Japanese terms you will meet

The words on broker sites and application screens

Broker websites and IPO application screens are in Japanese. These are the words that decide whether you can finish an application, rather than every term in the field.

The basics

新規公開株 / IPO (shinki koukai kabu): Shares of a company listing on the exchange for the first time.
上場 (joujou): Listing. The company's shares become tradable on the exchange.
上場承認 (joujou shounin): Listing approval. The exchange approves the listing and the schedule becomes public. Applications usually close about a week later.
銘柄 (meigara): A stock or issue. You will see this word wherever a specific company is meant.
単元株 (tangen kabu): Trading unit. Japanese shares trade in units of 100, so applications are in multiples of 100 shares.

Applying

ブックビルディング / 需要申告 (book building / juyou shinkoku): The application window. Miss this and you are out for that listing.
仮条件 (kari jouken): Indicative price range announced before the offer price is fixed.
公開価格 (koukai kakaku): Offer price. One fixed price for everyone, set before listing.
前受金 (maeukekin): Upfront deposit. Some brokers want the cash in your account before you apply; others only when you win.
買付余力 (kaitsuke yoryoku): Available buying power. The figure a broker checks when deciding whether your application is valid.
抽選 (chuusen): Lottery. How allocations are decided, because demand exceeds supply.
当選 / 落選 (tousen / rakusen): Won / lost the lottery. You will see one of these in the result notice.
補欠当選 (hoketsu tousen): Reserve. You get the shares only if someone who won declines them.
購入申込 (kounyuu moushikomi): Purchase confirmation. At some brokers, winning is not enough — you must confirm within a short window or lose the shares.

Brokers and allocation

幹事証券 (kanji shouken): Underwriter. You can only apply through a broker underwriting that listing.
主幹事証券 (shukanji shouken): Lead underwriter. Receives by far the largest allocation, so your odds are best there.
委託幹事 / 裏幹事 (itaku kanji / ura kanji): A broker that receives an allocation later and is not on the original underwriter list. Fewer people notice, so competition can be lower.
完全平等抽選 (kanzen byoudou chuusen): Fully equal lottery — one ticket per applicant regardless of money or history. The best structure if your balance is small.
資金比例抽選 (shikin hirei chuusen): Weighted by how many shares you applied for. Favours larger balances.

After listing

初値 (hatsune): First traded price on the listing day. The number that decides whether the allocation was profitable.
初値売り (hatsune uri): Selling at the first traded price rather than holding.
公募割れ (koubo ware): Opening below the offer price. You are at a loss from the first second of trading.
受渡日 (ukewatashi bi): Settlement date. When money and shares actually change hands.

Paperwork

在留カード (zairyuu card): Residence card. Your identity document when opening an account as a foreign national.
マイナンバー (my number): Your Individual Number. Required by law for every securities account in Japan.
目論見書 (mokuromisho): Prospectus. You must confirm you have viewed it before applying.
特定口座 (tokutei kouza): An account type where the broker calculates your tax for you. Choosing this saves considerable trouble at tax time.

A fuller glossary in Japanese, with a page per term, is at 用語辞典.

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