One Character, One Day

On 12 August 2026, Mitsui Sumitomo Insurance filed a document to change one character. Under 【訂正内容】 it prints the sentence twice, once as it stood and once as it now reads. Before: 運転資金、社債償還資金、借入金返済資金、長期的投資資金に充当する予定であります. After: the same words, with 投資資金 become 投融資資金 — investment funds become investment and lending funds. The addition is the character 融.

Three fields above that, on the cover, the same document prints what the change costs. 【効力停止期間】, the period during which the effect of the registration is suspended: この訂正発行登録書の提出による発行登録の効力停止期間は、2026年8月12日（提出日）であります. One day. The day it was filed.

The registration being corrected is a 発行登録, a shelf. A company files one, it takes effect a week or two later, and for the period printed on its own cover — two years at most, and two years on all but one of these 39 covers — the company may issue against it in pieces without registering each time. Mitsui Sumitomo's was filed on 1 October 2024, took effect on 9 October, and expires on 8 October 2026. On the day the correction was filed it had 57 days left.

Between 5 and 12 August 2026, EDINET's list carried 39 corrections of this kind — 訂正発行登録書 — from 36 filers, arriving on five dates: seven on the 5th, eight on the 6th, seventeen on the 7th, five on the 10th and two on the 12th. Thirty-seven correct shelves for 社債, corporate bonds; one for 株式, shares; one for 新株予約権証券, share acquisition rights.

All 39 print a 効力停止期間, and in all 39 it is one day, and in all 39 that day is the filing date. There is no distribution to describe here. The field has one value.

The one day does not move with the size of the change. It is the same day for the character 融 and for a correction that alters no text at all.

Twenty-two of the 39 are of that second kind. They correct nothing in the registration's wording; they file because a document has been lodged that now becomes one of the documents the shelf incorporates by reference — for twenty of them an extraordinary report — for three of the twenty, a correction to one — and for Kawasaki Heavy Industries and Yamaha Motor a correction to an annual securities report. My first count of this was nineteen, taken from the string 臨時報告書 in 【提出理由】 alone, which misses the two annual-report cases and one filer that prints its reason under 【訂正内容】 instead — Morinaga (2201), whose 【提出理由】 carries the general form, 発行登録書の参照書類となる書類が、新たに提出されたことによります, followed by （訂正内容については本文参照）; the report is named two fields down, under 【訂正内容】. DMG Mori (6141), filing on 12 August, prints the reason in two sentences: it filed an extraordinary report with the Kantō Local Finance Bureau that day, and by that filing the document becomes a reference document of the shelf registration it submitted on 8 January 2025. The shelf stops for the 12th.

Renesas Electronics (6723) did the same on 6 August for two reports at once, against a shelf for shares — a ¥9.3 billion (US$56.8 million) registration filed on 10 April 2026 with 620 days still to run.

Searching the full text of each, fifteen of the 39 carry an explicit before-and-after pair: seven print it in round brackets, five as （訂正前）／（訂正後）, one — Hanshin Expressway — as (訂正前)／(訂正後) in half width, and one, Sumitomo Chemical (4005), mixing the two: (訂正前) half width against （訂正後） full; eight print it in angle brackets, seven as ＜訂正前＞／＜訂正後＞ and one, Metropolitan Expressway, as 〈訂正前〉／〈訂正後〉. Twenty-four carry none, and in all but one of those the description of the correction sits on the cover; Morinaga's cover prints the general form and points to the body. Of the seven round-bracket documents, five print one pair, one prints two, and one prints four.

The one with four is West Japan Railway (9021), filing 5 August against a ¥300 billion (US$1.83 billion) shelf. Three of its four pairs replace 未定, undecided: under １【新規発行社債】 with the paragraph describing a sustainability bond, under ２【社債の引受け及び社債管理の委託】 with the five underwriters, and under ３（１）【新規発行による手取金の額】 with 本社債の払込金額の総額（未定）円. The fourth leaves a use-of-proceeds sentence standing and adds a paragraph under it. The replacing text carries （未定） at two points of its own, the total and the issue number: 本発行登録の発行予定額のうち、（未定）円を社債総額とする…第（未定）回無担保社債. Those two sit outside this document.

Two more numbers sit on every cover. 【発行予定額又は発行残高の上限】 is the size of the shelf. 【発行可能額】 is what remains issuable under it. Both are printed by the filer, and 26 of the covers carry a note on how the 発行可能額 was worked out; the other 13 print the figure alone, all eight foreign covers among them. No cover prints the difference between the two; where this piece gives one, it is subtraction on the two printed figures, mine.

In 20 of the 39 the two figures are equal. Toyota Finance Australia's ¥550 billion (US$3.36 billion), Shinhan Bank's ７－外２ at ¥500 billion (US$3.05 billion) — its other registration in the set, ７－外１, prints ¥460 billion (US$2.81 billion) against the same ¥500 billion — Kirin Holdings' (2503) ¥300 billion (US$1.83 billion), Sumitomo Forestry's (1911) ¥400 billion (US$2.44 billion): registered, effective, and the two figures printed the same.

At the other end the two figures diverge, and the difference — subtraction, mine — runs from ¥5 billion (US$30.5 million) to ¥1.04 trillion (US$6.35 billion). Kajima (1812) prints ¥100 billion (US$611 million) against ¥30 billion (US$183 million) still available, a difference of ¥70 billion (US$427 million). Central Nippon Expressway prints ¥1.5 trillion (US$9.16 billion) against ¥460 billion (US$2.81 billion). Shimizu (1803) prints ¥100 billion (US$611 million) against ¥40 billion (US$244 million). Mitsui Sumitomo Insurance, whose character this began with, prints ¥400 billion (US$2.44 billion) against ¥200 billion (US$1.22 billion); Yamaha Motor (7272) prints ¥100 billion (US$611 million) against ¥50 billion (US$305 million).

In 36 of the 39 both figures are multiples of ¥100 million (US$611,000). Three are not. Société Générale prints ¥483,648,426,734 (US$2.95 billion) available against a ¥500 billion (US$3.05 billion) shelf. Morgan Stanley prints ¥751,005,219,462 (US$4.58 billion) against ¥780 billion (US$4.76 billion). GMO Internet Group (9449) prints ¥130,000,000 (US$794,000) available against a shelf of ¥130,000,000 (US$794,000) — written to the yen like the other two, and equal to itself.

Those first two belong to a group whose covers are built differently. Eight of the 39 come from companies incorporated outside Japan, and their covers fold what a domestic cover spreads across six headed fields — filing date, effective date, expiry, registration number, and the two amounts — into one block headed 【発行登録書の内容】. Seven of the eight register a 売出, a secondary distribution, where the domestic filers register a 募集, an offering. Morgan Stanley dates its cover 令和８年８月６日, in the era name, as do four of the expressway companies; the other 34 print the Gregorian year.

The registration numbers carry the same split. Domestic shelves are numbered ６－関東１, ７－関東１ — on all but two of the 39 the first figure is the era year in which the registration was filed, and the word after the dash is the bureau it went to; ７－東海１ and ７－近畿１ appear too. Morgan Stanley's reads ６-外１ and Société Générale's ６－外３: 外, outside.

The corrections arrive at every point in a shelf's life. Measured from the correction's filing date to the shelf's printed expiry, the median is 387 days. The shortest is 24: Shimizu's shelf expires on 29 August 2026, and the correction filed on 5 August suspends it for one of the 24 days it has left. Kawasaki Heavy Industries (7012) files with 25 days remaining on a ¥80 billion (US$488 million) shelf whose 発行可能額 it prints as the same ¥80 billion. The longest is 729 — GMO's, corrected the day after its own registration became effective.

So across these 39 the stop does not move with the correction. A shelf that has run 22 months and a shelf that has run two days are stopped for the same length; so are a re-pointed reference document and the character 融. What sets that length is not on these covers — each prints the period and not the rule behind it.

On the counts. The 39 are what EDINET's list returns for this document type over those dates, read on the morning of 13 August. Where a cover prints its dates in the era name I have converted them, and where the amounts are printed in 百万円, in 億円 or written out to the yen, I have carried each to yen at the unit its own cover prints. One does not fit that: on one cover the 【発行可能額】 line reads 35,000百円 and prints (35,000百万円) beneath it, and I took the parenthetical, ¥35 billion (US$214 million). It is that reading which gives the ¥5 billion (US$30.5 million) at the bottom of the range above. Otherwise a reading that keeps the printed units would show the same figures differently, not different figures. The differences above are mine, subtraction on two printed numbers; four of the 39 print the percent sign anywhere in their text, three of them attached to a figure, and none of those figures is about the shelf.

【縦覧に供する場所】 divides the set again. Twenty-five name the Tokyo Stock Exchange, fifteen of them in full-width parentheses and ten in half-width. Nine name an office of the filer — Kajima's Kansai branch, Shimizu's Yokohama branch, West Japan Railway's 近畿統括本部京滋支社, the Keiji branch under its Kinki regional headquarters, among them — eight of them alongside the exchange, and the ninth, Central Nippon Expressway, names one place: 中日本高速道路株式会社 東京支社. Of the rest, most print a form of 該当事項なし, and Mitsui Sumitomo prints something else again: 金融商品取引法の規定による備置場所はありません.

Which leaves the sentence it started with. 運転資金、社債償還資金、借入金返済資金、長期的投資資金 became 運転資金、社債償還資金、借入金返済資金、長期的投融資資金, in a document filed against a ¥400 billion (US$2.44 billion) shelf with 57 days to run, and the registration stood suspended for 12 August 2026.

On currency: the yen figures above are converted at ¥163.8 = US$1, the single rate this file uses, taken for 24 July 2026, for which the daily reference rate is 163.82. It is applied to every figure regardless of the date on the document that printed it.