Is there a discount for buying stocks outside Tokyo?

I generally focus on small cap companies, because clearly that is where the biggest disparities in terms of valuation lie.

I decided to quickly check whether this tendency can be seen across the entire stock exchange.

Bar graph and data

I checked the proportion of companies by PE group listed on the Tokyo first section, those listed in Tokyo other than on the first section, and companies listed in Japan other than those in Tokyo.

Note that in the diagram below, the categories are not uniform. The reason for this is that due to Microsoft’s lack of ingenuity, there is no apparent way to make a histogram in Excel.

Non-Tokyo stock exchange discount

And here is the data:

Non-Tokyo stock exchange discount data