The last day of June is generally the last day of school for elementary, junior high and high school students. Usually if the day falls on a Monday or Tuesday school principals may give their kids two days off (they have about 5 to 10 days per year to use up as they need), so that they get their report cards on Friday.
Accepting a report cards is a ceremony of some sort, even though it seems to be it is not that big a deal anymore. Students sit in their class and when their class teacher announces their name they go to the front of the class, shake hands with the teacher and receive their report card (note: sorry for the image quality):
The report card is arranged by courses/subjects and for every course/subject the grade is stated in words. First-graders are an exception because their grades are expressed by numbers, which they understand more… And it motivates them to see “one huge number 1” (as in “excellent”).
Today you can see hundreds of kids in the streets around 9 a.m. because the ceremony usually takes a few minutes and the kids can not wait to get the hell out of there…You can see that they do not treat their report cards with “respect”: some fold it into an oblong envelope, and some roll it into tubes…