TOKYO — The Tokyo Stock Exchange on Friday urged companies with low price-to-book ratios to start focusing on using capital more efficiently, as a P/B ratio of less than 1 means investors see a company as being worth less than its book value.

Stepping up its push to better attract overseas investment and breathe new life into the lackluster market, the TSE told the roughly 3,300 companies listed on the Prime and Standard segments to pay more attention to capital costs and stock prices.