投稿者: Mia Omatsuzawa 大松澤実絵

When preparing reports for a global audience, especially English-speaking stakeholders, it’s crucial to go beyond just translating content. The design and layout of your report can significantly impact readability and engagement. Japanese and English report styles often differ, and adapting your design to English conventions can make a world of difference.

Why Layout Matters

Imagine publishing your English report after months of back and forth with the translators, only for native readers to not read your report due to a poor layout. Or worse, your layout distracts readers from the real messages in your report, regardless of the translation quality.

Choosing the right layout can be as critical as the quality of its contents. Those involved in the designing and layout of the original Japanese report optimize text, font, tables, images, headings, spacings, and more to the original Japanese content. Why should the English version be different? Often, companies attempt to use the exact same layouts for English version, which turns into messy, hard to read English report that distract from the content.

For example, Japanese report designers often use vertical text in titles, headers, and even certain graphs and diagrams. English, however, is not so forgiving. Native English readers get tripped up by dense text, unusual spacing, or vertical text elements. A report that is difficult to read distracts from the key messages. That’s is why it’s important to keep the English translation in mind when designing your next report.

Let’s take a look at a few main issues that may arise if English translations are kept in Japanese format.

Poor Readability – Reports designed for Japanese include frequent vertical text. English readers are accustomed to left-to-right, top-to-bottom text flow. Vertical text or can disrupt readers from the main content.

Space Optimization – Japanese headings and text box labels may be as short as two Kanji character, but English text can take up to twice the space of the original content. Tables and charts with space optimized for Japanese can look cramped or overwhelming when translated into English.

Professionalism – A report styled with English design principles looks polished and shows attention to detail, enhancing your company’s credibility with overseas stakeholders. Japanese reports prepared for a Japanese audience and translated straight across to English often look poorly designed and thought out after translation.

So, What Makes for an English-Friendly Layout?

1. Write the Japanese text knowing it will be translated into English
   Long sentences, unclear subjects, needless prepositional phrases, and passive voice may be typical in Japanese reports, but these elements become roadblocks to understanding when translated.
2. Prioritize Horizontal Text Flow
   Avoid vertical text or text blocks that require readers to rotate the document or their heads. Instead, arrange text in a left-to-right, horizontal flow.
3. Choose Fonts Thoughtfully
   Use fonts optimized for English, such as Arial, Times New Roman, or Calibri. Avoid Japanese-optimized fonts like Yu Mincho or MS Gothic, which can make English text look unbalanced.
   Let’s take a look at some of these fonts side-by-side. The following image shows the same paragraph from a Wikipedia article on Michael Jackson in three different fonts. On the far left I used Ariel, a common English-optimized font. The middle and far right columns show the same text at the same size with the same settings, but in Yu Mincho and MS Gothic fonts.

Notice how much space Yu Mincho uses with a single line break? Also notice the blocky letters and large spaces between the words with MS Gothic. Be conscious of how much vertical AND horizontal space your fonts take up! Choose fonts carefully.

4. Adjust Spacing Thoughtfully
　Use generous line spacing and margins to prevent overcrowding and ensure headings and subheadings are distinct and visually clear.

5. Simplify Graphics and Tables
　English layouts often use straightforward graphs and tables that prioritize clarity. Avoid overly intricate designs, labels, and text that may confuse readers. Often times intricate designs that looks good in Japanese look terrible in English.

6. Include Visual Hierarchy
　Use detailed titles, bold headings, bullet points, and numbered lists to create a clear structure. This helps readers quickly scan and absorb the content.

(Image Source: Design Studio UI UX)

7. Test for Mobile-Friendliness
　Many stakeholders view reports on mobile devices. Ensure your layout adapts well to smaller screens without sacrificing readability.

Is it Worth the Effort?
Taking the time to design your reports with English layouts in mind shows your commitment to clear communication. It ensures your hard work doesn’t get lost in translation—literally or figuratively—and helps global stakeholders understand and appreciate your message.

（日本語ブログ：なぜ、海外投資家は日本株を過小評価するのでしょうか？ | One World Link）

Are you happy with the response your company’s English disclosures receive from overseas stakeholders? Do you struggle to gain the confidence of overseas investors?

A 2023 survey conducted by the Tokyo Stock Exchange (TSE) revealed that 72% of overseas institutional investors are dissatisfied with the current state of English corporate disclosures in Japan. This survey targeted mainly institutional investors in the United States, the United Kingdom, Continental Europe, and Asia-Pacific, all of whom pointed to delays and the absence of English materials for small- and mid-cap companies as primary reasons for their dissatisfaction. (TSE Survey)

In response to such mounting criticism, the TSE announced that companies listed on the TSE Prime Market are required to simultaneously disclose material corporate information, including financial results and timely updates, in both Japanese and English beginning April 2025. This new regulation aims to address longstanding concerns from foreign investors, who often rely on English disclosures as their primary source of investment information.

Let’s take a further look into what overseas investors struggle with and why.

Investor Testimonials

Open-ended responses from overseas institutional investors pointed to several common issues, mainly the timing, amount, and quality of disclosure translations.

One respondent working in research at a U.K asset management company wrote, “Lots of the companies disclose much less information in the English disclosure, and even if so, the disclosure timing is 2-3 weeks later compared to the Japanese disclosure. This disclosure timing difference creates huge investment opportunity cost for us.”

“Disclosures have greatly improved overall, but there is still room for more improvement. Many small and mid-size companies, especially smaller ones do not have equally detailed English investor relations information, such as investor presentations.” -US asset management company

“Often times when the disclosure in Japanese is much better than English” -Asset management company in continental Europe

One quote from a U.S. asset management company summarizes the general trend.

“I believe it’s much harder to evaluate the risks of an investment in Japan compared to elsewhere in the world.”

The Unfortunate Result…

The 2023 TSE survey indicated that 41% of respondents valued companies with inadequate English disclosure at a discount, 35 % excluded such companies entirely from their investment universe, and 28% reported reducing the weights of these companies in their portfolios.

Figure 1

Q.What kind of consequences have you experienced due to inadequacy of English
disclosure?

(Source: TSE Survey)

These findings reveal the direct impact of poor English disclosures on investor behavior and, by extension, the valuation of Japanese stocks.

What should you focus on in April?

It’s one thing to understand these issues; knowing where to begin is another challenge entirely. The TSE regulations in April 2025 require Prime Market-listed companies to disclose the following information.

1. Financial Results: This includes annual, semi-annual, and quarterly earnings reports. The simultaneous disclosure ensures that all investors have equal access to a company’s financial performance data.
2. Timely Disclosure Information: Material events that could influence investment decisions, including:
   • Earnings Forecast Revisions: Updates to projected financial performance.
   • Mergers and Acquisitions: Announcements of significant corporate restructuring or business combinations.
   • Changes in Executive Leadership: Notifications regarding alterations in key management positions.

Note that the TSE regulations going into effect will permit companies to provide summaries or excerpts of the Japanese disclosures in English, provided these disclosures cover the essential information necessary for investor decision-making. (JPX News Release)

For companies struggling with English language disclosures, this is a great first step. But the question remains… is this enough?

As mentioned earlier, investors look for full translation. A significant number of open-ended responses from the aforementioned survey indicate that many investors are dissatisfied with only being provided summaries and shortened disclosures. One respondent mentioned “We see some more companies filing various reports in English, but we are dissatisfied with companies still only publishing short versions of the Tanshin report in English, for example.”

Additionally, Respondents to the TSE survey indicated that, in addition to earnings reports, they look to base investment decisions on IR presentations (87%) and annual securities reports (85%). See Figure 2 for a more detailed list of investors’ priority.

Figure 2

Q. Please select one of the following items for each document to determine whether
disclosure in English by listed Japanese companies is necessary when investing in
those companies (a), and the timing at which they are needed relative to the
Japanese release (b).

(Source: TSE Survey)

Understanding which documents overseas investors look for can make of break a company’s efforts to expand overseas.

To Conclude

The upcoming changes are not just a regulatory adjustment but also a critical opportunity for Japanese companies to rebuild investor trust. Prioritizing high-quality, timely English disclosures will allow companies to enhance their global reputation, attract institutional investors, and improve stock valuations.

While the shift may present initial challenges, taking proactive measures to adapt will help you position your company as a leader in transparency and global engagement. In an increasingly interconnected world, the ability to tell a company’s story effectively is not just a competitive advantage; it is an expectation.

>>Tune in to our February edition to learn more on what investors say about the quality of translated disclosures.

（日本語ブログ：読み手のステークホルダーを混乱させないライティングスタイルの一貫性とは？ | One World Link）

What words do you capitalize in titles? Are you consistent in writing dates ranges and numbers? Do you use PhD or Ph.D.? On-site or onsite?

These small but significant questions can be easily solved by using a style guide.
In English writing, few professionals pick up their pen—or keyboard—without first choosing a style guide. Why? Because style guides are the backbone of consistent, polished communication.

For corporations, the stakes are even higher. Inconsistent communication can confuse stakeholders, tarnish your brand, and undermine your credibility. Without a style guide, many Japanese writers or editors may rely on outdated rules they vaguely remember from school—rules that may no longer apply in professional writing. This can lead to inconsistencies, inefficiencies, and miscommunication.

When it comes to translations, ensuring your service provider understands and follows your company’s style guide is just as critical. A well-implemented style guide ensures that every piece of communication—whether internal or external—reflects your brand’s standards and professionalism.

Stop guessing and elevate your communication. Choose the right style guide today!

What Are Style Guides?

Style guides are sets of rules and recommendations that standardize writing and formatting across documents. They ensure consistency and professionalism by stipulating rules on grammar, punctuation, tone, format, and citation styles. Different industries rely on specific style guides to meet their unique communication needs.

For example, journalists use the AP Style for concise reporting, while academics may rely on the Chicago Manual of Style or APA guidelines for detailed citations and formatting. Style guides allow writers to create clear and uniform content that resonates with their target audience.

Here’s a look at the top five most common English style guides and what makes each one unique.

Common Style Guides: An Overview

AP Stylebook (Associated Press)
https://owl.purdue.edu/owl/subject_specific_writing/journalism_and_journalistic_writing/ap_style.html

• Field: Journalism, media, and public relations.
• Purpose: Offers concise and neutral writing guidelines, perfect for news and media content.
• Key Features:
  • Headlines use title case.
  • Avoids the Oxford comma (e.g., “red, white and blue”).
  • Numbers 1-9 are spelled out.

Chicago Manual of Style
https://owl.purdue.edu/owl/research_and_citation/chicago_manual_17th_edition/cmos_formatting_and_style_guide/chicago_manual_of_style_17th_edition.html

• Field: Academia, publishing, and book writing.
• Purpose: A comprehensive guide for authors, editors, and publishers, covering everything from citations to manuscript formatting.
• Key Features:
  • Two citation systems: notes and bibliography (for humanities) and author-date (for sciences).
  • Emphasizes the Oxford comma.
  • Detailed rules for bibliographies, indexes, and manuscript preparation.

MLA Handbook (Modern Language Association)
https://owl.purdue.edu/owl/research_and_citation/mla_style/mla_style_introduction.html

• Field: Humanities and liberal arts.
• Purpose: Provides citation and formatting rules for scholarly writing in literature and arts.
• Key Features:
  • In-text citations paired with a works cited page.
  • Emphasizes simplicity and readability.
  • Clear guidelines for quoting and paraphrasing.

APA Style (American Psychological Association)
https://owl.purdue.edu/owl/research_and_citation/apa_style/apa_style_introduction.html

• Field: Social sciences, psychology, education, and healthcare.
• Purpose: Standardizes citations and formatting for research-heavy disciplines.
• Key Features:
  • Author-date citation style (e.g., Smith, 2020).
  • Rules for headings, abstracts, and tables/figures.
  • Focuses on precision and scientific clarity.

Quick Comparison

• AP: Fast and clear, used for news.
• CMS: Detailed and professional, used for books and essays.
• MLA: Focused on citations, used in humanities.
• APA: Data-heavy and research-focused, used in sciences.

Title Case in Different Style Guides

*Major words include nouns, pronouns, verbs, adjectives, adverbs

For more on capitalization rules, visit Title Case Converter https://titlecaseconverter.com/rules/.

Other Differences

AP – We invited three professors, two Ph.D. students and one research assistant to the seminar.
Chicago Manual / MLA – We invited three professors, two PhD students, and one research assistant to the seminar.
APA – We invited three professors, two Ph.D. students, and one research assistant to the seminar.

So, What Style Guide Does OWL Recommend?

In professional writing, consistency and clarity are key. That’s why OWL chooses the AP Style. AP Style is a great choice for IR communication because it keeps things clear, concise, and professional, which is exactly what investors and stakeholders need. The straightforward nature of this style makes complex financial data easier to digest, which is key when presenting quarterly earnings or big updates. AP Style also focuses on accessibility, ensuring your message is accessible to a broad audience, from seasoned analysts to everyday shareholders.

Choosing the Right Style Guide

Ready to sharpen your writing? Consider your industry, your audience, and the type of content you produce. Whether crafting a news article, research paper, or technical manual, using the right style guide ensures your content is professional, consistent, and tailored to your audience. Evaluate the flexibility and relevance of a guide to your organization’s goals, and ensure everyone on your team is familiar with its rules to maintain a unified approach.

The Owl Purdue website (https://owl.purdue.edu/owl/index.html) is an excellent resource for quick tips and detailed explanations on APA, MLA, CMOS, and more. See the official style guidebooks for the most accurate and detailed information.

• AP Stylebook: https://www.apstylebook.com/
• Chicago Manual of Style (CMS): https://www.chicagomanualofstyle.org/
• MLA Handbook: https://mla.org/Publications/MLA-Handbook
• APA Publication Manual: https://apastyle.apa.org/products/publication-manual-7th-edition

If you want to create your own corporate style guide, Mail Chimp provides an open-source customizable!
https://styleguide.mailchimp.com

Or see this article on some of the best style guides available (with free templates to create your own!)
https://www.canva.com/learn/50-meticulous-style-guides-every-startup-see-launching/

Notes

Be careful when relying on autocorrect or AI tools like Grammarly, as these tools may suggest edits that conflict with your chosen style guide. These tools are helpful for general writing but may not align with the specific rules your company follows. To maintain consistency and professionalism, it’s essential to understand and adhere to the guidelines of your selected style guide.

This blog is not an exhaustive comparison of all style guides. Instead, it provides a general introduction to style guides and their purpose. While many guides share similarities, each has its own distinct and detailed set of rules. For more specifics, refer to the guidebooks themselves.

英語のレポートを日本語のレイアウトのまま、作っていませんか？　投資家が英文レポートを読まないのは、そのレイアウトが原因かも？

英語版のレポートを作成するとき、日本語のレポートをただ翻訳するだけで満足していませんか？グローバルな読者、特に英語を話すステークホルダー向けにレポートを作成する際、単に日本語を翻訳するだけでは不十分です。

実は、英語と日本語では「読みやすいレイアウト」の基準が全く違います。レポートのデザインやレイアウトが、可読性や読者の関心に大きな影響を与えるのです。

「せっかく英語に翻訳したのに、読んでもらえない…」
「内容には自信があるのに、なんだか読みにくいと言われる…」

もしこんな経験があるなら、それはレイアウトが日本語仕様のままになっているせいかもしれません！

日本語と英語ではレポートのスタイルは異なることが多いため、英語の読みやすさを考慮したデザインにすることが重要です。

なぜ、レイアウトが重要なのでしょうか？

翻訳作業に何ヶ月もかけて完成させた英語レポート。それなのに、読んでもらえない、もしくはレイアウトのせいで内容が伝わらないとしたら、どうでしょうか？

レポートの質と同じくらい、適切なレイアウトを選択することが重要です。日本語のレポートは、フォントや表、画像、見出し、行間、スペースなどを日本語向けに最適化して作られます。
では、英語版も同じレイアウトでいいのでしょうか？

多くの企業が、日本語版と全く同じレイアウトを英語版でも使用しようとします。その結果、読みにくく、内容が伝わらない英語レポートになってしまうのです。

例えば、日本語のレポートでは、見出しや小見出し、グラフや図表に、縦書きを使用することがよくあります。しかし、横書きが基本である英語ではそうはいきません。
ネイティブの英語読者は、縦書きや文字を詰め込みすぎたレイアウトに違和感を覚え、読みづらいと感じます。だからこそ、レポートをデザインする際には、日本語版だけでなく、英語版のレポートも作成することを念頭に置くことが重要なのです。

では、日本語仕様のまま翻訳された英語レポートには、どんな問題が起こるのでしょうか？

日本語のレイアウトをそのまま使うと起こる問題点

1. 読みにくい（Poor Readability）
日本語のレポートでは、縦書きのテキストが頻繁に使われます。
しかし、英語は左から右、上から下へ読むのが通常です。縦書きの要素や不自然なスペースがあると、読者は混乱してしまいます。

2. スペースの最適化ができていない（Space Optimization）
日本語では2文字ほどの漢字で表現できる見出しやテキストラベルは、英語に翻訳すると、その2倍以上のスペースが必要になることもあります。
そのため、日本語向けにスペースを最適化している表やグラフが、英語版では文字が詰まりすぎて読みにくくなることがあります。

3. プロフェッショナルに見えない（Professionalism）
英語のデザイン原則に沿って作られたレポートは、洗練された印象を与え、企業の信頼性を高めます。
しかし、日本語のレポートをそのまま英語に翻訳すると、デザインに違和感が生じ、見た目のクオリティが低く見えることがあります。

では、どのようなレイアウトが英語では適しているのでしょうか？

英語レポートを「読みやすくする」ポイント

1. 日本語の文章を作る時点で、英語翻訳を考慮する
日本語では、長い一文や主語があいまいな文章、受動態などがよく使われます。しかし、これらはそのまま英語に翻訳すると、理解しにくくなる原因になります。
翻訳しやすい日本語を書くことも重要です。

2. 横書きを基本にする
縦書きや首を傾けないと読めないような配置は避け、英語の標準である左から右への横書きレイアウトにしましょう。

3. 英語向けのフォントを選ぶ
Arial、Times New Roman、Calibriなど、英語向けのフォントを使用しましょう。
游明朝やMSゴシックのような日本語向けのフォントを使うと、英語の文字のバランスが崩れたり、スペースが不自然になったりします。
これらのフォントを並べて比較してみましょう。以下の画像は、Wikipediaのマイケル・ジャクソンに関する記事の同じ段落を、3つの異なるフォントで表示したものです。
一番左は、英語向けに最適化された一般的なフォントであるArialを使用しています。中央と右端は、同じサイズ・同じ設定のまま、それぞれ游明朝とMSゴシックで表示しています。

游明朝では、改行1つでどれだけスペースを取るかに注目してください。
MSゴシックでは、文字がブロック状に見え、単語間のスペースが広がっているのが分かります。
フォントが占める縦方向・横方向のスペースに注意しましょう！
適切なフォントを選ぶことが大切です。

4. 行間・余白を適切に調整する
行間や余白を広めにとることで、視認性が向上し、見出しや小見出しがより明確になります。

5. グラフや表はシンプルにする
日本語のレポートでは細かいデザインが好まれることもありますが、英語ではシンプルで分かりやすいグラフや表が好まれます。読者を混乱させてしまうような複雑すぎるデザインやラベル、テキストは避けましょう。
デザインが細かすぎると、かえって情報が伝わりにくくなってしまうこともあるのです。

6. 視覚的なメリハリをつける
見出しや小見出しは内容を分かりやすく簡潔に表現して太字にする、箇条書きを活用する、番号付きリストを使うなど、英語の読者がスムーズに情報を読み取ることができるレイアウトを意識しましょう。

(画像引用元：Design Studio UI UX)

上記の画像は、タイポグラフィの階層を分かりやすく示した例です。タイポグラフィの階層は、読者が必要な情報に素早く簡単にアクセスできるように、活字を整理する方法です。タイポグラフィの階層を適切に設定することで、読者が情報をスムーズに理解しやすくなります。
一番左のレイアウトは、階層がなく、文章がすべて同じフォントサイズ・スタイルで書かれており、どこが重要なのかが分かりにくいです。見出し、小見出し、本文という３つの階層で構成し、文字の大きさを変える、太字にする、斜体にするなど、レイアウトに工夫を加えていくことにより、右にいくほど読みやすくなっていることが分かります。

7. モバイルでの閲覧にも対応したデザインにする
多くのステークホルダーは、スマートフォンやタブレットでもレポートを確認します。
そのため、小さい画面でも読みやすいレイアウトを意識することが大切です。

英語レポートのレイアウトを工夫する価値はあるのでしょうか？

英語レポートのレイアウトを工夫する価値、それは間違いなくあります！
レポートのデザインを英語向けに最適化することは、単なる「手間」ではなく「投資」です。
しっかりとレイアウトを調整すれば、「せっかく翻訳したのに読まれない…」という事態を防ぎ、グローバルな読者にメッセージをしっかり届けることができます！
英語レポートを作る際は、翻訳だけでなく、レイアウトにもこだわってみましょう！

One World Link株式会社（OWL）は、企業コミュニケーションのための正確かつ効果的な英語の提供を専門としています。14年以上に渡るインベスターリレーションおよびコーポレートコミュニケーションの経験を活かし、OWLは日本企業がグローバルな投資家とより強固な関係を築くためのサポートをしています。

決算報告書、財務諸表、経営陣のメッセージ、ESG（環境・社会・ガバナンス）関連の文書など、OWLは上場企業のニーズに対応した、正確で簡潔かつプロフェッショナルな英語を提供します。企業メッセージを明確かつ効果的に伝えることで、OWLは日本企業とグローバルステークホルダーとの間に存在するコミュニケーションギャップを解消し、信頼と理解を築くお手伝いをしています。

またOWLでは、自社で開示している英文開示情報の英文ビジネスライティング評価のレポート作成を無償で提供しています。詳細については、[https://oneworldlink.jp/contact-us.php]をご覧ください。

世界を代表するマイクロソフト社のIRコミュニケーションをエリックが動画で分析！