Struggling with writing clear, concise, and engaging corporate communications? In Japanese writing, the traditional 起承転結 (introduction, development, turn, and conclusion) structure builds up to the key point. But in English, readers often expect the main message upfront, especially in global IR communications. Whether you’re drafting a press release, business report, or blog post, the inverted pyramid format helps you organize ideas effectively and immediately capture your audience’s attention.
What is the inverted pyramid format?
The inverted pyramid format presents information in order of importance. Purdue OWL Online Writing Lab writes that (the inverted pyramid) “remains one of the most widely used and time-tested structures in mass media writing.” Purdue introduced the inverted pyramid structure as a result of the telegraph, which would first transmit important information in case of transmission loss. The inverted pyramid structure introduces the most critical information first, follows up with supporting details, and ends with background information.
Here is a general image for context.
Pyramid breakdown
Most Important Information First Start with the main point or key message. This is often the who, what, when, where, why, and how.
Supporting Details Next Provide additional context, such as specific examples, explanations, or secondary information.
Background Information Last Include less critical details or historical context for readers who want more depth.
What does this structure offer?
The biggest advantage of the inverted pyramid structure is that the structure ensures readers grasp the main ideas and critical information quickly.
Process Street, a company that offers solutions to manage business and workflows, published a blog post Inverted Pyramid: Don’t Bury the Lead — Give People What They Want (Fast)! This post touches on plummeting user concentration rates in this time of fast-paced communications, suggesting that the inverted pyramid can “supply global audiences with the news they do want to hear – and quickly.”
How does the inverted pyramid compare with Japanese writing methods?
For business English writing, the inverted pyramid structure is advantageous, offering readers (often busy investors and stakeholders) the main information upfront.
For comparison, let’s take a look at 起承転結. While each company may adhere to different standards and implement different writing strategies, a common theme in Japanese writing is the concept of 起承転結. This writing style features a four-part structure consisting of an introduction (起), the development (承), a twist (転), and a conclusion (結).
For example, a common sentence structure I find myself reading in Japanese financial statements or briefings looks something like this →
Ex. Q2は〇〇需要の落ち込みにより、売上が前年を下回ったものの、気温の変動に伴いQ3の売上は前年同比で二桁増収へ転じ、過去最高を記録した。 (Direct translation: Although Q2 sales were lower than the previous year due to a drop in ●●demand, Q3 sales turned to a double-digit increase year on year due to fluctuating temperatures, reaching a record high.)
If we keep the original Japanese structure in the English translation, we only find out the main information (achieving record-high profits) at the very end. The original Japanese structure also results in a highly complex and difficult-to-understand sentence that distracts from the main point.
Now, let’s take a look at how this English sentence would look if written with the inverted pyramid.
Q3 sales reached a record high, rising by double digits year over year due to fluctuating temperatures. This growth marked a rebound from Q2 when weaker demand for ●● led to a year-on-year decline in sales.
Notice the difference? This version is both concise and clear, while also accommodating busy readers who skim for the main information.
Format
Structure
Best For
Advantages
Disadvantages
Inverted Pyramid
Most important information first, followed by details and background.
News articles, press releases, business updates.
Grabs attention quickly, easy to skim, editors can trim from the bottom.
Can feel abrupt or lacking depth at the end.
起承転結
Four-part structure: Introduction (起), Development (承), Twist (転), Conclusion (結).Introduction, body paragraphs with supporting details, and conclusion.
Business proposals, strategic presentations, formal communications in Japanese contexts. Academic writing, opinion pieces, in-depth analysis.
Provides a culturally resonant, logical flow in Japanese that gradually builds context and argument; enhances persuasiveness. Allows for thorough exploration and persuasion.
May be less direct for audiences accustomed to Western styles; can be verbose if not carefully managed. Readers may not immediately find the key information.
Process Street mentions additional benefits of using the inverted pyramid structure in business contexts, including improvements in readability, SEO, and accessibility.
Final thoughts
The inverted pyramid format is your key to clear and impactful business communications. Start using this structure in your writing today to engage your audience and make your message impossible to miss.
Contact One World Link for a free writing evaluation (available for Japanese corporations only) and let us help you create clear and concise translations for global audiences.
Q3 sales reached a record high, rising by double digits year over year due to fluctuating temperatures. This growth marked a rebound from Q2, when weaker demand for ●● led to a year-on-year decline in sales.
One World Link株式会社（OWL）は、コーポレートコミュニケーションにおける正確で効果的な英語の提供を専門としています。14年以上にわた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、日本企業がグローバルな投資家との強固な関係を築くための架け橋になることを目指しています。
In our previous blog, we explored the upcoming Tokyo Stock Exchange (TSE) regulation changes and the reasons behind them. A survey conducted by the TSE revealed that many global investors are dissatisfied with the availability and timing of English corporate disclosures in Japan.
Today, let’s examine another key concern raised in the survey: the content and quality of disclosures. Investors have made it clear that high-quality English translations of investor relations (IR) disclosures are essential.
Let’s take a closer look at what investors are saying about translated disclosures—and the challenges they face in accessing reliable information.
Investors Are Frustrated—Here’s Why
Does your company only publish shortened or summarized disclosures? While summaries may seem like a quick fix, they come with long-term risks. Global investors rely on comprehensive information to make informed decisions, and insufficient English disclosures create barriers. Here’s what they’re saying:
“We still struggle to get real-time high-quality information in English and many times would have to rely on translators.” (Continental Europe, Asset Management, Investment Decision)
“Often times when the disclosure in Japanese is much better than English“ (Continental Europe, Asset management company, Research)
“Not enough companies are disclosing in English sufficiently. Sometimes it is not even clear what information is missing in English vs Japanese.” (UK, Hedge Fund, Investment Decision)
“Lots of the companies disclose much less information in the English disclosure…” (UK, Asset management company, Research)
“If Japan wants to be part of a global market, the primary disclosure should be in English. In Europe, I haven’t seen major companies publishing important disclosure in French or German first. By prioritizing Japanese disclosure, Japan is sending a signal to the world that local investors are more important than foreign investors.” (Japan, Asset management company, Investment decision)
A significant number of survey responses revealed widespread dissatisfaction with shortened disclosures. When investors can’t access the full information they need in English, they may take their capital elsewhere.
Is Generative AI Translation the Answer?
Do you rely on DeepL, ChatGPT, or other generative AI for your IR presentations and other significant disclosures?
While you might think the answer to providing complete and comprehensive disclosures is utilizing machine translation, you might want to think again. Investors notice—and they aren’t satisfied.
“Calls are not published with English transcripts, and even Englishdisclosures are often machine-translated and do not capture the meaning of the message very well.“ (UK, Asset Management, Research)
“IR presentations are difficult to translate using machine translation tools, so the importance of availability in English is high.“ (US, Asset Management, Research)
“Earnings reports and timely disclosure documents are too critical to be left to machine translation.“ (US, Asset Management, Research)
“Time consuming [to conduct] machine translation of Japanese documents.” (Continental Europe, Asset management company, Investment decision)
“IR presentations are the most important to have translated because they are very difficult to understand when I translate them to English using a machine translator. In addition, I believe they are most critical to understanding what the company does, how it portrays itself, its strategy, etc.” (US, Hedge fund, Research)
Whether investors are reading your machine translation, or trying to translate your untranslated disclosures, the meaning of the material is getting lost in translation. In my experience, Japanese-to-English machine translation often produces unnatural, confusing language that requires extensive editing. Even when each word is meticulously translated, the overall meaning can still be misconstrued.
Takashi Kozu, Visiting Researcher at the Australia-Japan Research Centre at The Australian National University and CEO of the Securities Analysts Association of Japan, shared insights on the East Asian Forum regarding recent AI advancements and their potential impact on the upcoming TSE regulation changes.
Rapid advances in AI technologies will lower the language barrier when it is just a matter of translating Japanese information into English. Still, there remains another hurdle. The logic of persuasion in the anglophone world seems different from that of the Japanophone world. Even a perfect draft in Japanese might not be as remarkable in English, though understandable. The sequence of ideas expressed in translated texts should adhere to global standards and it is all the same for English disclosures of corporate management information. (Source: East Asia Forum Article)
The reality is that English and Japanese present information differently. Effective translation isn’t just about converting words—it requires restructuring sentences, reordering content, and ensuring clarity. This is a process that still demands a human touch. A rushed, automated translation won’t cut it. Investors need accuracy, context, and clarity—especially when making high-stakes financial decisions.
What This Means for You
April 2025 is approaching fast. The Tokyo Stock Exchange’s new rules will require simultaneous Japanese and English disclosures for Prime Market-listed companies. That means companies can no longer afford to treat English disclosures as an afterthought.
If your company wants to attract and retain international investors, now is the time to take English disclosures seriously. Clear, well-translated reports send a message that your company values all investors, not just domestic ones.
Don’t wait until the April 2025 deadline catches up with you. Ensuring your English disclosures meet investor expectations takes time, and getting it right now will save you stress later. Need help refining your translations? Let’s talk. Contact OWL today to ensure your disclosures are clear, impactful, and investor-ready.
「AI翻訳の進歩により、日本語から英語への言語の壁は低くなるだろう。しかし、もうひとつの課題が残る。それは、英語圏と日本語圏では“説明や説得のロジック”が異なることだ。日本語では完璧な原稿であったとしても、英語では、理解されたとしても、それほど注目はされないかもしれない。単に正確に翻訳するだけでは不十分であり、グローバル・スタンダードに沿った構成や表現が求められる。それは企業経営情報の英文開示でも同じことである。」 （出典：East Asia Forum）
One World Link株式会社（OWL）は、コーポレートコミュニケーションにおける正確で効果的な英語の提供を専門としています。14年以上にわた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、日本企業がグローバルな投資家との強固な関係を築くための架け橋になることを目指しています。
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?
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.
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.
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.
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.
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?
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.
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.
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).
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.
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.
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
Style Guide
What to Capitalize
Exceptions
Example Sentence
AP Style
– First and last words – Major words – all words of four letters or more – “to” in infinitives – Second part of hyphenated major words
– Do not capitalize articles (a, an, the, etc.), conjunctions (and, but, or, etc.), or prepositions shorter than four letters (in, on, by, etc.), unless they are the first or last word.
Annual Report Highlights Growth Over Key Markets
Chicago Manual
– First and last words. – Major words – Some conjunctions – Prepositions with five or more letters
– Do not capitalize articles, conjunctions, or prepositions shorter than five letters, unless they are the first or last word.
Annual Report Highlights Growth over Key Markets
MLA Style
– First and last words – Major words – Subordinating conjunctions
– Do not capitalize articles, coordinating conjunctions, or prepositions (regardless of length), unless they are the first or last word.
Annual Report Highlights Growth over Key Markets
APA Style
– First and last words – Major words – all words of four letters or more – Second part of hyphenated major words
– Same as AP Style
Annual Report Highlights Growth Over Key Markets
*Major words include nouns, pronouns, verbs, adjectives, adverbs
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.
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.
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。
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。
