Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that will impact the trading day in Japan. Like this ?  Feedback appreciated !</li>
<li>BUY EVERY RALLY:  Equities, USD, Yen - market now priced in peak CPI and Fed Pivot. Still, we have a ways to go.</li>
<li>NKY to up 1.8% vs cash; Yen now 141 handle - not positive for all companies; Buybacks continue at a torried pace; Machine Tools -YoY. Negative Fanuc</li>
</ul>



Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that will impact the trading day in Japan. Like this ?  Feedback appreciated !
BUY EVERY RALLY:  Equities, USD, Yen - market now priced in peak CPI and Fed Pivot. Still, we have a ways to go.
NKY to up 1.8% vs cash; Yen now 141 handle - not positive for all companies; Buybacks continue at a torried pace; Machine Tools -YoY. Negative Fanuc


Good Morning Japan | Inflation Slain? = Buy Everything Rally

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a> ended its consideration of the NSSK offer due to concerns about whether NSSK could secure FEFTA approval, given its reliance on foreign investors for financing.</li>
<li>This event sets a precedent, as a Japanese PE-led bid is not a credible shield against FEFTA rejection. Japanese regulators are looking through to ultimate ownership/control.</li>
<li>Due to a significant re-rating of peers/index and Makino’s upgraded FY2029 targets since the undisturbed date, the share price fall on a deal break should be around 10%. </li>
</ul>



Makino Milling Machine Co (6135 JP) ended its consideration of the NSSK offer due to concerns about whether NSSK could secure FEFTA approval, given its reliance on foreign investors for financing.
This event sets a precedent, as a Japanese PE-led bid is not a credible shield against FEFTA rejection. Japanese regulators are looking through to ultimate ownership/control.
Due to a significant re-rating of peers/index and Makino’s upgraded FY2029 targets since the undisturbed date, the share price fall on a deal break should be around 10%. 


Makino Milling Machine (6135 JP): FEFTA Approval Rears Its Head Again as NSSK’s Offer Is Declined

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

<ul>
<li>The theme we have seen over the past four weeks is an increasing number of indexes reversing 4-10-month downtrends and/or breaking above important resistance levels, with no failed breakouts.</li>
<li>We continue to believe that global equities are going through a bottoming process, but the real test will come during the eventual pullback, which we believe we are now experiencing.</li>
<li>We are watching to see whether these breakout levels and important moving averages (e.g., 50-day MAs) will hold.</li>
</ul>


The theme we have seen over the past four weeks is an increasing number of indexes reversing 4-10-month downtrends and/or breaking above important resistance levels, with no failed breakouts.
We continue to believe that global equities are going through a bottoming process, but the real test will come during the eventual pullback, which we believe we are now experiencing.
We are watching to see whether these breakout levels and important moving averages (e.g., 50-day MAs) will hold.


Japan Among the Latest to Break Out; Buy Ideas in Growth/Cyclicals and Consumer Staples

Investment Advisor, Upslope Capital Management

Upslope Capital Management

Investment Advisor

Investment advisor for Upslope Partners Fund, LP, a global long/short equity hedge fund.

Equity Bottom-Up

<ul><li>MARKET CONDITIONS – ‘BUY GOOD COMPANIES. DON’T OVERPAY. DO NOTHING.’</li><li>The above is the legendary investment mantra of Fundsmith, a UK-based fund manager.</li><li>I’ve had it taped to my wall – with a handful of other North Star-like quotes – for years. </li></ul>

MARKET CONDITIONS – ‘BUY GOOD COMPANIES. DON’T OVERPAY. DO NOTHING.’The above is the legendary investment mantra of Fundsmith, a UK-based fund manager.I’ve had it taped to my wall – with a handful of other North Star-like quotes – for years. 

Upslope's Quarterly Investor Letter 2026Q2

Major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) continue to trend higher and are devoid of bearish inflections. Additionally, the US dollar (DXY) is likely headed lower, something we view as a positive risk-on signal for global equities. As a result, we remain bullish and we continue to recommend adding exposure on pullbacks.

Major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) continue to trend higher and are devoid of bearish inflections. Additionally, the US dollar (DXY) is likely headed lower, something we view as a positive risk-on signal for global equities. As a result, we remain bullish and we continue to recommend adding exposure on pullbacks.

Japan Breaking Out; EM Remains Leadership

Japan

FANUC CORPORATION manufactures factory automation (FA) systems and equipments, and robots. The Company's products include computerized numerically-controlled (CNC) equipment, servo motors, laser systems, industrial robots, wire-cut electric discharge machines, and CNC drill.  Fanuc participates in a joint venture with General Electric in the FA field.

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Fanuc Corp Unsp Adr (FANUY US)

Good Morning Japan | Inflation Slain? = Buy Everything Rally

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that will impact the trading day in Japan. Like this ? ...

Mark Chadwick

Makino Milling Machine (6135 JP): FEFTA Approval Rears Its Head Again as NSSK’s Offer Is Declined

Due to a significant re-rating of peers/index and Makino’s upgraded FY2029 targets since the undisturbed date, the share price fall on a deal break...

Arun George

Japan Among the Latest to Break Out; Buy Ideas in Growth/Cyclicals and Consumer Staples

Japan is the latest major country to break out, and we are buyers. Japan continues to be considerably further along in the bottoming process...

Vermilion Research

Upslope's Quarterly Investor Letter 2026Q2

MARKET CONDITIONS – ‘BUY GOOD COMPANIES. DON’T OVERPAY. DO NOTHING.’ The above is the legendary investment mantra of Fundsmith, a UK-based fund...

Upslope Capital Management

Japan Breaking Out; EM Remains Leadership

Major global indexes continue to trend higher and are devoid of bearish inflections. As a result, we remain bullish and we continue to recommend...

Vermilion Research

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