'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/118/403/original/2020-02-18_08-44-22.png?1581983074" class="editor-image img-responsive" data-smartkarma-image-id="118403"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/118/404/original/2020-02-18_08-42-56.png?1581983098" class="editor-image img-responsive" data-smartkarma-image-id="118404"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>THREE-YEAR LOW</strong> - With <a href="https://www.smartkarma.com/entities/bridgestone-corp" target="_blank" data-smartkarma-citation="entities:8914:1" rel="noopener">Bridgestone (5108 JP)</a>'s results and revision now added, our final tally for this season is a 196 basis point decline in our <strong>Results Sore</strong> - the lowest since March 2017.  In contrast, the Forecast/Revision Score reached a three-month high as the 470 companies with December year-ends put an optimistic gloss on their medium-term outlook. As we have noted in our recent daily roundups, a normal precondition for a cycle low is for the <strong>Forecast/Revision Score</strong> to rise above the <strong>Results Score</strong>. <strong>Forecast/Revision Score</strong> peaks and troughs usually occur one to two quarters ahead of those for the <strong>Results Score</strong>.  Covid-19's impact will likely see the 2016 'playbook' repeated next quarter with a lower Results Score and a 'sideways' Forecast/Results Score. The <strong>Results Score</strong> cycle low point will be reached with the mostly-interim results to be released in six months. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/118/405/original/2020-02-18_09-29-28.png?1581985792" class="editor-image img-responsive" data-smartkarma-image-id="118405"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>LEADING INDICATOR</strong> - By including several momentum factors into our Scoring (see below), we can provide a better indication of future business conditions. Indeed there is a 0.83 correlation between the Cabinet Office's Business Condition Leading Indicator and the<strong> Forecast/Revision Score</strong>. Reported earnings, as well as company forecasts, are <em>lagging</em> indicators and, as shown in Part 1 of this Insight. Both data series peaked one year after our Scores and the market peaked in early 2018. </p><p><strong>SCORING METHODOLOGY</strong> - For those new to these Insights, we briefly recap our scoring methodology below:-</p><ul>
<li><p><strong>Results Scores</strong> are calculated using the most recent eight quarters of company data for Revenues, Operating Income and Operating Margin and, for each, measure the rate, degree and consistency of change. The Results Score has a maximum of +30 and a minimum of -30 for each period. Our data series commences from the time a particular company issues quarterly results. The sample size becomes significant from March 2005.</p></li>
<li><p>The <strong>Forecast/Revision Score</strong> is based on both Annual and Interim period company forecasts and compares changes from previous forecasts as well as against the trailing twelve-month (TTM) or previous first-half results, with annual forecasts being double-weighted. This Score also has a maximum of +30 and a minimum of -30 for each period.  For this series, our data samples start from August 2008.</p></li>
<li><p>The combined <strong>Results &amp; Revision Score (RRS)</strong> is the average of the <strong>Results Score</strong> and the<strong> Forecasts/Revision Score</strong>.</p></li>
<li>
<p>All company Scores are then cap-weight-aggregated into <strong>Sector</strong>, <strong>Peer Group</strong> and <strong>Market Composite</strong> Scores for which the seventeen-year monthly and two-year daily track records are shown above. Only currently listed-companies are covered in the aggregate Scores, and the Total Market Capitalisation excludes delisted entities. REITs are not included.</p>
<hr>
<p style="text-align: center;"><strong>• SECTOR SCORES •</strong></p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/118/410/original/2020-02-18_09-55-29.png?1581987489" class="editor-image img-responsive" data-smartkarma-image-id="118410"></figure><div class="content-caption">Source • Japan Analytics</div>
<p>In the <strong>DETAIL</strong> Section below, we provide a detailed breakdown of our RRS Scoring for Sectors, Peer Groups and individual companies, highlighting this quarter's 'winners' and 'losers'. The chart above shows a  seventeen-year 'timeline' of the cap-weight-aggregated Sector RRS Scores and the ebbs and flows around the business cycles. The <strong>Metals</strong> Sector is the most volatile on the downside and has yet to 'bottom' this cycle. <strong>Technology Hardware</strong> appears to have already rebounded; however, Covid-19 suggests this Sector may relapse. On the upside, the<strong> Information Technology</strong> Sector has replaced the <strong>Internet</strong> and <strong>Telecoms</strong> Sectors as the contra-cyclical 'champion'. </p>
</li>
</ul>

Source • Japan AnalyticsTHREE-YEAR LOW - With Bridgestone (5108 JP)'s results and revision now added, our final tally for this season is a 196 basis point decline in our Results Sore - the lowest since March 2017.  In contrast, the Forecast/Revision Score reached a three-month high as the 470 companies with December year-ends put an optimistic gloss on their medium-term outlook. As we have noted in our recent daily roundups, a normal precondition for a cycle low is for the Forecast/Revision Score to rise above the Results Score. Forecast/Revision Score peaks and troughs usually occur one to two quarters ahead of those for the Results Score.  Covid-19's impact will likely see the 2016 'playbook' repeated next quarter with a lower Results Score and a 'sideways' Forecast/Results Score. The Results Score cycle low point will be reached with the mostly-interim results to be released in six months. Source • Japan AnalyticsLEADING INDICATOR - By including several momentum factors into our Scoring (see below), we can provide a better indication of future business conditions. Indeed there is a 0.83 correlation between the Cabinet Office's Business Condition Leading Indicator and the Forecast/Revision Score. Reported earnings, as well as company forecasts, are lagging indicators and, as shown in Part 1 of this Insight. Both data series peaked one year after our Scores and the market peaked in early 2018. SCORING METHODOLOGY - For those new to these Insights, we briefly recap our scoring methodology below:-
Results Scores are calculated using the most recent eight quarters of company data for Revenues, Operating Income and Operating Margin and, for each, measure the rate, degree and consistency of change. The Results Score has a maximum of +30 and a minimum of -30 for each period. Our data series commences from the time a particular company issues quarterly results. The sample size becomes significant from March 2005.
The Forecast/Revision Score is based on both Annual and Interim period company forecasts and compares changes from previous forecasts as well as against the trailing twelve-month (TTM) or previous first-half results, with annual forecasts being double-weighted. This Score also has a maximum of +30 and a minimum of -30 for each period.  For this series, our data samples start from August 2008.
The combined Results &amp; Revision Score (RRS) is the average of the Results Score and the Forecasts/Revision Score.

All company Scores are then cap-weight-aggregated into Sector, Peer Group and Market Composite Scores for which the seventeen-year monthly and two-year daily track records are shown above. Only currently listed-companies are covered in the aggregate Scores, and the Total Market Capitalisation excludes delisted entities. REITs are not included.

• SECTOR SCORES •
Source • Japan Analytics
In the DETAIL Section below, we provide a detailed breakdown of our RRS Scoring for Sectors, Peer Groups and individual companies, highlighting this quarter's 'winners' and 'losers'. The chart above shows a  seventeen-year 'timeline' of the cap-weight-aggregated Sector RRS Scores and the ebbs and flows around the business cycles. The Metals Sector is the most volatile on the downside and has yet to 'bottom' this cycle. Technology Hardware appears to have already rebounded; however, Covid-19 suggests this Sector may relapse. On the upside, the Information Technology Sector has replaced the Internet and Telecoms Sectors as the contra-cyclical 'champion'. 



🇯🇵 JAPAN • IT’S A WRAP! Part 2: 2020-Q1 Results & Revision Scores

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/118/081/original/2020-02-15_06-17-37.png?1581880049" class="editor-image img-responsive" data-smartkarma-image-id="118081"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/118/082/original/2020-02-17_04-10-15.png?1581880238" class="editor-image img-responsive" data-smartkarma-image-id="118082"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>14TH FEBRUARY ROUNDUP -</strong> With apologies to <a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro (4704 JP)</a> and <a href="https://www.smartkarma.com/entities/bridgestone-corp" target="_blank" data-smartkarma-citation="entities:8914:1" rel="noopener">Bridgestone (5108 JP)</a> who have yet to report, this will be our last daily roundup for this 'season'. After an additional 398 results and 253 forecasts/revision announcements, our Results Score dropped by a further eight basis points to -0.84, a decline of 190 basis points since the beginning of the year. The Forecast/Revision Score added three bps to reach 0.70, forty basis point higher than at the end of December. The last time that the Forecast/Revision Score was more than 150 bps higher than the Results Score was in the first calendar quarter of 2016 and preceded a sharp market upturn. The current market value is, however, ¥160 trillion higher than at that point, assisted by the constant market intervention by the Bank of Japan. <strong>Covid-19's impact will see the 2016 playbook repeated next quarter with a lower Results Score and a 'sideways' Forecast/Results Score. We are less optimistic that the market will repeat the 14% rise seen in 2016-Q2. The cycle low point will be reached with the mostly-interim results to be released in six months. </strong></p>

Source • Japan Analytics14TH FEBRUARY ROUNDUP - With apologies to Trend Micro (4704 JP) and Bridgestone (5108 JP) who have yet to report, this will be our last daily roundup for this 'season'. After an additional 398 results and 253 forecasts/revision announcements, our Results Score dropped by a further eight basis points to -0.84, a decline of 190 basis points since the beginning of the year. The Forecast/Revision Score added three bps to reach 0.70, forty basis point higher than at the end of December. The last time that the Forecast/Revision Score was more than 150 bps higher than the Results Score was in the first calendar quarter of 2016 and preceded a sharp market upturn. The current market value is, however, ¥160 trillion higher than at that point, assisted by the constant market intervention by the Bank of Japan. Covid-19's impact will see the 2016 playbook repeated next quarter with a lower Results Score and a 'sideways' Forecast/Results Score. We are less optimistic that the market will repeat the 14% rise seen in 2016-Q2. The cycle low point will be reached with the mostly-interim results to be released in six months. 

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 14th February ▲2212 4927 8358 ▼ 6502 6098 9435

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The short notional in the market for the week ending 10 January is US$25.64bn (down by US$910mm) with the largest short positions in <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:639:1">KDDI Corp (9433 JP)</a>. <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1"></a></p></div><div><p>Most shorted stocks as a percentage of free float are <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1">Leopalace21 Corp (8848 JP)</a>, <a href="https://www.smartkarma.com/entities/tokai-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9145:1">Tokai Carbon (5301 JP)</a> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3700:1">Anritsu Corp (6754 JP)</a> while the stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2007:1">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/vital-ksk-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7398:1">Vital Ksk Holdings (3151 JP)</a>, <a href="https://www.smartkarma.com/entities/aruhi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:26072:1">Aruhi Corp (7198 JP)</a> and <a href="https://www.smartkarma.com/entities/dcm-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:13042:1">Dcm Holdings (3050 JP)</a>. </p></div><div><p>The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a>, <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:13316:1">M3 Inc (2413 JP)</a>, <a href="https://www.smartkarma.com/entities/ricoh-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15359:1">Ricoh Co Ltd (7752 JP)</a> and <a href="https://www.smartkarma.com/entities/sumco-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:379:1">Sumco Corp (3436 JP)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:154:1">Honda Motor (7267 JP)</a>, <a href="https://www.smartkarma.com/entities/bridgestone-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8914:1">Bridgestone Corp (5108 JP)</a>, <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:19603:1">Z Holdings (4689 JP)</a> and <a href="https://www.smartkarma.com/entities/kubota-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:12926:1">Kubota Corp (6326 JP)</a>.  <a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:280:1"></a> </p></div><div><p>Sectorally, short positions were covered in Consumer Discretionary (US$626mm), Industrials (US$199mm) and Communication Services (US$131mm) while shorts increased in Information Technology (US$131mm) and Health Care (US$68mm).</p></div>

The short notional in the market for the week ending 10 January is US$25.64bn (down by US$910mm) with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), Taiyo Yuden (6976 JP), Canon Inc (7751 JP) and KDDI Corp (9433 JP). Most shorted stocks as a percentage of free float are Taiyo Yuden (6976 JP), Leopalace21 Corp (8848 JP), Tokai Carbon (5301 JP) and Anritsu Corp (6754 JP) while the stocks with the highest days to cover are Katakura Industries (3001 JP), Vital Ksk Holdings (3151 JP), Aruhi Corp (7198 JP) and Dcm Holdings (3050 JP). The largest increases in short notional over the week were Canon Inc (7751 JP), M3 Inc (2413 JP), Ricoh Co Ltd (7752 JP) and Sumco Corp (3436 JP) while shorts were covered in Honda Motor (7267 JP), Bridgestone Corp (5108 JP), Z Holdings (4689 JP) and Kubota Corp (6326 JP).   Sectorally, short positions were covered in Consumer Discretionary (US$626mm), Industrials (US$199mm) and Communication Services (US$131mm) while shorts increased in Information Technology (US$131mm) and Health Care (US$68mm).

Japan - Huge Covering in Consumer Discretionary Names

<div><p>The short notional in the market for the week ending 30 December is US$26.55bn (down by US$1.03bn) with the largest short positions in <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:639:1">KDDI Corp (9433 JP)</a>. <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1"></a></p></div><div><p>Most shorted stocks as a percentage of free float are <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1">Leopalace21 Corp (8848 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:18379:1">ZOZO Inc (3092 JP)</a> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3700:1">Anritsu Corp (6754 JP)</a> and  <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1"></a>while the stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2007:1">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/aruhi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:26072:1">Aruhi Corp (7198 JP)</a>, <a href="https://www.smartkarma.com/entities/vital-ksk-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7398:1">Vital Ksk Holdings (3151 JP)</a> and <a href="https://www.smartkarma.com/entities/dcm-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:13042:1">Dcm Holdings (3050 JP)</a>.</p></div><div><p>The largest increases in short notional over the fortnight were <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:154:1">Honda Motor (7267 JP)</a>, <a href="https://www.smartkarma.com/entities/bridgestone-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8914:1">Bridgestone Corp (5108 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone" target="_blank" rel="noopener" data-smartkarma-citation="entities:623:1">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> and <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:19603:1">Z Holdings (4689 JP)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:280:1">Tokyo Electron (8035 JP)</a>, <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:13316:1">M3 Inc (2413 JP)</a>, <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18107:1">Advantest Corp (6857 JP)</a> and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1">Sumitomo Mitsui Financial (8316 JP)</a>.   </p></div><div><p>Sectorally, short positions were increased in Consumer Discretionary (US$267mm) and Communication Services (US$236mm)while shorts were covered in Information Technology (US$466mm), Health Care (US$282mm), Financials (US$211m) and Materials (US$200mm).</p></div>

The short notional in the market for the week ending 30 December is US$26.55bn (down by US$1.03bn) with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), Taiyo Yuden (6976 JP), Canon Inc (7751 JP) and KDDI Corp (9433 JP). Most shorted stocks as a percentage of free float are Leopalace21 Corp (8848 JP), Taiyo Yuden (6976 JP), ZOZO Inc (3092 JP) and Anritsu Corp (6754 JP) and  while the stocks with the highest days to cover are Katakura Industries (3001 JP), Aruhi Corp (7198 JP), Vital Ksk Holdings (3151 JP) and Dcm Holdings (3050 JP).The largest increases in short notional over the fortnight were Honda Motor (7267 JP), Bridgestone Corp (5108 JP), NTT (Nippon Telegraph &amp; Telephone) (9432 JP) and Z Holdings (4689 JP) while shorts were covered in Tokyo Electron (8035 JP), M3 Inc (2413 JP), Advantest Corp (6857 JP) and Sumitomo Mitsui Financial (8316 JP).   Sectorally, short positions were increased in Consumer Discretionary (US$267mm) and Communication Services (US$236mm)while shorts were covered in Information Technology (US$466mm), Health Care (US$282mm), Financials (US$211m) and Materials (US$200mm).

Japan - Shorts Rise in Honda, Bridgestone, NTT, Z; Decrease in Tokyo Electron, M3

<p style="text-align: left;">The short notional in the market for the week ended 11 October is US$28.24bn (down by US$1.25bn) with the largest short positions in <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:639:1">KDDI Corp (9433 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a> and <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a>. Most shorted stocks as a percentage of free float are <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1">Leopalace21 Corp (8848 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/tokai-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9145:1">Tokai Carbon (5301 JP)</a> and <a href="https://www.smartkarma.com/entities/nippon-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:3348:1">Nippon Carbon (5302 JP)</a> while the stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2007:1">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/j-trust-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:20246:1">J Trust Co Ltd (8508 JP),</a><a href="https://www.smartkarma.com/entities/vital-ksk-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7398:1">Vital Ksk Holdings (3151 JP)</a> and <a href="https://www.smartkarma.com/entities/mirait-holdings-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:7034:1">Mirait Holdings (1417 JP)</a>. </p><p style="text-align: left;">The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:10482:1">Asahi Group Holdings (2502 JP)</a>, <a href="https://www.smartkarma.com/entities/daito-trust-construct-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:10503:1">Daito Trust Construct (1878 JP)</a>, <a href="https://www.smartkarma.com/entities/ricoh-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15359:1">Ricoh Co Ltd (7752 JP)</a> and <a href="https://www.smartkarma.com/entities/kirin-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:16977:1">Kirin Holdings (2503 JP)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:20799:1">Mitsui &amp; Co Ltd (8031 JP)</a>, <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:13316:1">M3 Inc (2413 JP)</a>, <a href="https://www.smartkarma.com/entities/bridgestone-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8914:1">Bridgestone Corp (5108 JP)</a> and <a href="https://www.smartkarma.com/entities/komatsu-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:8416:1">Komatsu Ltd (6301 JP)</a>.   </p><p style="text-align: left;">Sectorally, shorts were covered in all sectors except Real Estate and Consumer Staples.</p>

The short notional in the market for the week ended 11 October is US$28.24bn (down by US$1.25bn) with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), KDDI Corp (9433 JP), Taiyo Yuden (6976 JP) and Canon Inc (7751 JP). Most shorted stocks as a percentage of free float are Leopalace21 Corp (8848 JP), Taiyo Yuden (6976 JP), Tokai Carbon (5301 JP) and Nippon Carbon (5302 JP) while the stocks with the highest days to cover are Katakura Industries (3001 JP), J Trust Co Ltd (8508 JP),Vital Ksk Holdings (3151 JP) and Mirait Holdings (1417 JP). The largest increases in short notional over the week were Asahi Group Holdings (2502 JP), Daito Trust Construct (1878 JP), Ricoh Co Ltd (7752 JP) and Kirin Holdings (2503 JP) while shorts were covered in Mitsui &amp; Co Ltd (8031 JP), M3 Inc (2413 JP), Bridgestone Corp (5108 JP) and Komatsu Ltd (6301 JP).   Sectorally, shorts were covered in all sectors except Real Estate and Consumer Staples.

Japan Shorts - Covering Continues as Market Rallies

Japan

BRIDGESTONE CORPORATION designs, produces, and sells automobile tires. The Company also produces and markets scales to weigh racing cars and jumbo aircrafts and sporting goods including golf equipment, tennis rackets, and bicycles.  Bridgestone operates its businesses worldwide.

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Bridgestone Corp (5108 JP)

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