Cosmetics & Personal Care Sector (Japan): Reports on J-Beauty Industry Study Group meeting

Research evidence excerpt

Cosmetics & Personal Care Sector (Japan): Reports on J-Beauty Industry Study Group meeting

J P M O R G A N Asia Pacific Equity Research

14 July 2026

Cosmetics & Personal Care

Sector (Japan)

Reports on J-Beauty Industry Study Group meeting

On July 13-14, several media outlets, including WWD Japan and Japan Japan Equity Research

Distribution Economics Newspaper, reported on the content of the eighth meeting

Cosmetics and Personal Care /

of the J-Beauty Industry Study Group, which consists of Liberal Democratic Party Paper and Packaging

(LDP) members and was held on July 13. At the meeting, the Ministry of Health, AC Akiko Kuwahara

Labour and Welfare (MHLW) announced its intention to revise the Director-

(81-3) 6736-8617

General's notification on the Standards for Proper Advertising of Pharmaceuticals, akiko.kuwahara@jpmorgan.com

etc. during FY2027. We view this as a positive development for Japanese JPMorgan Securities Japan Co., Ltd.

cosmetics and personal care companies under our coverage because the revisions

will increase the possibility of using numerical data and similar information on

efficacy in advertising for quasi-drug cosmetics. However, changing to a blacklist

approach that allows all efficacy claims for cosmetics except those specifically

prohibited would require an amendment to the Pharmaceuticals and Medical

Devices Act, so we think such changes will take time to implement.

• Summary of reports on the eighth J-Beauty Industry Study Group

meeting: According to various news reports, at the meeting, related ministries

and organizations provided a progress update on the recommendations the

study group submitted to the government in May 2026. Specifically, the

Ministry of Economy, Trade and Industry (METI) explained measures to