Terms of Service

Article 1 (Definitions)

Article 2 (Application of these Terms)

1. These Terms apply to every aspect of the relationship between you and us concerning the use of the Service.

2. The Privacy Policy, the Refund Policy, the notice under the Act on Specified Commercial Transactions, the API documentation, the pricing page and any other rules we publish on the Service (the "Supplementary Terms") form part of these Terms. If these Terms conflict with any Supplementary Terms, the Supplementary Terms prevail.

3. Where we and a User have entered into a separate agreement, such as for the Enterprise Plan, that agreement prevails over these Terms to the extent of any inconsistency.

Article 3 (Account Registration)

1. Anyone wishing to use the Service must agree to these Terms and register an Account in the manner we prescribe. Registration is performed through the authentication platform we use (Clerk).

2. You must register true and accurate information and promptly update it when it changes.

3. A minor must obtain the consent of a legal representative before using the Service.

4. We may decline a registration, or revoke an approval already given, if we determine that the applicant falls under any of the following. We are not obliged to disclose our reasons.

   • (1)The registered information is false, erroneous or incomplete.
   • (2)The applicant has previously been suspended or had an Account deleted for breach of these Terms or otherwise.
   • (3)We determine that the applicant is, or is associated with, an Anti-Social Force (as defined in Article 19).
   • (4)We otherwise reasonably determine that registration is inappropriate.

5. An Account may be used only by the User who registered it (or, for a corporation, that corporation) and may not be assigned, lent or transferred to any third party.

Article 4 (Management of API Keys)

1. You must keep your API Keys strictly confidential at your own responsibility and must not disclose, share or transfer them to any third party. You must not embed API Keys in client-side code, public repositories, locations accessible from a browser or any other place that third parties can view.

2. Any use of the Service made with your API Keys is deemed to be your own use, and you are responsible for its consequences.

3. If you become aware that an API Key may have been leaked or misused, you must immediately revoke that API Key from the dashboard and notify us.

4. We may revoke an API Key without prior notice if we determine that it may have been misused or leaked.

5. You may issue multiple API Keys, up to the limit for your Plan shown on the pricing page (or, where an organisation contracts under the Enterprise Plan, the limit per member). Rate limits apply per API Key, and monthly quotas apply per Account.

Article 5 (Plans and Fees)

1. You use the Service under one of the Plans shown on the pricing page. The monthly fee, monthly quota, rate limit and features of each Plan are as shown on the pricing page.

2. Fees for Paid Plans are set in Japanese yen excluding tax for users in Japan and in US dollars for users outside Japan, as shown on the pricing page. Japanese consumption tax is added at checkout. For users outside Japan, how tax applies (whether it is included or added, and the amount) depends on the tax law of your location and is shown at checkout. The checkout may show the equivalent amount in your local currency.

3. Paid Plans are sold through Paddle. As Merchant of Record, Paddle is the party to the sales contract for Paid Plans with you and is responsible for billing, payment processing, calculating, collecting and remitting applicable taxes, and issuing receipts and invoices. When subscribing to a Paid Plan you also agree to Paddle's buyer terms and privacy policy. Paddle's name, not ours, will appear on your payment statement.

4. Paid Plans are monthly subscriptions. Unless you cancel, your subscription renews automatically at the end of each billing period for the same period and fee, and the registered payment method is charged.

5. If a payment cannot be collected (for example because a card has expired or has insufficient funds), Paddle will notify you and retry the charge. If payment is not confirmed within a reasonable period, we may suspend Paid Plan features or move the Account to the Free Plan.

6. An upgrade takes effect immediately, and the difference (including consumption tax) prorated for the time from the change until the end of the current billing period is charged at the time of the change in accordance with Paddle's rules. A change to a lower Paid Plan takes effect at the end of the current billing period (your next renewal date), and until then you may use the Service within the limits of your current Plan; no refund or credit is given for the difference in the current billing period. You may cancel a scheduled change to a lower Plan before the renewal date. Changing your Plan does not change your renewal date. Cancellation (moving to the Free Plan) takes effect at the end of the current billing period.

7. We may revise fees and the contents of Plans. Any increase in the fee for a Paid Plan will be announced at least 30 days before it takes effect, by notice to your registered email address or by posting on the Service, and will apply from the first billing period that starts on or after the first renewal date following the notice. If you do not agree to the revision, you may cancel before the effective date.

8. Refunds are governed by the Refund Policy.

Article 6 (Free Plan)

1. We offer a free Plan (the Free Plan) for evaluating the Service and for small-scale use. The quota, rate limit and scope of the Free Plan are as shown on the pricing page.

2. We may change the contents of the Free Plan or discontinue it.

3. A single User may not create multiple Accounts in order to obtain more than one Free Plan quota.

Article 7 (Usage Limits)

1. The Service's API is subject, for each Plan, to a monthly quota (a cap on the monthly total of the token cost defined for each endpoint) and a rate limit (a cap on requests per minute per API Key). The token cost of each endpoint is stated in the documentation. We also determine which endpoints are available on each Plan and show them on the pricing page and in the documentation.

2. Once a limit is reached, we reject further requests for the relevant period (HTTP status 429). Monthly quotas reset on the first day of each month (UTC); unused quota does not carry over.

3. Notwithstanding the preceding paragraph, if you hold Extra Tokens (tokens purchased in advance to use beyond the monthly quota, available on any Plan at the prices shown on the pricing page), the token cost of requests beyond the monthly quota is deducted from your Extra Tokens, and such requests are not rejected while Extra Tokens remain. Extra Tokens are valid for 12 months from purchase and are used in order of earliest expiry. Expired Extra Tokens lapse, and unused Extra Tokens are not refundable. They remain usable until expiry even after you change or cancel your Plan.

4. You must not circumvent the usage limits by combining multiple Accounts or API Keys, through automated bulk access, or by any other means.

5. To keep the Service stable, we may temporarily restrict usage that places an excessive load on the Service, regardless of the limits of your Plan.

Article 8 (Licence to the Data and Restrictions on Redistribution)

1. Subject to your compliance with these Terms, we grant you, for the term of your agreement with us, a non-exclusive, non-transferable and non-sublicensable right to use the Data for the following purposes ("Basic Use").

   • (1)Use for your own research, analysis, study and investment decisions (for a legal entity, use within that entity; however, as set out in paragraph 4, item 2, Exchange Data may be used only by the registered individual).
   • (2)Referring to the Data through the API or the MCP server from AI agents or applications built on large language models that you yourself use, and using it to generate their responses (responses may be provided to persons other than you only within the scope of the next paragraph).

2. Only if you subscribe to the Business Plan or higher, we additionally grant you the following uses, excluding the Exchange Data defined in paragraph 4.

   • (1)Displaying the Data in a User Service, or providing the results of processing or analysing the Data (such as aggregates, indicators, charts, reports and screening results) to the end users of that User Service.
   • (2)Sharing the Data among multiple employees and other personnel within your organisation, and letting AI agents and similar tools refer to the Data at the request of the end users of a User Service.

3. Users on the Free or Pro Plan must not make the Data (including the results of processing or analysing it) available to third parties by displaying, providing, sharing or any other means.

4. Special provisions for Exchange Data. Notwithstanding the preceding paragraphs, the following information (collectively, "Exchange Data") is subject to the items below. Exchange Data means (a) stock prices, trade prices and other market quotations that we receive from Tokyo Stock Exchange, Inc. or other financial instruments exchanges, and values expressing a stock price in the same unit (open, high, low and close, moving averages, period highs and lows, day-over-day changes and percentage changes, etc.), trading volume, trading value and values calculated from them and stock prices (such as the minimum investment amount), and (b) the documents disclosed through TDnet themselves (including PDFs, text and copies of earnings reports and other disclosure materials, and links we provide to those files). Valuation metrics we calculate from stock prices and financial figures (market capitalisation, PER, PBR, dividend yield, etc.) and data we extract, normalise or analyse from TDnet documents (financial figures, indicators, aggregates, etc.) are not Exchange Data and are governed by the other paragraphs of this Article.

   • (1)Regardless of Plan, you may use Exchange Data only within Basic Use and must not display, provide, redistribute, transfer or publish it to third parties (including through a User Service and as results of processing or analysis).
   • (2)We provide Exchange Data only to users who have agreed to these special provisions by registering an account. Exchange Data may be viewed and used only by the registered individual. Even within a legal entity, you must not display or share Exchange Data with officers, employees or others who have not registered, including through your own systems, tools or AI agents.
   • (3)If we determine that you have breached, or are likely to breach, these special provisions, we may disable your API keys and stop providing Exchange Data without prior notice.
   • (4)You agree to cooperate with any investigation by Tokyo Stock Exchange, Inc. ("TSE") into our use of Exchange Data, and you consent to our providing your personal information to TSE to the extent necessary for that investigation.
   • (5)You agree that TSE and its affiliates bear no responsibility for the accuracy, completeness, timeliness or any other aspect of Exchange Data, and are not liable for any damage you incur from using it.
   • (6)Notwithstanding the above, you may quote a very small amount of Exchange Data in documents and the like, with the source clearly indicated.

5. Notwithstanding the preceding paragraphs, you must not do any of the following without our prior written consent.

   • (1)Resell, redistribute, transfer or publish the Data itself (meaning raw data, or data in a form from which a substantial part of the Data can be reconstructed) to third parties in any form, including as an API, file, database or data feed, and including through a User Service.
   • (2)Build a dataset, database or data service of which the Data is a principal component and provide it to third parties.

6. Users on the Enterprise Plan may do the acts in the preceding paragraph to the extent set out in a separate agreement with us; however, paragraph 4 prevails for Exchange Data.

7. When displaying the Data in a User Service under paragraph 2, you must indicate, in a reasonably practicable manner, that the Data is sourced from the Service (for example, "Data provided by ZENITH Code"), and make clear to end users that we do not warrant the accuracy, completeness or timeliness of the Data and that the Data does not constitute investment advice.

8. Except for the rights expressly granted in these Terms, all rights in the Data and the Service are reserved to us or to the third parties that supply data to us. You must not remove or alter any copyright or other rights notices attached to the Data.

9. When your agreement with us ends (including, for uses under paragraph 2, when you move from the Business Plan or higher to the Pro Plan or lower), you may no longer retrieve or provide the Data for that use, and you must delete the Data you hold (including caches) within a reasonable period. This does not apply to your own work product created by processing or analysing the Data from which a substantial part of the Data cannot be reconstructed (excluding Exchange Data).

10. Additional conditions applying to each source of the Data (such as how to credit the source) are as we set out on the "Data Sources and Terms of Use" page, and you must follow them.

11. Regardless of Plan, you may store and accumulate the Data during the term of your agreement with us, for any purpose (including for developing or providing a service that competes with the Service). You must, however, tell us the purposes for which you use the Data when we ask. Stored or accumulated Data may be displayed, provided or redistributed to third parties only within the scope permitted by paragraphs 2 to 6, and its handling after your agreement ends is governed by paragraph 9.

Article 9 (Data Sources and Disclaimer)

1. The Data is collected, extracted, normalised and calculated by us primarily from the following sources.

   • (1)Earnings reports (kessan tanshin), timely disclosure documents and other materials disclosed on TDnet, the timely disclosure network operated by Tokyo Stock Exchange, Inc.
   • (2)Annual securities reports, quarterly and semi-annual reports, large shareholding reports and other documents filed on EDINET, the electronic disclosure system operated by the Financial Services Agency of Japan.
   • (3)Stock prices, listed-issue information, market segments and other market information published by Japan Exchange Group, Inc. (JPX) and the exchanges in its group.
   • (4)Economic statistics published by public institutions, such as FRED operated by the Federal Reserve Bank of St. Louis.
   • (5)Information supplied by third-party data providers under licence to us.
   • (6)Derived metrics that we calculate from the above, such as financial ratios, growth rates, trailing-twelve-month (TTM) figures, rankings and screening results.

2. The Data is, as a rule, extracted and normalised mechanically from the original disclosure documents and other sources. We make no warranty, express or implied, as to the accuracy, completeness, currency, timeliness, fitness for a particular purpose or continued availability of the Data. The Data may differ from the original disclosures because of corrections to the originals, extraction or conversion errors, changes to a source's specifications, delays or interruptions in a source, missing data and similar causes. For important decisions you should verify the original disclosures and other primary sources.

3. The Service and the Data are provided for informational purposes only. We do not carry on investment advisory or agency business, investment management business or any other financial instruments business under the Financial Instruments and Exchange Act of Japan. The Data is not a solicitation or recommendation to buy, sell or hold any financial instrument or to take any other investment action; all investment decisions are your sole responsibility.

4. The methods used to calculate derived metrics are determined at our discretion and may change without notice. An outline of the principal methods is given in the documentation.

5. TDnet, EDINET, JPX, FRED and the names of other sources are trademarks or registered trademarks of their respective operators. We are not affiliated with, endorsed by or sponsored by any of those operators.

Article 10 (Prohibited Conduct)

Article 11 (Suspension and Termination by the Company)

1. If we determine that you fall under any of the following, we may, without prior notice, suspend your use of all or part of the Service, revoke your API Keys, or terminate your agreement and delete your Account.

   • (1)You breach any provision of these Terms.
   • (2)Your registered information is found to be false.
   • (3)You are late in paying any fee.
   • (4)We are unable to reach you at your registered email address for a continued period.
   • (5)You are found to be, or to be associated with, an Anti-Social Force.
   • (6)We determine that you are likely to obstruct the operation of the Service or cause harm to other Users.
   • (7)We otherwise reasonably determine that your continued use of the Service is inappropriate.

2. We are not liable for any damage you suffer as a result of measures under the preceding paragraph, except where caused by our wilful misconduct or gross negligence. Such measures do not relieve you of the obligation to pay fees already incurred.

3. We may terminate your agreement for any reason by giving you at least 30 days' notice. In that case we will refund the portion of any fees already paid that corresponds to the period after the termination date.

4. If, because of a change of Plan (including a move to a lower Plan or a reduction in Enterprise seats) or otherwise, the number of your active API Keys exceeds the limit for your Plan (or, where an organisation contracts under the Enterprise Plan, the limit per member), we will make all API Keys of that User (or, for an organisation, of that member) unusable for as long as the excess continues. This is not a measure for breach: the keys become usable again once the number is brought within the limit, for example by revoking keys. When we receive a scheduled change that would cause such an excess, we will endeavour to tell you in advance by email to your registered address and on the dashboard.

Article 12 (Cancellation and Account Deletion by the User)

1. You may schedule cancellation of a Paid Plan at any time from "Plans & Billing" in the dashboard. Cancellation takes effect at the end of the current billing period, and you may continue to use the Paid Plan features until then. After the period ends, your Account moves to the Free Plan.

2. You may delete your Account by contacting us. On deletion your API Keys are revoked and your information is handled in accordance with the Privacy Policy.

3. Except as provided in the Refund Policy, no refund is given for any remaining billing period or unused quota at the time of cancellation or Account deletion.

Article 13 (Changes, Interruption and Discontinuation of the Service)

1. We may change, add to or discontinue the contents, specifications and scope of the Service, including endpoints, data fields and the methods used to calculate derived metrics. For changes that materially affect Users, such as the retirement of an endpoint, we will endeavour to give at least 30 days' notice through the documentation, the changelog or your registered email address.

2. We may interrupt all or part of the Service without prior notice in any of the following cases.

   • (1)Maintenance, inspection or updating of the systems used for the Service.
   • (2)Emergency security measures.
   • (3)Force majeure such as earthquake, fire, power failure, natural disaster, epidemic, war or terrorism makes it difficult to provide the Service.
   • (4)A failure, specification change or discontinuation of a data source (such as TDnet, EDINET, JPX or FRED) or of an external service we use (such as Cloudflare, Clerk, Paddle or Amazon Web Services) makes it difficult to provide the Service.
   • (5)A failure of telecommunications lines or cloud infrastructure.
   • (6)We otherwise reasonably determine that an interruption is necessary.

3. We may discontinue the Service entirely by giving you at least 30 days' notice. In that case we will refund the portion of any fees already paid that corresponds to the period after the discontinuation date.

4. We are not liable for any damage you suffer as a result of a change, interruption or discontinuation under this Article, except where caused by our wilful misconduct or gross negligence.

5. If a failure of the Service occurs, we will use reasonable efforts to restore it promptly and endeavour to tell you by email to your registered address or by other means. We do not refund or reduce fees because of an interruption under paragraph 2 (including scheduled maintenance, emergency security measures and unplanned failures). However, where we discontinue the entire Service under paragraph 3, that paragraph applies, and where the interruption results from our wilful misconduct, gross negligence or any equivalent cause, we will decide how to respond in light of the circumstances.

Article 14 (Intellectual Property Rights)

1. All Intellectual Property Rights and other rights in the software, API, documentation, website, designs, trademarks and logos that make up the Service, and in the selection, arrangement, structure, derived metrics and presentation of the Data, belong to us or to third parties that have licensed them to us. The licence granted under these Terms does not transfer any of those rights to you.

2. Rights in the contents of the disclosure documents themselves belong to the respective disclosing companies and other rights holders.

3. We may freely use any opinions, requests, suggestions for improvement and similar feedback you provide about the Service, for improving the Service or for any other purpose, without compensation to you.

4. "ZENITH Code" is the name of a service operated by Crabgrass Inc., and its name and logo are our trademarks (our trade name is "Crabgrass Inc."). Except for attribution under Article 8, paragraph 7, you may not use them without our prior written consent.

Article 15 (Disclaimer of Warranties)

1. The Service and the Data are provided "as is". We make no warranty, express or implied, that the Service will meet your particular purpose, that it will have the functions, accuracy or usefulness you expect, that it will be available continuously, that it will be free of defects, or that it will not infringe the rights of any third party.

2. Except as separately agreed under the Enterprise Plan, we make no commitment as to the uptime, response time or any other service level of the Service.

Article 16 (Limitation of Liability)

1. Except where caused by our wilful misconduct or gross negligence, our liability for damage arising out of or in connection with the Service is limited to direct and ordinary damage actually suffered by you as a result of our breach of contract or tort. In such cases our aggregate liability is capped at the total fees you paid for the Service in the 12 months preceding the event giving rise to the damage (or JPY 10,000 for Users on the Free Plan).

2. Except where caused by our wilful misconduct or gross negligence, we are not liable, whether or not foreseeable, for lost profits, indirect, special, consequential or punitive damage, loss of data, business interruption, or any loss arising from investment decisions made on the basis of the Data.

3. To the extent this Article is restricted by the Consumer Contract Act of Japan or any other mandatory law, it applies to the maximum extent permitted by that law.

Article 17 (Indemnification by the User)

Article 18 (Personal Information and Usage Records)

1. We handle your personal information in accordance with the Privacy Policy.

2. To operate the Service, enforce usage limits, bill fees, prevent abuse and improve the Service, we record and statistically analyse API usage, including request timestamps, endpoints, API Key identifiers, response status, response time, data volume and the country of origin of requests.

Article 19 (Exclusion of Anti-Social Forces)

1. You represent and warrant, now and for the future, that you are not an organised crime group, a member of such a group, a person who ceased to be such a member less than five years ago, an associate member, an affiliated company, a corporate racketeer, a group engaging in criminal activities under the pretext of social campaigns, a special-intelligence crime group, or any similar person or entity (collectively, "Anti-Social Forces"), and that you have no socially reprehensible relationship with any Anti-Social Force.

2. You undertake not to, directly or through a third party, make violent demands or unreasonable demands beyond legal responsibility, use threatening language or violence, spread rumours, or use fraudulent means or force to damage our credibility or obstruct our business.

Article 20 (Notices and Communications)

1. Notices from us to you are given by email to your registered email address, by posting on the Service, or by any other method we consider appropriate. A notice by email is deemed to have reached you when we send it.

2. Communications from you to us must be sent to our contact address (support@zenithcode.net).

Article 21 (Assignment)

1. You may not assign, transfer or pledge your contractual position or any rights or obligations under these Terms to any third party without our prior written consent.

2. If we transfer the business relating to the Service to a third party (whether by business transfer, company split, merger or otherwise), we may transfer to the transferee our contractual position, our rights and obligations under these Terms, and your registered information and other information, and you consent to this in advance.

Article 22 (Amendment of these Terms)

1. We may amend these Terms without obtaining your individual consent, in accordance with Article 548-4 of the Civil Code of Japan, in either of the following cases.

   • (1)The amendment is in the general interest of Users.
   • (2)The amendment does not contravene the purpose of the agreement and is reasonable in light of the necessity for the amendment, the appropriateness of the amended terms, the content of the amendment and other relevant circumstances.

2. When we amend these Terms, we will post on the Service, or notify you at your registered email address of, the fact of the amendment, the amended contents and the effective date, at least 14 days before the effective date.

3. If you use the Service on or after the effective date, you are deemed to have agreed to the amended Terms.

Article 23 (Severability)

Article 24 (Language)

Article 25 (Governing Law and Jurisdiction)

1. These Terms and your agreement with us are governed by and construed in accordance with the laws of Japan. The United Nations Convention on Contracts for the International Sale of Goods does not apply.

2. The Tokyo District Court has exclusive jurisdiction in the first instance over any dispute between you and us arising out of or in connection with the Service or these Terms.

Supplementary Provision

1. These Terms come into effect on 20 October 2026.

2. Amended on 23 October 2026 (preamble; Article 4, paragraph 5; Article 7, paragraphs 1 (endpoints available on each Plan) and 3 (Extra Tokens); Article 8, paragraphs 1, 4, 5 and 11; Article 11, paragraph 4; Article 13, paragraphs 2 and 5; Article 14, paragraph 4; including the amendment of Article 5, paragraph 6 made on 22 October 2026). The amended Terms come into effect on 23 October 2026.