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This article investigates whether and how the Japanese Financial Services Agency's mandatory use of XBRL affects investors in assessing financial information. Although regulators expect the introduction of XBRL to enhance the transparency and quality of business reporting, given the non-trivial implementation and learning costs, whether the XBRL-based disclosure reduces the information asymmetry between sophisticated and less-sophisticated investors remains an empirical question. As priordoi:10.11640/tjar.4.2014.03 fatcat:dfl7ojg72zbobdjmnzgm5vv4wi