For years, it's been one of the Tokyo stock market's biggest open secrets: By the time companies reveal their earnings to the public, the most plugged-in traders have known the numbers for weeks.
Their clairvoyance had nothing to do with superior analytical skills, but stemmed instead from the country's lack of U.S.-style fair disclosure laws.
Listed businesses in Japan can selectively share material information with whomever they want — and it's long been customary for executives to give analysts early peeks into their quarterly results.
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