TOKYO -- Japan's legislature has begun deliberations on two business-related bills designed to ease the reporting burden on listed companies and shorten the time it takes for startups to go public.

One of the measures under consideration in the extraordinary session is a revision to the country's Financial Instruments and Exchange Act that would end a requirement that listed companies file quarterly reports disclosing business details and financial information. The bill was approved Thursday by the upper house Financial Affairs Committee, indicating a high likelihood of it passing.