About

Japan's small caps, checked every single night. For 18 years.

62% of listed Japanese companies have zero analyst coverage. We cover all of them — with a point-in-time verified system that timestamps every observation and publishes every miss.

Paid memberships are now open via Patreon. The founding rate is $25/month, locked for as long as you stay (standard $45/month after the founding window closes). Annual billing (~$249/yr vs. $450 regular) unlocks in about three months — founding members can switch as soon as it opens.

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The problem

• Japan has 3,900+ listed companies. Most research covers the same few hundred large caps.
• The average Japanese small cap is followed by 0.9 analysts. Most are followed by none.
• English disclosure became mandatory for the Prime market in 2025 — leaving thousands of smaller companies as a blind spot for global investors.

What you get

1. Weekly Observatory Report — every Saturday. What changed across all listed Japanese equities this week: new watchlist entries, warning signals, sector flows.
2. Scorecard, first — every issue opens with how our previous observations actually did. Wins and losses, benchmarked and timestamped. No cherry-picking, structurally.
3. Morning Disclosure Brief (rolling out) — overnight analysis of Japanese regulatory filings, in your inbox before Tokyo opens.
4. The data behind it — key metrics tables for members who prefer raw numbers.

Why trust this

• 18 years of point-in-time data. Our studies use only information that existed on each historical date. No hindsight, provably.
• Every output is hash-stamped. Reports carry SHA audit stamps — if we edited history, you could catch us.
• We eat our own cooking. The system trades real money daily under the same rules it publishes.
• We publish negative results. Our 18-year study found that "good news" events produce no excess return in Japanese small caps. Research that only finds winners isn't research.

Who writes this

Tsukiyo (“moonlit night”) is the pen name of a Japanese software engineer who has invested in Japanese equities for 18 years — and who built the AI-agent research system that checks every listed company, every night.

Why a pen name? Because our whole premise is that you shouldn’t have to trust an author’s face or résumé — you should be able to verify the work itself. So we designed this publication to be verifiable without trusting anyone:

• Every issue is generated from point-in-time data and carries a SHA-256 hash of its own contents — if we ever edited history, you could catch us.
• Misses are never deleted. Every issue opens with the scorecard of our previous observations, wins and losses alike.
• The Build Log series documents in public, week by week, how this system was built.
• A free sample issue shows exactly what subscribers receive. The methodology is fully documented. A human reviews and stands behind every issue.

What we will never do: personalized investment advice, trade signals or alerts, portfolio management, or promises of returns. We publish observations — the judgment is always yours.

Tsukiyo Research provides data and analysis for informational purposes only. Nothing here is investment advice or a recommendation to buy or sell any security. We are not a registered investment advisor in any jurisdiction. Past performance does not guarantee future results. Do your own research.