TOKYO, Reuters – A Japanese government panel charged with reviewing quarterly disclosure requirements for corporations aims to produce a summative report in spring this year, said Finance Minister Shunichi Suzuki on Friday.

Fumio Kishida, the Japanese prime minister, wants companies to be able to disclose quarterly. However, implementation will take many years and complicate his promise to create a new capitalism.

To bring Japan’s regulations more in line to those in the United States in 2008, quarterly disclosures became mandatory for all firms. It helped increase the attraction of Tokyo for investors from overseas.

A report summary will outline points that may need to be discussed in greater detail. This would set the scene for deeper discussions on quarterly disclosure requirements at panel.

Suzuki said to reporters following a cabinet meeting that “the revision of quarterly disclosures needs to be carefully considered.”

Suzuki explained that “under the new capitalism plan” of the Kishida governments, it is important for companies to emphasize long-term development rather than profitability, and to manage the benefits not only of shareholders, but also of other stakeholders such as workers.

Officials from the government told Reuters that 2023 is the earliest government can present legislation to parliament in order to modify the quarterly disclosure obligations. 2024 will be the earliest when new rules can begin to be applied.