Data Sources

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EDINET is Japan's official corporate disclosure system, operated by the Financial Services Agency (FSA). All companies listed on Japanese exchanges are legally required to file securities reports, quarterly reports, large-shareholding notices, and other regulatory documents through EDINET. It is the primary authoritative source for formal corporate filings in Japan.

Tokyo Intelligence uses EDINET to monitor large-shareholding reports (大量保有報告書, type 350) and amendment reports (変更報告書, type 360) — the filings that reveal when activist and institutional investors cross the 5% ownership threshold or materially change their positions. These filings are the primary signal for activist campaigns tracked across the platform.

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TDNet is the Tokyo Stock Exchange's timely disclosure system, through which listed companies publish material corporate events as they occur — typically within hours of a board resolution. Unlike EDINET's formal regulatory filings (which can lag by weeks or months), TDNet disclosures are published in near real-time and cover a broader range of corporate actions.

Tokyo Intelligence monitors TDNet for two categories of disclosure. First, capital allocation signals: share buyback resolutions, treasury share cancellations, dividend changes, tender offers (TOBs), and management buyouts (MBOs) — events that directly affect shareholder returns. Second, earnings flash reports (決算短信), the TSE-mandated standard format that all listed companies must file within 45 days of each fiscal period end, providing the most current available financial results.

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Raw filings from EDINET and TDNet are machine-readable but not machine-interpretable — activist intent, capital policy commitments, and shareholder demands are expressed in dense Japanese prose across hundreds of pages. Tokyo Intelligence uses Claude to read the actual filing text and extract structured signals from it.

For activist events, Claude reads the purpose-of-holding section of each large-shareholding report and determines whether the filing represents a genuine activist campaign (engagement intent, board demands, governance pressure) or a passive threshold disclosure. For capital policy, Claude reads the annual securities report (有価証券報告書, type 120) filed via EDINET and extracts stated payout targets, share buyback commitments, ROE and PBR goals, and any cross-shareholding reduction policies.