirements for disclosing information about their anti-takeover measures as early, Asia Pulse reports.

"Decisive steps against takeover defenses that harm investor returns are needed," Tokyo Stock Exchange Group Inc. president Atsushi Saito told a press conference.

The strengthened rules, which still need to be hammered out, are likely to require companies to make more frequent and more detailed reports on the workings of their defenses. The disclosure requirements that are already in place have been criticized as mere formalities.

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