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The aim of this article is to present an analysis of how Japanese companies prioritize certain issues as well as various classes of firm stakeholders within their corporate social responsibility (CSR) reporting initiatives. By applying content analysis and using the Nippon Keidanren CSR Matrix as a benchmark, this article shows that companies prioritize CSR initiatives in different ways. Among manufacturers, the environment is the main concern affecting their CSR agendas, while banks consider fair information to be the most important issue. Other issues such as safety and quality, compliance and business ethics, human rights and labor, and corporate philanthropy are ranked differently in each industry. In terms of stakeholders, all sectors identify “basic principles” as the most important concern. Meanwhile, various other stakeholders, such as employees, business partners, the community, shareholders, and consumers and customers have diverse priorities within each industry. The study also contributes theoretically to affirm that neither a purely mandatory nor a voluntary type of CSR regulation can assure the effectiveness of attempts to incite a company to continuously and intensively take part in social and environmental issues.