Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  SPX -0.5% with most Sector in the Red; Residential Construction STRONG; China Rate Cut disappoints; TESLA +5.3% bags Rivian for Charging Network.</li>
<li>JAPAN. NKY Futs -0.9% vs Cash; Blackrock's Fink say Japan benefitting from China Flight; Labor market loosing as JP workers shying away from liftime employment; Yamato HD exits mail delivery</li>
<li>NUGGET. Nintendo(7974) - Doing a Disney..using its IP…Now Mario out, Rumour are "Legend of Zelda" Movie in the works.. </li>
</ul>


OVERSEAS.  SPX -0.5% with most Sector in the Red; Residential Construction STRONG; China Rate Cut disappoints; TESLA +5.3% bags Rivian for Charging Network.
JAPAN. NKY Futs -0.9% vs Cash; Blackrock's Fink say Japan benefitting from China Flight; Labor market loosing as JP workers shying away from liftime employment; Yamato HD exits mail delivery
NUGGET. Nintendo(7974) - Doing a Disney..using its IP…Now Mario out, Rumour are "Legend of Zelda" Movie in the works.. 


Ohayo Japan| US Back to an Equity Sell Off; NUGGET: Nintendo(7974) - Set to Track Disney's Success ?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>There continues to be little traction above $93 on MSCI ACWI (ACWI-US), which remains the top-end of our anticipated 2023 trading range. Important downside targets are $86, $84, and $75-77.</li>
<li>Additionally, the EURO STOXX 50 remains below 2-year resistance at 4400-4415.</li>
<li>We remain overweight Europe, Japan, and India, and we prefer to only add exposure on a pullback -- especially in Japan where indexes are bullish yet extended.</li>
</ul>


There continues to be little traction above $93 on MSCI ACWI (ACWI-US), which remains the top-end of our anticipated 2023 trading range. Important downside targets are $86, $84, and $75-77.
Additionally, the EURO STOXX 50 remains below 2-year resistance at 4400-4415.
We remain overweight Europe, Japan, and India, and we prefer to only add exposure on a pullback -- especially in Japan where indexes are bullish yet extended.


No Traction Above $93 on ACWI-US or 4400-4415 on EURO STOXX 50. Buys in Defensives/Japan/EM

S&P BSE SENSEX Index / Technical Analysis

S&P BSE SENSEX Index (SENSEX INDEX EQUITY)

<ul>
<li>Our 2023 outlook remains unchanged as we continue to expect broad-based consolidation with $93 capping upside on MSCI ACWI (ACWI-US), while important downside targets are $86, $84, and $75-77.</li>
<li>We still recommend tactical overweight to defensives including gold miners and MSCI ACWI Staples, Health Care, and Utilities, given ACWI-US remains near the top of our expected 2023 trading range.</li>
<li>We are now starting to see broad-based improvement, particularly in Japan and India, but also in Taiwan and South Korea. Most of today's buy recommendations are cyclicals in these countries.</li>
</ul>


Our 2023 outlook remains unchanged as we continue to expect broad-based consolidation with $93 capping upside on MSCI ACWI (ACWI-US), while important downside targets are $86, $84, and $75-77.
We still recommend tactical overweight to defensives including gold miners and MSCI ACWI Staples, Health Care, and Utilities, given ACWI-US remains near the top of our expected 2023 trading range.
We are now starting to see broad-based improvement, particularly in Japan and India, but also in Taiwan and South Korea. Most of today's buy recommendations are cyclicals in these countries.


Broad-Based Improvement in India, Add Exposure/Overweight. Buys: Cyclicals in Japan, India, & Taiwan

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 7th. The aggregated net margin trading position is USD27,619m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor, Mitsubishi Heavy Industries, Fujikura, Furukawa Electric, Fujifilm, Nitto Boseki.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 7th. The aggregated net margin trading position is USD27,619m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor, Mitsubishi Heavy Industries, Fujikura, Furukawa Electric, Fujifilm, Nitto Boseki.


JPX Margin Trading Weekly (Aug 7th): Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor

<ul>
<li>OVERSEAS. SPX Rally continues with further Tech gains; White House call for tighter Bank regulations; Trump indicated for hush money payment;  US SEC seeking to ramp up Cryto oversight</li>
<li>JAPAN. NKY Futs +0.6% vs Cash; USDJPY 132.7; JP Equities to close quarter with &gt;6% gains; TSE ramps up rhetoric againsts low PBR stocks; GIC lifts JP investment; Citadel Back </li>
<li>NUGGET.  BayCurrent, - exploiting Japan's Digital and Salary Gaps. With inflation rising in Japan, we expect increased DX spending and more skilled IT professionals to join BayCurrent. We remain bullish.</li>
</ul>


OVERSEAS. SPX Rally continues with further Tech gains; White House call for tighter Bank regulations; Trump indicated for hush money payment;  US SEC seeking to ramp up Cryto oversight
JAPAN. NKY Futs +0.6% vs Cash; USDJPY 132.7; JP Equities to close quarter with &gt;6% gains; TSE ramps up rhetoric againsts low PBR stocks; GIC lifts JP investment; Citadel Back 
NUGGET.  BayCurrent, - exploiting Japan's Digital and Salary Gaps. With inflation rising in Japan, we expect increased DX spending and more skilled IT professionals to join BayCurrent. We remain bullish.


Good Morning Japan |Tech Bid; Trump Indicated; NUGGET: BayCurrent-Japan's Digital/Salary Gap Winner

Japan

Hitachi, Ltd. manufactures communications and electronic equipment, heavy electrical and industrial machinery, and consumer electronics.  The Company's diverse product line ranges from nuclear power systems to kitchen appliances. Hitachi also operates subsidiaries in the wire and cable, metal, and chemical industries.

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Hitachi Ltd (6501 JP)

Ohayo Japan| US Back to an Equity Sell Off; NUGGET: Nintendo(7974) - Set to Track Disney's Success ?

US Back - in the Red despite strong housing; NKY Futs -0.9% vs Cash; Blackrock's Fink say Japan benefitting from China Flight; Yamato HD exits mail...

Mark Chadwick

No Traction Above $93 on ACWI-US or 4400-4415 on EURO STOXX 50. Buys in Defensives/Japan/EM

No Traction Above $93 on MSCI $ACWI or 4400-4415 on EURO #STOXX 50. Continues to reinforce our view from early-January that $93 on ACWI caps upside...

Vermilion Research

Broad-Based Improvement in India, Add Exposure/Overweight. Buys: Cyclicals in Japan, India, & Taiwan

Seeing broad-based improvement in India #SENSEX -- overweight/add exposure. We still recommend a tactical overweight to ACWI defensives with $ACWI...

Vermilion Research

JPX Margin Trading Weekly (Aug 7th): Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Taiyo Yuden (6976 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

Good Morning Japan |Tech Bid; Trump Indicated; NUGGET: BayCurrent-Japan's Digital/Salary Gap Winner

SPX up as Tech rally continues; Trump indicated; IN Japan , Equities to close quarter with >6% gains; TSE ramps up rhetoric againsts low PBR...

Mark Chadwick

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