The Form That Prints What It Withdraws

Under 【取得資金の内訳】, the breakdown of the funds behind a holding, one correction report sets out the whole history of a position: nine dated entries running from 2008 to 2024. A merger of two subsidiaries that created the issuer and delivered 100,000 shares. Two sales back to that issuer. Two stock splits. A 1,500,000-share disposal through ToSTNeT-2. Then the same nine entries again. One date has moved. In the first block a run of market sales begins 2024年１月31日; in the second it begins 2024年１月12日. The share counts, the running balances and the other eight dates read the same in both.

The document is a 訂正報告書, and its cover gives the provision it is filed under as 法第27条の25第３項 — the correction report for a large shareholding report or for one of its change reports. Below the cover sits 【訂正事項】, the items being corrected, and under that heading three lines: the name of the report being corrected, the date on which the reporting obligation behind that report arose, and 訂正箇所, the place corrected or the reason. Then, in most of them, the pairs — a block headed （訂正前）, before correction, and directly beneath it a block headed （訂正後）, after. All thirty-one documents read here carry the three 訂正事項 lines, and in every one each （訂正前） is followed by its （訂正後）, in that order, with none left unmatched. The withdrawn text is not filed away somewhere and quietly superseded. It is typeset again, directly above the text that replaces it.

EDINET's document list for 5 to 13 August 2026, taken as it stood on the morning of the thirteenth, carries thirty-four rows under document-type code 360. Those thirty-four rows point to thirty-one documents. Two of the documents account for five rows between them, and four of those five carry an operation time on 10 August — 09:33, 09:34, 09:35, 09:36 — alongside submission times of 16 July and 6 August. That is where the three surplus rows come from. The thirteenth was still taking filings when the list was pulled, 108 documents of every type against 291 the day before, so this is a listing window and not a closed week: one of the thirty-one shows a submission time of 16 July 15:17 and reaches the list only through those four minutes on 10 August, twenty-five days later.

Twenty-six of the thirty-one correct a change report. Five correct a large shareholding report itself. The split is read off the 訂正される報告書名 line inside each 【訂正事項】. Twenty-six of thirty-one is 84 per cent, five of thirty-one is 16 per cent, and those are the two shapes the corrected object can take.

That 84 per cent is not a rate of anything. A rate needs a denominator — how many change reports and how many large shareholding reports were filed in the same window, and in the earlier windows these corrections reach back into — and this reading carries no such count. So the twenty-six-to-five split cannot be decomposed into its two candidate causes: that change reports are simply the more numerous population, or that they are corrected at a higher frequency. Both produce the same ratio.

Counting occurrences of （訂正前） across the thirty-one gives the shape of the set. One prints no pair at all. Four print one, thirteen print two, three print three, four print four, two print five, one prints six. Then nothing at seven, eight or nine, one at ten, and two at twelve. The median is two, and thirteen of the thirty-one sit exactly on it.

What gets corrected can be read off the headings that follow. Taking the three hundred characters after each （訂正前）, collecting the 【…】 headings inside that window and counting each heading once per document gives what a machine could read out of the thirty-one PDFs, which is a different fact from what the thirty-one printed. On that reading: 【提出者に関する事項】, matters concerning the filer, in 29; 【提出者（大量保有者）／１】, filer, large holder, no. 1, in 27; 【表紙】, the cover page, in 19; 【上記提出者の保有株券等の内訳】, the breakdown of that filer's holdings, in 12; 【当該株券等の発行者の発行する株券等に関する最近60日間の取得又は処分の状況】, acquisitions and disposals over the preceding sixty days, in 12; 【提出者（大量保有者）／２】 and 【株券等保有割合】, the holding ratio, in 11 each.

Those numbers do not add. A single document contributes to several of them, and a three-hundred-character window can pick up more than one heading after a single （訂正前）, including headings that belong to the （訂正後） side. Dividing their sum by thirty-one would produce a figure in a unit that does not exist — headings observed near a pair is not pairs — so the counts are read one at a time.

Read one at a time they still have a shape. The headings naming who the filer is and what appears on the cover sit at 29, 27 and 19 of 31. The headings naming the size of the position, the holdings breakdown and the holding ratio sit at 12 and 11. What the corrections consist of at the character level is a further question: a change inside a filer-particulars field could be an address, a name, a corporate form. The count locates the corrections. It does not describe them.

Seven of the thirty-one print the same pair. Inside it stands the cover page of the report being corrected, reprinted, and on that reprinted cover 【根拠条文】 — the provision that earlier report was filed under — reads 法第27条の25第1項 before the correction and 法第27条の25第1項及び第2項 after. In the same seven the sixty-day table of acquisitions and disposals is set out twice, the second time under a heading ending (短期大量譲渡に該当する場合), the case of a short-period bulk transfer — the parenthesis half width and preceded by a half-width space, as all eight print it. The earlier table's header runs 年月日, 株券等の種類, 数量, 割合, 市場内外取引の別, 取得又は処分の別, 単価. The later one carries one more field, placed before the last: 譲渡の相手方, the transferee. An eighth document prints the later heading on its before side as well.

In one of the seven the table holds a single row, and the two versions of it are identical up to that one field. The same 2026年7月10日, the same 3,596,000 shares, the same 16.64 in the 割合 column, the same 市場外 and 処分, and the same 540 in the 単価 column — ¥540 (US$3.30), as that report prints it. Its 訂正箇所 is a single phrase, 短期大量譲渡へ変更. What the corrected version adds is the name of the company the shares went to.

In another, the table holds six rows dated 18 and 25 June, and the 譲渡の相手方 field added to it is filled with the names of individuals. Its 単価 column reads the same in both blocks: five rows 相続 and one 遺贈, inheritance and bequest. The 訂正箇所 line describes what happened to the paper — 使用様式を第一号様式から第一号及び第二号様式に変更する, the form used changed from the first prescribed form to the first and second, with the transferee added to the sixty-day table.

Words in a 単価 column are not confined to that one. Two of the thirty-one, corrections to the same change report by the same filer, carry 貸株返済, repayment of a stock loan, on one row of the same column. In the first of them the last row's withdrawn block reads 新株予約権償却 and the replacing block reads 新株予約権1個あたり348円（100株）; in the second, both blocks already print that replacing text — ¥348 (US$2.12) per subscription right over a hundred shares, as those reports print it — with the transferee's name arriving in the new column alongside.

One of the thirty-one prints no pair. Its 訂正箇所 is a single sentence: 提出者住所（非縦覧部分）に不備がございましたので、訂正いたします — there was a defect in the filer's address, in the portion not open to public inspection, and it is corrected. The characters being corrected sit where the public copy does not go, so what the public copy carries is the reason. This is also the document with the July submission time, and it names the same 変更報告書 No.９ — same filer, same issuer — that the inheritance filing names three weeks later.

Each of the thirty-one prints, inside 【訂正事項】, a 訂正される報告書の報告義務発生日, the date the reporting obligation behind the corrected report arose. The correction report's own cover carries a field of nearly the same name, 【報告義務発生日】, and in all thirty-one that one reports no applicable item: thirty print 該当事項なし and one prints 該当事項ありません. Measured from the obligation date to the correction's own 提出日, the distances run from 3 days to 235, with a median of 13. That is not a measure of promptness. Inside each distance sits the original report's own interval and everything that happened after it, and this reading does not separate the two.

The corrected report's name is printed in full, number included, and the number is where the form stops being uniform. Among the twenty-six corrected change reports the abbreviation appears as No., as NO., as №, and once as No, with a comma. Full-width numerals appear in two spellings, No.９ and No.５, across three of the twenty-six. One carries a leading zero, No.06. Six of the twenty-six correct a No.1; one corrects a NO.42.

Two of the thirty-one produce the longest identical heading list in the set: the same eight headings after their （訂正前） blocks, in the same order, running from 【提出者に関する事項】 through the joint-holder summary and the joint holders' breakdown to 【共同保有における株券等保有割合の内訳】. Their pair counts differ, three and four. Same fields touched, different quantity of printed text, which is the plainest demonstration available here that a heading count and a pair count measure two different things.

At the thin end of the same count are the fields describing why a position is held and with what money. 【保有目的】, the purpose of the holding, in two. 【当該株券等に関する担保契約等重要な契約】, important contracts such as pledges over the shares, in five. 【保有株券等の取得資金】 and 【取得資金の内訳】, the acquisition funds and their breakdown, in nine each, with 【借入金の内訳】, the breakdown of borrowings, in two. 【重要提案行為等】, important proposals, in two.

Two of the thirty-one reached the list on the same day naming the same corrected report, 変更報告書No.37. The first says the report it corrects was submitted on 4 August. The second says 7 August. Both dates stand as the filings print them, and the second's （訂正前） block reproduces the first's （訂正後） text — short-period-bulk-transfer heading, transferee column, the 348円 unit price and all. Inside the second, a pair sets out the holding-ratio box twice, with the formula printed in the row label as （AB/（AD+AE-AF）×100）. AD, issued shares, reads 37,281,119 in both blocks, commas and all; AE, potential shares, reads 14536100 before and 1718000 after. The ratio reads 3.48 per cent before and 4.62 after. The line beneath, the ratio stated in the immediately preceding report, reads 28.21 in both.

That same document sets out the sixty-day table twice as well, seventeen rows in each. Nine of the seventeen 割合 figures differ between the blocks, and all nine are lower in the second: 34.38 to 32.87 on the largest row, 5.36 to 5.13 on the next, 0.39 to 0.37 on the first two. Both directions come off the one replaced figure. With AE at 1,718,000 the box divides by 38,999,119 where it had divided by 51,817,219, and its ratio rises; the table's second block divides by that same 38,999,119 where its first divided by AD alone — 12,818,100 over 37,281,119 is 34.38, over 38,999,119 is 32.87.

Most of the counting above would be unavailable if the form printed only the corrected version. A filing that simply reissued a holding ratio would leave a record in which the ratio had always been 4.62, and the median of two, the 29 and the 11 would each be uncomputable. The count of thirty-one survives that thought experiment, because it comes from the document-type code and the list rather than from the withdrawn text. What makes the correction itself countable is the block printed for the version withdrawn: typeset, headed and filed in the same document that removes it from effect.

Which returns to the nine dated entries printed twice. That filing is its own dialect inside the set. Its cover gives the provision as 法第27条の25第３項 in full width where the other thirty give 3, dates its own filing 令和８年８月５日 where the other thirty use 2026, and answers the obligation-date field 該当事項ありません where the other thirty answer 該当事項なし. And its answer to a moved date is the whole block as it stood, then the whole block as it stands. Which day moved is left to the reader.

On currency: two yen figures appear above, the 540 and the 348 printed in 単価 columns, converted at a single rate of ¥163.8 = US$1, the rate retrieved on 24 July 2026 — the daily reference rate for that date is 163.82. That one rate is applied to every period, so that figures from different dates stay comparable with each other rather than with the currency market. Ratios, percentages, share counts and document counts are left unconverted, and nothing here is divided by a share count.