The , also called the is a Grade 1 flat horse race in Japan for three-year-old thoroughbred colts and fillies. It is run over a distance of 2,400 metres (approximately 1 mile 4 furlongs) at the Tokyo Racecourse, Fuchà «, Tokyo in late May or early June.
It was first run in 1932 and is the Japanese equivalent of the English Epsom Derby. It is the second leg of the Japanese Triple Crown, preceded by the Satsuki Shà  (the Japanese equivalent of the English 2,000 Guineas) in mid-to-late April and followed by the Kikuka Shà  (the Japanese equivalent of the English St. Leger Stakes) in mid-late October.
Since 2010, the Japanese Derby (along with several other JRA Japanese domestic Grade 1 races, including the other Japanese classics such as the Satsuki Sho and the Kikuka Sho) is open to international competition due to Japan's inclusion in the International Federation of Horseracing Authorities' ICS Part I category, in which all graded black-type races in the JRA calendar are open to international competition.
Races prior to 2001 (along with the other Japanese classics) were only limited to Japanese-bred horses. Since 2001, foreign-bred horses are allowed, but until 2010 this race (and the other classics) were only limited to Japanese-trained horses. Since 2010, up to 9 foreign-trained or bred horses can enter the race.
If horses from the National Association of Racing win any 3-year-old JRA Grade 2 or 3 races before the Derby, they will be eligible to enter the Japanese Derby if ranked high enough in prize money. The Kyoto Shimbun Hai and NHK Mile Cup provides priority-entry-rights if these horses place first or second.
The Satsuki Sho, Aoba Sho and the Principal Stakes are the official trial races for the Japanese Derby. The top five finishers in the Satsuki Sho, the top two finishers in the Aoba Sho and the winner of the Principal Stakes are guaranteed a place in the field for the Derby, regardless of prize money. Overall, there are seven automatic qualifying spots in the Derby; the other 10 entries are "at-large" horses determined by prize money earned prior to racing in the Derby. The Kyoto Shimbun Hai is officially considered a step race and only gives priority-entry-rights to horses registered with the NAR. The NHK Mile Cup, the only non-Triple Crown three-year-old GI horse race, is also a step race but only provides priority-entry-rights to horses registered with the NAR, has gained importance in recent years as horses such as Tanino Gimlet, King Kamehameha and Deep Sky participated in the race and would eventually win the Derby.