Terms & Conditions

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This website (https://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.

2. Copyrights

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.

3. Indemnification

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.

4. Links

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.

5. Trademarks

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.

6. Use of Cookies

This website uses cookies. Cookies are a mechanism that stores certain pieces of information in a user’s device, such as a personal computer, through a browser when the website is used. When the user accesses the same website the next time (before the expiration date of the cookies), the data stored in cookies is sent to the website.

Cookies are used on this website for the following purposes:
  • To study users’ access status via browsers and use the information to improve the content of the website.

If the user disables the function that allows the acceptance of cookies by a browser, the font size switch function of the website may not operate properly.

We will not read users’ personal information by using cookies. Cookies will not be used for purposes other than those stated above.

7. 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.

8. 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.

9. Usage Environment

The following system environment is recommended when accessing this website.
This website may not be displayed correctly depending on the setting of your device or when certain browsers and applications are used.

OS and browser

When accessing via a PC:OS
  • Windows 10 or higher
  • MacOS X 11.17.4 (Big Sur) or higher
When accessing via a PC:Browser
  • Microsoft Edge (latest version)
  • Google Chrome (latest version)
  • Mozilla Firefox (latest version)
  • Safari (latest version)
When accessing via a mobile device:OS
  • iOS 14 or higher
  • iPadOS 14 or higher
  • Android 7.0 or higher
When accessing via a mobile device:Browser
  • Safari (latest version) - iOS, iPadOS
  • Google Chrome (latest version) - Android

JavaScript and style sheets are used on this website. Enabling JavaScript and style sheets on your browser allows for improved usability 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.