What TDnet is
TDnet (Timely Disclosure network) is the system operated by the Tokyo Stock Exchange (part of Japan Exchange Group) through which Japanese listed companies publish material information. When something happens that could affect an investment decision, such as an earnings result, a change in guidance, a share buyback or a merger, the company is expected to disclose it promptly, and TDnet is the official channel.
The key idea is fairness: the information is released to everyone at the same time and can be viewed free of charge. An institutional investor and an individual investor see the same filing at the same moment.
What gets published on TDnet
Thousands of documents appear every year, and on peak earnings days hundreds appear in a single afternoon. The main categories are:
| Category | Typical filings |
|---|---|
| Earnings | Earnings releases (kessan tanshin), revisions of earnings forecasts, revisions of dividend forecasts |
| Capital policy | Share buybacks, stock splits, issuance of new shares (public offerings, third-party allotments) |
| Corporate events | Mergers, share exchanges, business and capital alliances, changes in subsidiaries, tender offers |
| Governance and other | Changes of executives, changes in major shareholders, litigation, accidents and disasters, corporate governance reports |
Several of these have their own guides: how to read an earnings release, earnings forecast revisions, share buybacks and public offerings.
TDnet vs. EDINET
Investors often confuse TDnet with EDINET. They are two different systems with different legal bases. TDnet carries the timely disclosures required by the exchange's listing rules. EDINET, run by the Financial Services Agency, carries the filings required by the Financial Instruments and Exchange Act.
| TDnet | EDINET | |
|---|---|---|
| Operator | Tokyo Stock Exchange | Financial Services Agency (FSA) |
| Legal basis | Exchange listing rules | Financial Instruments and Exchange Act |
| Timing | Whenever an event occurs | Periodic and ad hoc filings |
| Typical documents | Earnings releases, forecast revisions, buybacks | Securities reports, large shareholding reports, tender offer statements |
| Level of detail | Key points, fast | Detailed and comprehensive |
In practice they complement each other. The earnings release on TDnet is the fast first look; the securities report on EDINET, filed later, is the detailed and audited version. See what EDINET is for the other half.
Why TDnet matters to investors
TDnet is a primary source. Share prices often move within minutes of an earnings release or a forecast revision, and professionals monitor it continuously. Many filings are published after the market closes or before it opens, so the first price reaction can happen in the next trading session.
Most investors cannot read hundreds of filings a day, so the practical skill is triage: judging from the title which filings deserve attention. A revision of an earnings forecast or a buyback decision usually deserves a look straight away, while an update to a corporate governance report can usually wait.
A glossary of common TDnet titles
Filing titles follow standard patterns. These are some of the most common ones, with the usual English rendering:
| Japanese title (pattern) | What it means in English |
|---|---|
| 決算短信 | Earnings release (kessan tanshin) |
| 業績予想の修正に関するお知らせ | Notice regarding revision of earnings forecast |
| 配当予想の修正 / 剰余金の配当に関するお知らせ | Revision of dividend forecast / notice of dividend |
| 自己株式の取得に係る事項の決定に関するお知らせ | Resolution on the acquisition of treasury shares (a buyback) |
| 株式分割に関するお知らせ | Notice regarding a stock split |
| 第三者割当による新株式の発行に関するお知らせ | Issuance of new shares through third-party allotment |
| 公開買付け(TOB)に関するお知らせ | Notice regarding a tender offer |
| 代表取締役の異動に関するお知らせ | Change of representative director |
| 特別損失の計上に関するお知らせ | Recording of an extraordinary loss |
Reading TDnet in English
TDnet filings are written in Japanese. The Japan Exchange Group publishes an English-language service, the Company Announcements Service, where English information provided by companies is listed after it is disclosed on TDnet. The English version can appear later than the Japanese original.
Since April 2025, domestic companies listed on the Prime Market have been required to disclose their financial results and timely disclosure information in Japanese and English at the same time, although an excerpt or summary in English is acceptable. Companies on other market segments are not covered by that requirement, so many smaller companies still publish in Japanese only. Public TDnet disclosures are also kept on the exchange's site for a limited period of 31 days. For a workflow that works when no English version exists, see how to follow Japanese small caps without English IR.
Following TDnet with KabuNew
KabuNew collects TDnet disclosures at intervals of five minutes or less, reads the Japanese originals with AI, and sends you an English summary for the stocks you follow, together with a High / Medium / Low rating of the likely impact on the share price. Alerts typically arrive within minutes. AI summaries can contain errors, so always check the original filing before you act on it. Nothing here is investment advice.