Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Big drops for futures and commodity markets to start the week, so expect heavy selling across the board to start.</li>
<li>Vietnam signalling willingness to cut US tariffs sending related footwear/clothing names who manufacture in country sharply higher.</li>
<li>Nintendo cancelling its US Switch2 pre-sales sending ADR's lower only to snap back as market remains bullish on new console.</li>
</ul>


Big drops for futures and commodity markets to start the week, so expect heavy selling across the board to start.
Vietnam signalling willingness to cut US tariffs sending related footwear/clothing names who manufacture in country sharply higher.
Nintendo cancelling its US Switch2 pre-sales sending ADR's lower only to snap back as market remains bullish on new console.


Japan Morning Connection: Trump Panic Tactic Working Hook, Line, and Sinker

<ul>
<li>Huge losses for tech/AI/banks in the biggest selloff since Covid.</li>
<li>Intel gaining after reports it has agreed to a JV with TSMC for their Fab business.</li>
<li>Sec. of State Rubio pushing EU leaders to shoulder a higher defence burden; European plays higher.</li>
</ul>


Huge losses for tech/AI/banks in the biggest selloff since Covid.
Intel gaining after reports it has agreed to a JV with TSMC for their Fab business.
Sec. of State Rubio pushing EU leaders to shoulder a higher defence burden; European plays higher.


Japan Morning Connection: Rough Start with US Meltdown but Trump Showing Willingness to Negotiate

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Market Reaction: The announcement of US reciprocal tariffs led to significantly lower market open throughout Asia-Pacific. In the US, <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500</a> futures dropped -3.5%, with the VIX spiking to 23.45.</li>
<li>
Impact on Japan: Japan faces a 24% tariff, with specific sectors like automobiles hit with 25%. This led to a 4.5% drop in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225</a>, stabilizing at 34,600 (-3.2%).</li>
<li>
Volatility Increase: The Nikkei 225 VIX index jumped from previous levels in the low 20's to rise above 38 before retreating to 32.8, indicating the 99th percentile of implied volatility.</li>
</ul>



Market Reaction: The announcement of US reciprocal tariffs led to significantly lower market open throughout Asia-Pacific. In the US, S&amp;P 500 futures dropped -3.5%, with the VIX spiking to 23.45.

Impact on Japan: Japan faces a 24% tariff, with specific sectors like automobiles hit with 25%. This led to a 4.5% drop in the Nikkei 225, stabilizing at 34,600 (-3.2%).

Volatility Increase: The Nikkei 225 VIX index jumped from previous levels in the low 20's to rise above 38 before retreating to 32.8, indicating the 99th percentile of implied volatility.


Nikkei 225 (NKY INDEX) Drops Amid US Tariffs: Implied Volatility Hits Extreme Levels

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Global semiconductor sales for the month of January 2025 hit $56.5 billion, an increase of 17.9% YoY, but down 1.7% MoM</li>
<li>TSMC is also off to an excellent start in 2025. YTD revenues through February are up 39.2%.</li>
<li>2025 Semi forecast? Think 2024 without the memory boom and way more volatility</li>
</ul>


Global semiconductor sales for the month of January 2025 hit $56.5 billion, an increase of 17.9% YoY, but down 1.7% MoM
TSMC is also off to an excellent start in 2025. YTD revenues through February are up 39.2%.
2025 Semi forecast? Think 2024 without the memory boom and way more volatility


Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

<ul>
<li>AI back in focus with NVDA's Jensen set to deliver his keynote tomorrow.</li>
<li>Intel jumping with the new CEO looking to shake up its AI lineup and further trim the fat.</li>
<li>Buffet increasing stakes in the Trading Houses extremely well flagged so don't expect much surprise.</li>
</ul>


AI back in focus with NVDA's Jensen set to deliver his keynote tomorrow.
Intel jumping with the new CEO looking to shake up its AI lineup and further trim the fat.
Buffet increasing stakes in the Trading Houses extremely well flagged so don't expect much surprise.


Japan Morning Connection: Tech Shrugging off Megacap Weakness as Quantum Shines

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron (8035 JP)

Japan Morning Connection: Trump Panic Tactic Working Hook, Line, and Sinker

Futures and commodity markets drop, Vietnam related names up after they showed willingless to cut US tariffs, Nintendo cancels Switch2 pre-sales...

Andrew Jackson

Japan Morning Connection: Rough Start with US Meltdown but Trump Showing Willingness to Negotiate

Tech/AI/banks suffer big losses in selloff, Intel gains on agreement with TSMC, Secretary of State Rubio urges EU to increase defense spending.

Andrew Jackson

Nikkei 225 (NKY INDEX) Drops Amid US Tariffs: Implied Volatility Hits Extreme Levels

US reciprocal tariffs announcement led to lower market open in Asia-Pacific, with Japan facing a 24% tariff causing a drop in Nikkei 225 and a...

Gaudenz Schneider

Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

2025 Semi forecast? Think 2024 without the memory boom and way more volatility. Chaos will ultimately beget opportunity, just not yet...

William Keating

Japan Morning Connection: Tech Shrugging off Megacap Weakness as Quantum Shines

AI is back in focus as NVDA GTC developers conference. Intel's new CEO aims to shake up its AI lineup. Buffet's increased stakes in Trading Houses...

Andrew Jackson

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Japan Morning Connection: Trump Panic Tactic Working Hook, Line, and Sinker

​Futures and commodity markets drop, Vietnam related names up after they showed willingless to cut US tariffs, Nintendo cancels Switch2 pre-sales...

Andrew Jackson

Japan Morning Connection: Rough Start with US Meltdown but Trump Showing Willingness to Negotiate

​Tech/AI/banks suffer big losses in selloff, Intel gains on agreement with TSMC, Secretary of State Rubio urges EU to increase defense spending.

Andrew Jackson

Nikkei 225 (NKY INDEX) Drops Amid US Tariffs: Implied Volatility Hits Extreme Levels

​US reciprocal tariffs announcement led to lower market open in Asia-Pacific, with Japan facing a 24% tariff causing a drop in Nikkei 225 and a...

Gaudenz Schneider

Semiconductors. Key Indicator Updates, 2024 In Review, 2025 Forecasts

2025 Semi forecast? Think 2024 without the memory boom and way more volatility. Chaos will ultimately beget opportunity, just not yet...

William Keating

Japan Morning Connection: Tech Shrugging off Megacap Weakness as Quantum Shines

​AI is back in focus as NVDA GTC developers conference. Intel's new CEO aims to shake up its AI lineup. Buffet's increased stakes in Trading Houses...

Andrew Jackson

Futures and commodity markets drop, Vietnam related names up after they showed willingless to cut US tariffs, Nintendo cancels Switch2 pre-sales...

Tech/AI/banks suffer big losses in selloff, Intel gains on agreement with TSMC, Secretary of State Rubio urges EU to increase defense spending.

US reciprocal tariffs announcement led to lower market open in Asia-Pacific, with Japan facing a 24% tariff causing a drop in Nikkei 225 and a...

AI is back in focus as NVDA GTC developers conference. Intel's new CEO aims to shake up its AI lineup. Buffet's increased stakes in Trading Houses...