Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS: Chinese Ban on iPhone weighs on US Equity Sentiment;  Tech, to no one's surprise, hit hard, with Nasdaq100 -0.7% SOX -2%; Initial Jobless Claims drop - fuels inflation fears</li>
<li>JAPAN: NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week;   HA-2 Moon Rocket Successful Launch.; More rumors on Switch 2</li>
<li>JAPAN X: Unveiling the Future: Nintendo's Switch 2 Rumors ? or  Reality ? Seems like Reality. Likely not a smart move to go bearish on Nintendo ! Watch this space.  </li>
</ul>


OVERSEAS: Chinese Ban on iPhone weighs on US Equity Sentiment;  Tech, to no one's surprise, hit hard, with Nasdaq100 -0.7% SOX -2%; Initial Jobless Claims drop - fuels inflation fears
JAPAN: NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week;   HA-2 Moon Rocket Successful Launch.; More rumors on Switch 2
JAPAN X: Unveiling the Future: Nintendo's Switch 2 Rumors ? or  Reality ? Seems like Reality. Likely not a smart move to go bearish on Nintendo ! Watch this space.  


Ohayo Japan|China's Apple Ban Hits Equities; JAPAN X: Nintendo's Switch 2 Prospects in 2024 ?

<ul>
<li>OVERSEAS. Another strong post Fed Day with SPX breaks 4100 level; Slew of big tech after hours: AMZN; Google, AAPL-Mkt doesn't like; Ford, not to be left out, MISSES</li>
<li>JAPAN. NKY Futs +0.5% vs Cash; USDJPY 128.69;  Mgmt Transitions,  Sony and Z-HD make changes; Earnings:  Sony +ve;  -ve Panasonic (but special case); Murata - last of bad news ?</li>
<li>DAILY NUGGETS. Panasonic – Still deciding. Seems we have to wait a bit longer on the impact of the IRA credits.</li>
</ul>


OVERSEAS. Another strong post Fed Day with SPX breaks 4100 level; Slew of big tech after hours: AMZN; Google, AAPL-Mkt doesn't like; Ford, not to be left out, MISSES
JAPAN. NKY Futs +0.5% vs Cash; USDJPY 128.69;  Mgmt Transitions,  Sony and Z-HD make changes; Earnings:  Sony +ve;  -ve Panasonic (but special case); Murata - last of bad news ?
DAILY NUGGETS. Panasonic – Still deciding. Seems we have to wait a bit longer on the impact of the IRA credits.


Good Morning Japan | SPX Breakout but After-Hours Earnings Sap FOMO; Sony Beat; Pana-Still Deciding

<ul>
<li>OVERSEAS.  US stocks rally on Fed paus(ing); Duration gets extended spurring +5% SOX move; AMD results provide comfort for Semis; Meta Beats !  Off to the races!</li>
<li>JAPAN.  NKY Futs +0.2% vs Cash; Yen Stronger at USDJPY 129.02 post Fed;  BOJ shows commitment buying  $180 bn JGBs in Jan;   Earnings: Positive Keyence; Negative Kyocera; Disaster Sumi Chemicals. </li>
<li>DAILY NUGGETS. Race for Talent. Japan retail major lifts wages, as (wage) hike momentum gathers. Issue for Japan is lack of workers !</li>
</ul>


OVERSEAS.  US stocks rally on Fed paus(ing); Duration gets extended spurring +5% SOX move; AMD results provide comfort for Semis; Meta Beats !  Off to the races!
JAPAN.  NKY Futs +0.2% vs Cash; Yen Stronger at USDJPY 129.02 post Fed;  BOJ shows commitment buying  $180 bn JGBs in Jan;   Earnings: Positive Keyence; Negative Kyocera; Disaster Sumi Chemicals. 
DAILY NUGGETS. Race for Talent. Japan retail major lifts wages, as (wage) hike momentum gathers. Issue for Japan is lack of workers !


Good Morning Japan | Blast off ! "Disinflation Process Has Started";AMD Spurs Tech Rally; Meta Beats

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto (8369 JP)</a> is currently at a 51% discount to the After Tax Value of its Equity Portfolio assuming its banking ops are priced at a RegionalBankAveragePBR.</li>
<li>That is, believe it or not, relatively narrow, and given the nature of the risks making it a range trade, it makes short-term timing probably a sell. </li>
<li>There is, helpfully, 6 days of ADV to sell in the TOPIX FFW adjustment on 28 October, and all five of the top holdings are also net sells (0.5-1.1 days).</li>
</ul>



Bank of Kyoto (8369 JP) is currently at a 51% discount to the After Tax Value of its Equity Portfolio assuming its banking ops are priced at a RegionalBankAveragePBR.
That is, believe it or not, relatively narrow, and given the nature of the risks making it a range trade, it makes short-term timing probably a sell. 
There is, helpfully, 6 days of ADV to sell in the TOPIX FFW adjustment on 28 October, and all five of the top holdings are also net sells (0.5-1.1 days).


Bank of Kyoto (8369 JP) Holdco Maybe Rich-Ish - Watch for TOPIX Rebal SELL Flow

Equity Bottom-Up

<ul>
<li>Kazuo Inamori (稲盛和夫), founder of <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a> and <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI Corp (9433 JP)</a> precursor company DDI (Dai Ni Den Den), and former chairman of JAL overseeing restructuring, has passed.</li>
<li>In his own name, he owns 10.212mm shares of Kyocera, and likely other assets. Inheritance tax would be due 10 months from now. </li>
<li>Kyocera is not blowing out the lights compared to peers, but it is relatively inexpensive to its history and peers. If the shares are sold, Kyocera can buy them.</li>
</ul>


Kazuo Inamori (稲盛和夫), founder of Kyocera Corp (6971 JP) and KDDI Corp (9433 JP) precursor company DDI (Dai Ni Den Den), and former chairman of JAL overseeing restructuring, has passed.
In his own name, he owns 10.212mm shares of Kyocera, and likely other assets. Inheritance tax would be due 10 months from now. 
Kyocera is not blowing out the lights compared to peers, but it is relatively inexpensive to its history and peers. If the shares are sold, Kyocera can buy them.


Kyocera (6971 JP) Founder Kazuo Inamori Passes - Implications for Holdings

Japan

MURATA MANUFACTURING COMPANY, LTD. manufactures and sells ceramic applied electronic components.  The Company's products include filters, capacitors, thermistors, resistors, noise suppression components, coils, piezoelectric sound components, power supplies, sensors, hybrid integrated circuit (IC), and microwave components.

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Murata Manufacturing (6981 JP)

Ohayo Japan|China's Apple Ban Hits Equities; JAPAN X: Nintendo's Switch 2 Prospects in 2024 ?

China Ban Weighs on Apple, Tech Space; NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week; HA-2 Moon...

Mark Chadwick

Good Morning Japan | SPX Breakout but After-Hours Earnings Sap FOMO; Sony Beat; Pana-Still Deciding

NKY Futs indicate +0.5% but are unlikely to be realised as the damper from earnings after hours in the US likely weighs on sentiment. Apple...

Mark Chadwick

Good Morning Japan | Blast off ! "Disinflation Process Has Started";AMD Spurs Tech Rally; Meta Beats

NKY Futs +0.2% vs Cash;USDJPY 129.02 post-Fed. Watch our homegrown SPE names today to follow the lead of the SOX. Today, Sony is on tap. Watching...

Mark Chadwick

Bank of Kyoto (8369 JP) Holdco Maybe Rich-Ish - Watch for TOPIX Rebal SELL Flow

Bank of Kyoto has upped its payout ratio. That has helped the discount narrow but near-term flows, possible relatively soft H1 accounts, and the...

Travis Lundy

Kyocera (6971 JP) Founder Kazuo Inamori Passes - Implications for Holdings

Kyocera founder and KDDI "co-founder" Kazuo Inamori has passed away. He has a ¥80bn stake in Kyocera, and Kyocera owns 15% of KDDI. But overhang is...

Travis Lundy

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