Terms & Conditions

This website (http://www.dir.co.jp) is managed and operated by Daiwa Institute of Research Ltd. (hereafter referred to as "the Company"). Any person who access and use this website (hereafter referred to as "the user") should note and agree the following terms and conditions prior to using this website.


All content published on this website are current as of the day they are published and any opinions or forecasts are based on available information at that time. The company does not guarantee the conformity, validity, accuracy, authority or non-violation of content displayed on this website. The Company reserves the right to amend any such content without prior notice.
Research reports displayed on this website are published for the purpose of providing general information relating to securities investments. Information is not provided for solicitation purposes. Any final decision regarding investments is the sole responsibility of the user.


All content published on this website is the copyright of Daiwa Institute of Research Ltd. As such, it is protected by the copyright laws of any country.
By law, all of the above may not be used (e.g. copied, modified, uploaded, displayed, transmitted, distributed, licensed, sold or published), without the prior written permission of the Company.

Copyright permission will be required in case of any reprint, translation, adaptation and abridgment under the copyright law. It is illegal to reprint, translate, adapt, abridge without permission of the Copyright holder and quote fails to abide by this act. Legal actions may be taken for any copyright infringements.


The company pays due attention to content in this website. However, the Company does not guarantee the accuracy of the information herein in this website. The Company reserves the right to amend or abolish any such content without prior notice, and is not liable for any loss or damage, arising from the use of such information.


This website contains links to other sites. The Company does not control these other websites, and as such, we have not reviewed all of the information on such sites. The Company is not responsible for the content of any other sites or any products or services that may be offered through such sites. In addition, the Company is not liable for any loss or damage arising from the use thereof.

We refuse linking to this website if the linking is applicable to any of the following;

  1. linking from content that slander or discredit the Company or Daiwa Securities Group.
  2. linking from illegal content or from content that offend public order and standards of decency.
  3. linking from the website that is engaged or concerned in illegal activity.
  4. linking by the method of framing or other method that obscures identity of content.


This website features names that are the registered trademarks of Daiwa Institute of Research Ltd. The website may also include product names, service names, company names and logos that are in general the trademark or trade name of Daiwa Securities Group.


Cookies are used on this website to switch the size of font, to study usage condition of this website and to improve the content of the website and overall user satisfaction. In order to increase privacy, browsers may be configured to alert the user when a cookie is being sent, or to refuse to accept cookies. If the user disables the function that allows the acceptance of cookies by a browser, font size switch function of website may not operate properly. Use of cookies does not infringe on or violate the users' privacy or usage environment.

Applicable Laws and Court of Competent Jurisdiction

The laws of Japan govern this website. The interpretation and applicability of the site policy will be in accordance with such laws. Any disputes regarding this website shall be resolved in the District Court of Tokyo.

Changes to the Site Policy

The Company may make changes to all or part of the site policy without prior notice. Amendment of the site policy shall come into effect at the time displayed on this website.

User environment

We recommend the following user environment when accessing this website.
This website may be displayed on screen incorrectly without using those browsers.


For Microsoft Windows users:
  • Microsoft Internet Explorer 9.0 or higher
  • Microsoft Edge
  • Latest version of Google Chrome
For Macintosh users:
  • Latest version of Safari

The Company uses JavaScript and style sheets. Enabling JavaScript and style sheet on browser allows comfortable usability to the user of this website.

Viewing PDF files

In order to provide data such as reports on this website, the Company elects to use PDF files. Adobe Reader from Adobe Systems Incorporated is required to view such files.

Viewing Movies

In order to provide data such as market conditions on this website, the Company elects to use movie files. Windows Media Player from Microsoft Corporation or Real Player from Real Networks are required to view such files.