Why such a low level of value relevance is existing in Japan capital market after the accounting Big Bang of 2000?

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We tried to explain the question "Why such a low level of value relevance is existing in Japan capital market after the accounting Big Bang of 2000?"We examined value relevance dividing earnings into core earnings and transitory earnings which include special items. After the accounting Big Bang, core earnings of financial statements had shown strong value relevance in Japan capital market.We could not directly identified value relevance in the time of introduction of new each regulation. Then we tried new two analysesThe kinked distribution of the consolidated earnings among firms listed in Tokyo Securities Exchange was identified more clearly after the accounting big bang when the consolidated financial statements had took the main position in financial statements.